Britons voted for leaving the European Union in the historic referendum held on June 23. It is the biggest setback to the European Union efforts to bring greater unity since Second World War.
The world stock markets plunged as the results revealed the UK’s vote for leave campaign. Sterling suffered a huge loss, since last three decades it is the highest downfall, and it may affect investment inflow to the United Kingdom.
The separation proceedings will take two years, and it may question London’s position as a global financial capital. Though Prime Minister David Cameron promoted for remain campaign, people voted for Britain’s exit; it is going to put pressure on him to resign.
The present uncertain condition will have an impact on immigration, trade, employment, movement of people from the European Union countries.
For many businesses the United Kingdom was a gateway for European countries, free movement of skilled labor benefited the firms mainly. It will have a great impact on migration, leave campaign promoters have planned for an Australian style of immigration.
The Leave campaign and Remain campaign gained tremendous support from the Britons; however, at the end 90 percent of voting, the leave campaign gained a margin of over one million votes.