Tuesday 25 October 2016

Brexit: Britain has left the EU, six things that will happen next

Published 24/06/2016 | 06:24

Nigel Farage
Nigel Farage

Britain has left the EU, here's what's likely to happen now.

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1: David Cameron will pick himself up off the floor, and realise that his political career is nearing end game. He might even announce that he’ll stand down, but that might be too much drama.

2: Boris Johnson and Nigel Farage will gloat.

3: The UK will have to officially notify the European Council that it wishes to leave the EU. This will kick off a two-year negotiation period, where the remaining 27 EU member states will negotiate with the UK on the terms of its exit. Many believe the talks could take longer than two years, but an extension would have to be agreed between all remaining EU states.

It’s not clear how quickly Cameron will give formal notification to the EU Council. The two-year period begins only when formal notification to leave has been received. Cameron could therefore delay this formal notification, but that’s unlikely as he’ll be under pressure from jubilant Brexit campaigners from within his own ranks. There’s an EU Summit of leaders  in Luxembourg next week, so he may do it there.

4: If there is a vote for Brexit, currency experts believe sterling will plummet in value. Stock markets around the world are also likely to fall.

5: The Irish Government will begin a major communications and diplomatic offensive to set out the Irish position.

6: A number of international economic bodies have warned that a Brexit would ultimately have a negative impact on the UK economy. Given Ireland's close economic ties with the country, that will likely have a knock-on effect here also.

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