Britain’s aim to exit the European Union will mean it will up against Germany and the other powerful nationals within the bloc, as well as the economic policies that currently govern the EU. The referendum is due to be held towards the end of June, even as premier David Cameron negotiated a ‘special status’ for Britain until then.
Britain has always held back from the EU in some ways. They clung to their currency, refused to be a part of the Schengen visa policies and even shied away from adopting certain economic policies that were accepted pan-Europe. But will all of this affect the European Union or Britain? Right now, the jury is still out, as views are polarized. Britain does still depend on a pan-Europe market that will be affected since foreign firms will not be able to just waltz into the country and conduct business. Experts predict an initial drop in GDP but that is an old estimate, since world economy has changed since then.
What will get affected though, is the citizenship privileges of EU residents. Those holding EU passports will certainly see a change in status. The fallout of this is yet to be determined.
