Article 50 — The Point of No Return
On the 23rd June 2016, Britain voted to leave the European Union. Since then, the public has been left in lingo wondering what will happen when Article 50 is triggered.
9 months after the decision to leave, British Prime Minister Theresa May has finally announced that she will start the process of parting ways with the safety net of the European Union on the 29th March 2017.
The British public were scare mongered and mislead by pro-leave campaigners such as Change Britain to vote Leave, when they most likely weren’t very well informed on what would actually happen if we left the safety of the European Union.
Within a day of the final vote, former UKIP leader Nigel Farage admitted that actually, the money from the European Union — approximately £350 million — wouldn’t go to the National Health Service as claimed on the pro-Brexit campaign bus, and stated that that was actually never promised in the first place.
Without the security of the European Union behind Britain, we are looking at an uncertain future. Around 3.5 million British jobs are directly linked to our membership of the European Union’s single market, which works out as approximately 1 in 10 British jobs. Not only will our jobs be affected, exports and investments will also be damaged, with the European Union buying over 50 per cent of United Kingdom exports — 54 per cent of goods and 40 per cent of services. Over 300,000 British companies and 74 per cent of British exporters operate in other European Union markets.
The EU negotiates trade agreements with the rest of the world. Outside the EU, Britain would have to renegotiate trade deals alone. A UK outside the EU would not be a high priority for other countries to negotiate a trade deal with.
It is uncertain whether or not the UK will even be given a trade deal with Europe. The EU buys over 50 per cent of UK exports (54 per cent of goods, 40 per cent of services) Over 300,000 British companies and 74 per cent of British exporters operate in other EU markets. With this doubt, the future for such a large amount of companies remains very unclear, as well as for the rest of the British public, some of which who voted leave and feel as though they have now made the wrong decision.