Implications of UK's exit from the EU

Implications of UK's exit from the EU

The UK has held a referendum on June 23 to decide if it will stay in or leave the European Union. At the end of the polls, 48% of the people in the United Kingdom voted that UK remain a member of the EU, whiles 52% voted that they leave the EU.

YEN.com.gh brings you implications and eight things you should know about UK's exit from the European Union.

1 British people vote in favor of Brexit

According to the election figures that had been declared in the wee hours of Friday morning, 52% British voters, voted in favour of an exit with 48% voting for the UK to stay.

David Cameron resigns as PM

Prime Minster, David Cameron announced his resignation after polls showing  that he had lost to keep the Brits in the EU. However, he does not leave office until later this year.This only means that fresh elections would have to be organized to elect a new Prime Minister or in some instance the Queen is constitutionally permitted to appoint a new PM.

3 The EURO ceases to be a legal tender in the UK

The official European Union currency, the Euro now ceases to be a legal tender in the United Kingdom. Prior to the referendum both the Euro and Pound sterling were accepted as a medium of payment of goods.

4 Schegen visas to UK not applicable

The Schegen visas which could allow members of the EU to travel to the UK will not be applicable. This will also mean that EU residents in UK will need visas to remain in UK and UK residents in EU will also need visas to remain in other EU countries

5 EU court decisions not applicable

Aside that EU court decision will no longer apply in the UK. The House of Lord becomes the United Kingdom’s Supreme Court just like it used to be, before they joined the union.

6 Trade and industry affected by the exist

UK and EU will have to pay duties on both import and export. All international trade treaties signed by the two will be reviewed and new ones made.

7 Foreigners 

Foreigners require two visas to travel to EU & UK. This also include Ghanaians with dual citizenship with UK requires visa to travel to EU.

8 Pounds Sterling plunges to its lowest in years

The pound has dropped in value and the lowest since 1985. Holders of the Pounds Sterling are to register huge financial losses due to lose in pound value.

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