“One thing that will not change is the special relationship between our two countries”, Obama said Friday, adding that the U.K.’s membership in North Atlantic Treaty Organisation was also important. “The year we joined, 1973, the 28 countries that now make up the European Union were 36% of the world’s economy”. In the short term, Britain’s probably going to take a hit in their finances.
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He warned that a Brexit would put the United Kingdom at “the back of the queue” for negotiating a trade deal with the USA, which is focused on striking a free trade deal with the EU.
Obama administration officials are also casting a wary eye across the Atlantic at the success of Britain’s “Leave” campaign, which has similarities with Republican Donald Trump’s insurgent bid for the November 8 presidential election.
But if the United Kingdom decides to bring in work permit restrictions, then other countries could do the same, meaning British people would have to apply for visas (official documents) to work overseas in the EU.
Energy analyst Greg Colman of National Bank Financial said the Brexit vote could lead to lower demand for oil and natural gas in Britain and Europe if their economies slow as expected.
The vote raises questions for all the nations within the United Kingdom, said Michael Kenny, a professor of politics at the university. One government leader (such as a prime minister, president or chancellor) from each of the 28 member countries is in the European Council.
Britain’s Prime Minister David Cameron, accompanied by his wife, Samantha, speaks to the media in front of 10 Downing St. on Friday as he announces his resignation following Britain’s vote to leave the EU.
If a deal is reached within the two year time frame, then European Union treaties cease to apply from the date that agreement becomes operational.
“The early morning news from Great Britain are truly sobering”.
“There can not be any special treatment for the United Kingdom”. “But there’s people here in Brussels that are talking about an accelerated leave process”, he says.
Worldwide law offers limited protection, she said, adding that national laws are “not as generous” as European Union protection legalisation when it comes to the rights of people to move between countries.
This insistence on a “hard exit” is aimed at discouraging other countries from wanting to leave the bloc in the belief that they might be able to negotiate a comfortable partnership from the outside.
Global financial markets plunged on Friday as results from a referendum defied bookmakers’ odds to show a 52-48% victory for the campaign to leave a bloc that Britain joined more than 40 years ago.
The possibility to leave exists in the EU’s rule book, but it’s never been used before.
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Britons decided by 52 percent to 48% in favor of quitting the European Union, a margin of more than one million votes, final results showed.
