After 43 years of being a part of the European Union (EU), Britain has decided to exit. Though it is going to be a long process of negotiating with the EU on terms of withdrawal, until then Britain has to abide by EU treaties and laws. And this separation is going to be very messy, considering it is going to take almost two years.
Though all those 51.9 per cent people who voted for exit in the referendum would be a happy lot, as they felt Britain was losing out by being a part of the EU thanks to growing immigration, they should not forget that now Britain has to negotiate trade treaties and agreement with both the US and EU, almost from scratch. The road ahead would be anything but smooth.
The EU will be in shock as no country has ever left it since Article 50 was in place. No doubt, the union will lose its global clout and the threat of more exits from the remaining 27 countries cannot be ruled out. Germany and France have a very strong role to play if the EU has to remain united.
The impact on India may not be severe, considering that we are basically an import economy. But companies like Tata, which manufactures in the UK, will have to face serious consequences of Brexit as free movement of goods will be restricted. Students and travellers to London will feel relieved, at least for some time as their stay could get cheaper now.
Bal Govind, Noida
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