- Brexit polls revealed that majority wanted the country to leave the EU
- UK will be forced to abandon their currency for the euro if they continue to be part of the Union
- The result has led to the weakening of the pound's value
The United Kingdom (UK) is expected to hold a referendum on whether or not to remain a member of the European Union (EU) by 2017. The country has been a member since 1973 and decided to remain as a member state after a referendum two years later.
Earlier this morning, BBC released a report declaring the result of the Brexit polls. The polls showed a surging support for the UK to 'Leave' the EU. The result also sprouted predictions regarding the pound to fall to its lowest level in almost four decades.
Those who opted to vote to leave are mostly from Middle England joined by the industrial states in the Northeastern and Northwestern part.
London had better polls for 'Remain' alongside with Oxford and Glasgow, but it seemed that their votes were not strong enough to offset the Leave votes.
Out of 382 local authorities, 323 joined the polls which resulted to a 52 per cent win for the Leave campaign as opposed to those who voted for Remain which is only 48 per cent.
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“It will be catastrophic for Britain. It is just so, so terrible,” the chairman of the House of Commons Home Affairs Select Committee, Keith Vaz, said.
Commentators and other leaders also advised Prime Minister David Cameron to consider his position very soon. This is a seismic change for the political and economic arena for Britain, as there is no guarantee the playing field will be the same.
So why does the United Kingdom want to leave the EU after being a member for almost half a century?
The British Prime Minister had said that it made two major restrictions for them.
The UK will be forced to abandon its currency, the pound, and adopt the euro currency which has always been weaker between the two.
Adoption of the euro by all EU member states is expected in the year 2020. Many worried that not only that the euro is unstable, but is also able to be influenced by weaker states like Greece.
As a result of the poll, the pound has weakened extensively this morning by 11 per cent. It has been reported that the currency plummeted below $1.40, until it has found a new low at $1.3224. Analysts are worried that the country's economy is in grave danger if the currency continues to plummet throughout the week. The market is currently finding the right price for sterling to avoid the catastrophe.
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Secondly, the UK has long been questioning why the EU had so much to say in British welfare, meddling with the new laws and policies to be implemented which, for them, are not only fitting, but also beneficial for the British community.
Among all those who voted to Leave, the labor sector shared the biggest slice of the pie.
So, with UK starting to manifest its interest to leave the Union, is this the beginning of European Union falling apart?
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