Today the Brits are voting on whether or not they will be exiting the European Union. It’s a pretty big deal as the UK (England, Wales, Scotland, and Northern Ireland) is one of the most financially and politically important members of the union (just under half of UK’s exports go to the EU and they have been a major part diplomacy).
Whatever the outcome, the European Union will be greatly affected. Why should we care? Here are five things you should know about the EU referendum.
1. The European Union has 28 members, including the UK, and it helps to create one European political voice in comparison to other bigger countries like China and USA.
2. As of late, citizens of the UK are split down the middle in regards to exiting the EU — there are a variety of pros and cons to staying or leaving.
3. Those in favor of the “Remain” campaign or staying in the EU are stating that the UK is given the upper hand politically and economically. If they leave, it would reduce the UK’s global influence and would be a catastrophic decision.
4. Those in favor of the “Leave” campaign or leaving the EU have noted that the British would be able to spend the large amount of money given to the EU (they gave $16.3 billion in 2014) on other important things.
5. If the UK votes to exit, they will start negotiating the terms of their leave with other EU members, which will take up to two years. If the UK votes to stay, they would gain “special status” within the EU which would exempt the Brits from certain rules and regulations as asked for by Prime Minister David Cameron.
Whether the UK decides to “Brexit” or not, the impact of this decision will be greatly felt by Europe.
xx, The FabFitFun Team
