And that’s exactly what the leaders of the United Kingdom are realizing now that the people have voted to leave the European Union (EU). Why?
Well, let’s back up a minute and talk a bit of history. In 1950, six European countries joined together to form the European Economic Community (EEC). The EEC was formed with two goals in mind: to keep neighboring countries from fighting each other (we just went through World War II, so let’s try to keep the peace!) and to build a stronger European economy (hey friend, no need to pay taxes if you trade with me and I’ll do the same for you!). In 1993, the EEC officially changed its name to the European Union (EU) and by 2015, 28 European countries formed the EU, one of which was the United Kingdom (U.K.). Member countries benefitted from better trade, more jobs, security, a single currency, and much more.
In recent years, the people of the U.K. started to question the bene ts of being a part of the EU. Was it worth the annual membership fee of almost £13 billion? Were they losing their right to freely make their own laws and decisions? Were they losing jobs? Were their borders less secure? So, the people of the U.K. were asked to vote and they decided to leave the EU.
Now what? Well, since no country has ever left the EU, the leaders of the U.K. and the EU are trying to answer that exact question. What we do know is this: David Cameron, the current Prime Minister of the United Kingdom, resigned (or quit) and Theresa May is taking over — everything else is still a big question mark.
Watch Xyza’s video on Brexit here!
Update September 2016:
David Cameron, the former British Prime Minister, announced that he will also be stepping down as a Member of Parliament.
Update October 2016:
- British Prime Minister Theresa May says that the United Kingdom will begin the formal Brexit process by March 2017.