What does article 50 stand for in the post result of Brexit?

What happened in the EU referendum and what is article 50?

The 2016 EU referendum resulted in the public of the UK voting to come out of the European Union. However the result isn’t the end of the UK leaving the EU, it is the start of the process with article 50 being the key for the UK to split from Europe.

Article 50 is a treaty that can be triggered by a member of the European Union that wishes to withdraw from the EU. The member wanting to withdraw must first notify the European council first, after this process both parties will go into negotiations and reach an agreement.

The agreement includes the withdrawal of that state, in this case, the United Kingdom. The other agreement will be to set out a future between the UK and the rest of Europe.

What will happen to Britain after leaving the EU?

There are many questions about what will happen after article 50 is triggered, here are a few examples of the potential good and bad points of leaving the EU. Leaving the EU would help contribute to significant savings for Britain, this would be down to the fact that the UK wouldn’t have to contribute to the European budget. Britain’s net contribution to the budget last year was £8.5 billion, this money could go into more productive funding, for example, the NHS, which has had recent cutbacks on funding.

There are many of the British public that is undecided on many topics, one of these is the free trade deals. The EU has a policy in the single market where no tariffs are in place for imports and exports. This is one of the key decisions that the UK have to face, at first Britain’s economy could drop but thinking in long terms the UK’s economy could see a rise, should the UK be able to sort out a free-trade deal with the EU members.

Investment is another argument that both sides see the good and the bad. Many people who wanted to stay in the EU believe that the UK is one of biggest financial countries in the world and this could tarnish by us leaving the EU. This is down to Britain’s relationship with US banks which was a passage for the European Union.

However, people in favour of Brexit believe that the UK can now reinvent themselves with a better economy like Singapore have done.

Is there any certainty for Britain when leaving the EU?

Nobody is certain what the future will hold for Britain, there are many arguments for and against leaving. There was a change in management in the Conservative party, with David Cameron stepping down after the result of the referendum. This created a debate for the public of Britain, as to whether it was the right decision to leave and who will lead the country after the Brexit result.

Theresa May has since taken over and wants to accelerate the trigger of article 50 as early as March 2017. If this decision is made by the Government than Britain could be out of the EU before 2019. However going back to the question the future isn’t certain as to whether it was the right move to leave but many people are sure that Britain will find its feet as an independent European country.