There we have it, it’s done and dusted. Months of speculation and whispers but we finally have an answer, the UK have left the EU. Ironically as Northern Ireland, Wales and England are all still active in the Euro 2016 football tournament.
On a long night which saw each side take the lead and hit it back and forth between the two like the centre court of Wimbledon, we are now left with our final result, which has left some shocked and some joyous. We saw astronomical moves in the GBP/USD market dropping to 1.32 from a height of 1.50 the lowest level in 31 years. We also saw the FTSE lose 6%.
Whatever side you are on, everybody seems to be asking the same questions “What happens now?”. Well that question is a monster not able to be answered today or any time soon. There are so many questions to ask and at present only speculation can answer them.
First and foremost we will look at is what David Cameron does, does he step down from his position or does he remain where he is? Mr Cameron has already received a letter from the leave campaign with 85 names asking him to remain as PM but will that do? David Cameron used the EU referendum as a tool to get elected, telling the voters that he will put it to the people if they want to remain in the EU and now that he has done that, it has back fired completely. So what’s next, do the UK have to now vote in a new government or will they put the near future in the hands of someone that didn’t want to leave the EU in the first place.
They have also opened the door to Scotland looking to leave the UK again, one of the factors why they remained in the first place was due to the EU status but now that that has been removed even though Scotland voted IN the question will surely be asked again, should they stay or should they go. As well as Scotland, Sinn Fein have quickly jumped in and thrown around the concept of a referendum for Northern Ireland, another IN vote region. This will be a little tricky as the history in the North of Ireland may cause some tensions within the country but I’m sure Sinn Fein will be forcing them to look at it anyway.
These are just a few examples of what we have in store over the coming days, weeks, months and years but as of now the only certainty we know is that the UK is no longer a part of the EU. What’s to come, who knows but this will not be forgotten about anytime quickly. We have witness a piece of History today, good or bad who knows but a piece of history non the less. There are going to be some very difficult times ahead for the UK and the EU respectively but for now, we just don’t know what they will be other than speculating on it. Needless to say, we will be there every step of the way keeping you up to date on what is happening and why.
By Ian Fallon