BREXIT - NO - U TURN?

For some across the UK, Brexit seems to them like an independence day where England has "won back their country" , as stated by Donald Trump. However, for some, Brexit seems like a
huge mistake, and this was seen by the PM David Cameron announcing his decision to resign on the day the poll results came out.

The decision to leave has been decided by the residents of the United Kingdom on the winning leave vote at 52% and the remain vote just cutting short at 48%. Although a referendum is not binding on the UK government as Parliament is sovereign, tho British government are doing what is democratically correct by listening and respecting the wishes of their people.

The Brexit vote, had a range of different impacts but simultaneously had the biggest impact on the stock market as it caused the pound to fall. A Bloomberg poll of economists found
that 29 of 34 saw a decline below $1.35 and only one saw the pound above $1.40 (at the
time of writing, the pound is around $1.42).

Stephanie Flanders, the chief market strategist at J P Morgan Asset Management, says that;

"sterling has declined further than can be explained simply by the fall in UK rate expectations relative to the US since the end of the year. The cost of insuring portfolios and business activities against further sterling weakness has spiked to the highest level since 2010 and derivative markets are forecasting that sterling volatility will remain high well into the summer".

The Brexit also has impacted other industries too. This will have an everyday impact on our lives too.
One of these industries being science. For a country with 0.9% of the world's population, the 1.1K has 3.3% of the world's scientific researchers who, in turn, produce 6.9% of global scientific output. The EU remains the world leader in terms of its global share of science.

researchers (22.2%), ahead of China (19.1%) and the US (16.7%).The UK is one of the largest recipients of research funding in the EU. In the current EU research round, entitled Horizon
2020, the UK secured 15.4% of funds, behind only Germany. And British researchers are increasingly international in their collaborations. Since 1981 the UK has risen from 15% of its
papers being international (and 85% domestic authors only) to more than 50% today. About
15% of academic staff at UK institutions are non-UK EU nationals, a figure that rises to 20% among elite universities.

However, Brexit would allow the UK to escape some onerous EU regulations, such as rules governing clinical trials, which, it is claimed, impinge on innovation.

Another industry, which will have an impact on us would be travel and holidays. These are some of the fears raised by those who are against the UK leaving the EU. A significant piece
of European legislation, the Denied Boarding Regulation, allows passengers to claim up to
€600 in compensation for delays or cancellations on flights that originate in the EU. After Brexit, it seems likely the protection of this legislation would be lost. Stephen D'Alfonso, head of public affairs at the Association of British Travel Agents, explained that in the EU there are two types of legislation: regulations and directives. A directive is something that is implemented in the UK, so in the case of the UK withdrawing from the EU it is unlikely that such legislation would be affected unless specifically repealed. Regulations, on the other hand, are bits of legislation that are simply applicable in the UK as they are applicable in all other EU countries. So, if the UK were to withdraw from the EU, regulations technically would no longer apply in the UK.

London has the world's largest financial centre and is home to more than 250 foreign banks.
Financial services represent up to 10% of the country's gross domestic product. it a\so accounts for 10% of the nation's GDP, 12% of tax that goes to the Treasury, and the City is
the largest exporter of wholesale financial services in the world, employing more than one
million workers.Leaving the EU would mean that the UK would have to renegotiate the
terms of any post-membership access to the single market, with rival city financial centres
both in the EU and outside — including New York, Hong Kong and Tokyo outside Europe and Frankfurt and Dublin inside — seeking to take advantage of any uncertainty.

Consumerism would be another factor that would be under the impact of the Brexit vote as the European legislation is responsible for the way in which we experience a range of
consumer goods.One significant example of what such legislation has achieved applies to
the cost of using a mobile phone abroad. In the summer of 2015 the European commission
announced that it had agreed on single market legislation for telecoms, meaning that
tourists in EU countries will pay the same mobile fees as at home. The charges for using a mobile abroad will reduce from April this year and disappear altogether from June 2017. If
the UK were to opt for Brexit, we would no longer necessarily be covered by the regulation. The government has said that the loss of the safeguard of this legislation would result in a rise in bills, but others believe it's not that clear-cut.

Under EU legislation on free movement of citizens, those moving to another member state have the same access to education as nationals Of that member state.

In 2013-14, there were 125,300 FU students at UK universities and in that year €224m was paid in fee loans to EU students on courses in England — 3.7% of the total student loan bill, The Erasmus* scheme is an EU programme open to education, training, youth and sports organisations. It offers opportunities for UK participants to study, work, volunteer, teach and train in Europe, and the scheme will allocate almost €1bn to the UK over seven years. Around 250,000 people are expected to undertake activities abroad with the programme. If Britain decides to opt out of the EU, the government will need to figure out the need for EU nationals to pay into the UK's higher education system, and offer their talents to its universities.

About 15% of the UK academic workforce come from other EU countries. More than
200,000 UK students and 20,000 UK university staff have spent time abroad through the
Erasmus exchange programme. While the government would save money through not having to provide student loans or maintenance funding for EU students, the UK would probably lose access to EU research funding and also to student mobility schemes.

Ultimately, universities and students would probably lose out — universities are concerned about their research funding. But the government would save money on student finance. All universities in the UK have come out against Brexit.

This shows that even though the UK have opted out of the EU on a vote of 52%, this will have major consequences on our everyday lives and we will be able to feel these a few years time.