Brexit: What You Need To Know And What Happens Next

Thursday, June 23rd is a big day for Britain. The citizens of Britain are going to the polls to vote on a referendum to leave the European Union, a referendum that has been called Brexit. The campaign to “Vote Leave” has been out in full force recently, and when the polls close on Thursday night, we’ll finally know if they were successful.

The Brexit movement was marred by tragedy last week when a Member of Parliament, Jo Cox, was murdered in Birstall, England. What might have appeared to be a random attack was a political assassination. When the man suspected in her murder appeared in court and was asked to give his name, he responded, “My name is death to traitors, freedom for Britain.” Cox was vocal about her support of Britain staying in the European Union. In an article that Cox had written four days before her death, she wrote, “We cannot allow voters to fall for the spin that a vote to Leave is the only way to deal with concerns about immigration,” she wrote. “We are stronger, safer and better-off in.”

So, in the interest of being fair and balanced, let’s look at both sides of the argument.

The Vote Leave camp, on their website, lists many reasons for leaving including:

• “We will be able to save 350 million pounds a week”

• “We will be in charge of our own borders”

• “We can control immigration”

• “We’ll be free to trade with the whole world”

• “We can make our own laws”

The camp that wants to remain in the EU includes Prime Minister David Cameron, more of the Conservative government he leads, and other national leaders like Angela Merkel of Germany and President Obama. They argue that a Brexit would be disastrous for the economy of Britain as well as the entire European Union. USA Today reports, “Supporters of remaining in the EU, led by Prime Minister David Cameron, said jobs, the economy, national security and the U.K.’s standing on the world stage would be compromised outside the alliance.”

Currently, the polls show a pretty even divide between what polled voters want. However, several firms have said that the odds of the Vote Remain camp winning is 73%. This is a pretty monumental vote since no other nation state has ever left the European Union since its inception around 75 years ago. However, Greenland, a territory of Denmark, did leave.

How will we know who has won? It’s pretty simple, honestly. Whatever side, yes or no, gets more than half of the votes cast in the referendum is the winner, and Britain will either stay in the Union or leave it. The last time this vote was held was in 1975, and at that time, Britain voted to say in the EU. If the vote comes down and they decide to leave the EU, then there will be a two-year period of negotiations between Britain and the EU that will ultimately decide how Britain will interact with the rest of the EU after its exit, including trade.