Brexit: A Farrago of Uncertainties
Ideation of Brexit
Since the incipience of an idea that could possibly make Britain leave the EU, there were copious amounts of speculations that had a bewildering impact on the masses as well as the sectors that were deeply involved in defining the ways and performance of the economy.
The idea also experienced a potential reality when the results of the referendum were in favor of the decision and the leave won by 51.9 % to 48.1 %. It is estimated that over 30 million people voted in the referendum. England, Wales, Scotland, and North Ireland actively participated and the results made the Brexit a reality.
Formation of the Union
It is interesting to note that the idea of the European Union commenced after the Second World War where it was strongly felt that nations who trade together closely and are inextricably associated should avoid going to war with one another and ever since the idea was actually implemented, the conglomeration of 28 nations started operating as a “Single Market”.
The blow to the Brexit
After the referendum happened on 23 rd June 2016, the scheduled exit of the UK from the EU was for 29th March 2019.
It was highly speculated that there is no way in which the Brexit could be avoided as it was the law and was not dependent on the agreement with the EU and that if Brexit is to be avoided, there should be a change in the law to make it happen. But, a great blow was delivered when the MPs of the present government also voted against the Prime Minister, Theresa May’s Brexit Withdrawal.
It was a flabbergasting event where the deal negotiated by the government was completely disregarded by the parliament as 432 MPs voted against the Brexit deal while 202 were in favor of the negotiation. It is undoubtedly the biggest defeat for any government in the last 100 years and a vote of no confidence has also been called against the present Prime Minister.
There have been a lot of unprecedented events and the Prime Minister is now willing to bring a new version of the entire deal. However, the present Prime Minister will only be able to continue if she wins against the vote of no confidence.
People have already started taking this event as the defeat of the Brexit and are eagerly waiting to know about what might follow.
Few of the possible scenarios that may happen are as follows:
- Amendments: It is possible that the Prime Minister brings about the required changes and the new deal is set to be brought on the table.
- Cancellation: It is also possible that the Brexit may fail as there has been a lot of dissents that are omnipresent.
- Procrastination: It is also possible that the Brexit may experience an unexpected delay for an undecided timing and the economy shall continue to function as it is functioning now.
It is, however, interesting to note that there were a plethora of surveys that were conducted to meticulously define the possible impacts and there were mixed responses and feelings in the minds of the people belonging to various sections of the society. There were many who were apprehensive about the impacts and believed that there will be a negative influence on numerous industries whereas there was a great population who were optimistic and suggested that there will not be any negative impact of the Brexit on the self-employment sector.
A massive 63% of the self-employed people, however, feel that their financial planning and preparation were strong enough to withstand any Brexit storm and UK leaving the EU will not have any major negative impact on their work.
The possibilities, now, are uncertain and the people of the EU, as well as many other nations across the world, are closely watching the corollary propositions and events. A lot, however, will be directly dependent on the deal that the government brings to practice while the implementations proceed.