The pound plummeted to its lowest level since 1985 in the aftermath of the Brexit vote, sending shockwaves throughout the global economy. Before the vote, it was assumed that the biggest risks for a post-Brexit EU would be political, with fears that other countries might also head for the exit.
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She said: ‘There’s still a job to be done from people outside the EU.
In the original June 23 referendum across the United Kingdom, 52% of voters said they wanted to leave the 28-member European Union. There is a strong possibility that they could be send back or apply for stricter work permit.
She also surprised commentators on Monday by proposing ideas normally associated with the left-leaners in British politics, including having workers on the boards of major companies. Conversely, British citizens seeking to work in other EU states now are authorized to undertake employment in other EU and European Economic Area (“EEA”) member states without first having to file for a work permit.
Though Britain’s decision to leave the European Union isn’t a primary topic of discussion, the finance ministers have a number of thorny issues to address that have been elevated in the wake of the referendum result, such as the financial health of Italian banks. “He was seen as the face of the victorious “leave” campaign”, Bale said.
“Until we have served an Article 50 notice, we remain a full participating member of the European Union and our ability, of course, to negotiate new trade agreements is restricted by the continued application of EU law”, he told parliament.
The Dutch finance minister’s tough stance underlines the scale of the challenge facing Rome as it seeks to convince the European Commission to allow the government to break new bail-in rules which state that creditors, including depositors, must take losses in any bailout.
At the time of writing, the Prime Minister has resigned and his successor will be in place by October 2016.
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Constitutional experts, speaking on the condition of anonymity at a Westminster briefing, warned that there could be extensions to that two year deadline once Article 50 is triggered. While the European Union could be considerate towards those already staying or working in the European Union but any future aspirants will have to secure an EU-wide work permit. NYU’s Nouriel Roubini sees the Brexit vote as “the proverbial canary in the coalmine, signaling a broad populist/nationalist backlash – at least in advanced economies – against globalization, free trade, offshoring, labor migration, market-oriented policies, supranational authorities, and even technological change”.
