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What is Brexit?

People of Britain will be voting tomorrow in a historic referendum on whether Britain should exit, or Brexit from EU.
The pro Brexit campaign wants to end central control by Council of the European Union in Brussels and give Britain the freedom to manage its own affairs.

When is it?

The referendum on Britain’s membership of the EU will take place Thursday June 23.  382 polling stations in will be open between 7 AM and 10 PM UK time.  The referendum results will start coming out around midnight London time.  The national declaration results are expected to be announced on Friday morning June 24.

What are the economic views on Brexit?

UK treasury has issued couple of warnings, even claiming that Britain would go into a yearlong recession if Britain leaves EU.
George Osborne who is against Brexit has warned that British pound would weaken in case of exit and more than 820,000 jobs might be lost within 2 years.  He has also claimed that British economy might shrink around 6 % by 2030.

Pro Brexit argue that there are no evidences of such claims regarding the harm to the economy of Britain. On the contrary Brexit would help Britain to take over its economy and allow Britain to make its own deals with EU nations and other global powers such as US, China, India, and Russia.

Anti-Brexit have warned regarding the possibilities companies leaving UK since they can’t access the single market anymore.

According to Financial Times, a poll of more than 100 economists shows that three-quarters of economist who participated in a poll think Brexit would adversely affect the Britain’s medium-term economic prospect. Only 8 percent of the participants thought Britain’s economy would benefit.

In conclusion, it is important to know that the tomorrow’s referendum is not a binding law. It would signal the sentiments of Britons to their policy makers. These signals (Pro/Against) would spark the negotiations to begin with EU members on the terms of UK membership.

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