What's Next After Brexit?

England voted for Brexit, by 53.4% to 46.6%. Wales also voted for Brexit, with Leave getting 52.5% of the vote and Remain 47.5%. Scotland and Northern Ireland both backed staying in the EU. Scotland backed Remain by 62% to 38%, while 55.8% in Northern Ireland voted Remain and 44.2%.

We find that the EU member countries agree to open their borders to other EU members, share a common market, and abide by various social and political policies. Despite of these facilities, UK wants to exit from EU. Hence it is a general curiosity to clear up why UK is inclined for Brexit. Let us now identify several of the underlying issues that motivated UK for the debatable issue of Brexit.

European Debt Crisis

Since the end of 2009, a multi-year debt crisis has been taking place in the EU. In particular, we find that Greece, Portugal, Ireland, Spain & Cyprus were unable to repay their government debt. They started taking loans from the European Central Bank or the International Monetary Fund. France, Germany, United Kingdom having financially stable economy use to send funds to European Central Bank which then redistributed to various other members states. In this respect, the UK's thought was "Why should we have to pay for that"?

Great Recession Effects

The effects of great recession in 2008 are still there in the world. The UK wanted to grow by 3% per year. But they could not do that even the economists from UK predict that on an average a person from UK will borrow 55% of his total expenditure from bank.

European Refugee Crisis and Security Concern

The refugee arriving in EU from across the different part from the world can move anywhere in the EU countries. As they can arrive to UK also, UK feels much concern about the security and privacy.

Legal Quandary

One focal point for alleged European control over UK laws is the influence of the European Court of Human Rights, which in certain high-profile cases has made it harder to deport foreign-born criminals. If UK moves away from the ECHR's influence, it would be in company with isolated Belarus. We find that Belarus is the only European countries not to comply with ECHR.

Membership Fee

Brexiteers argued that leaving the EU would result in an immediate cost saving, as the country would no longer contribute to the EU budget. To note that in 2016, Britain paid in £13.1bn, but it also received £4.5bn worth of spending. Hence in a simple understanding the UK's net contribution was £8.5bn.

Trade

The EU is a single market in which imports and exports between member states are exempt from tariffs and other barriers. Services, including financial services, can also be offered without restriction across the continent. The consequences of Brexit for businesses that took advantage of these freedoms was always a matter of debate and conjecture.

Immigration

Under EU law, Britain could not prevent a citizen of another member state from coming to live in the UK. The result is a huge increase in immigration into Britain, particularly from eastern and southern Europe.

Sovereignty

Another important issue for Brexit is the rise of nationalism across the world. There's a growing distrust of multinational financial, trade, and defense organizations created after World War II., EU, IMF, and NATO, among others.

Political Elitism

Finally, the political leadership of Britain faced a profound loss. The "leave" voters rejected both the Conservative and Labor parties. Both parties had endorsed remaining with the EU and notice that many of their members go into opposition on the issue. Hence, we notice that it turned into a sensible financial issue and part of recent global political landscape.