On 23 June 2016, the United Kingdom held a referendum on whether the nation should leave the European Union. This historic vote resulted in an unexpected victory for the Leave side, giving the government a mandate to start negotiations to leave the EU. Immediately following this news, financial markets and the Pound Sterling plummeted causing financial chaos around the globe. This reaction demonstrates that the international community is fearful about the impacts of a Brexit. As a result, it is worth exploring the impacts that it is likely to have.
The campaign season leading up to Brexit referendum was arduous and marred by deliberate misinformation, xenophobia, and nativism. After this campaign, the referendum resulted in an unexpected victory for the Leave side, which won 52% of the vote. However, this referendum, which was not legally binding, does not automatically withdraw the UK from the European Union. In order to withdraw, the UK will need a majority vote in Parliament to repeal the web of legislation that allowed the UK to accede to the EU. In addition, the UK will need to invoke Article 50 of the Lisbon Treaty to formally withdraw from the EU. Once Article 50 is invoked the UK will have two years to negotiate the terms of its departure.