How will Brexit impact UK?
London, June 24: The UK has voted in favour of leaving the European Union (EU), though the difference is close. However, the move is an unprecedented now for the UK will be the first country to leave the EU, if the Leave campaign ultimately prevails. The UK would seek to leave the EU by 2019 and would have two years to negotiate a deal after pushing the exit button of the EU treaties. [What is Brexit and why is it important?]
How will Brexit impact the UK hereafter?
Here is a short summary:
Financial: The UK could see a black hole worth £30bn in public finances after exiting the EU, warn experts.
Economic: The UK's impact would take a toll---the intensity of which depends on factors like trade, productivity and foreign direct investment. The pro-exit group, however, thinks that the economy would prosper once the country is out for it believes the EU's rules are too strict. [Will India gain from Brexit? Pros and cons]
For PM David Cameron: The UK prime minister had promised the referendum during the general election last year and eventually went for it though he himself was in favour of remaining in the EU. The Brexit could see the end of his premiership as his Conservative Party is split over the the issue.
Other political consequences: The Brexit could see a period of profound uncertainty for both the UK and EU.
Immigration: The Leave camp built its campaign around the record influx of EU nationals. Nearly three-quarters of EU citizens working in the UK would fail the visa requirements for non-EU overseas workers if the UK leaves the club. However, such norms are likely to apply to the new applicants rather than those who are already staying in the UK.
Trade: Brexit will mean the Uk would not see to join the EU's single market which allows free movement of labour. Instead, it will now seek a dealing with the body. The future of the service sector will be under watch.
How Europe responds: European leaders have engaged in secret talks for an EU sans UK. Their Plan B now focuses on security and defence cooperation.