The EU referendum results are in and Britain is out
Last updated on Friday, June 24, 2016
The days leading up to the EU Referendum, which took place yesterday, saw much uncertainty as to whether citizens would vote to remain in the EU or to leave the EU.
Polls and surveys showed no consistency as to whether Britons were leaning significantly to one side or the other. A few surveys from 22nd June also claimed a fair amount of constituents were still on the fence.
Yesterday the nation voted, and British and Commonwealth citizens residing in the UK have decided…
The UK will leave the EU.
In a historic vote that saw a 72% turnout, 52% of the nation voted to leave the European Union. In the aftermath, the Sterling dropped to $1.34 compared to the US Dollar, the lowest it has been since 1985.
Now that it has been decided that the UK will leave the EU, Britain is likely to see a series of uncertain events. David Cameron has pledged to step down by October, and a new Prime Minister will be elected in his place who will start negotiations with the EU for Britain to exit. It is likely that Article 50 of the Lisbon Treaty will be invoked, which means that the UK and the EU will have two years to finalise a Brexit deal.
One of the main issues the UK now faces in light of Brexit involves trade. Whether the UK will keep the ability to trade within the EU freely, as does Norway, or whether the UK will trade individually as part of the World Trade Organisation is a major uncertainty at this early stage.
How will this Leave decision affect contractors? Will uncertainty in the jobs market lead to more contract work available? With the UK free to make its own employment laws without the EU’s involvement, there may also be employment legislation changes on the horizon. Furthermore, not being a member of the EU could mean more paperwork and hassle for UK contractors who want to work on a contract basis in the EU.
How do you think the Leave decision will affect contractors? Are you shocked by this decision or is it what you expected?
Leave us a comment below with your thoughts.
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