User:Umachoudhury/Brexit

Pros and Cons
One of the biggest factors that prompted Brexit was that the referendum showed that 52% of people voted to leave. However, some say that the referendum should have happened again because the first one was riddled with misinformation and lies.There were strong arguments on both sides of the deal. One of the main pros that prompted Britain to leave the EU was the fact that 52% of the votes were in favor of it, leaving 48% of the votes wanting Britain to stay. The cost of membership was also a huge factor, with Britain having to pay 13 billion pounds, even though they received 4.5 billion back. Trade is also plays a big role in Britain’s decision. By leaving the EU, they can have access to the single market without being bound by EU law. The British GDP would only fall slightly after they left as they have maintained their own currency. They have one of the world’s largest economies, so leaving would enable them to negotiation more favorable relationships than they would be able to if they stayed. The downsides to this however would be that Britain may not be able to get a favorable trade agreement and their GDP will fall. They also benefit from EU trade deals with other countries and over 50% of their exports got to the EU with no tariffs imposed. Referendums will continue to play a role in democracy in the UK. Whether the next such vote is on EU membership or on some other issue, there are important lessons to be learnt from the 2016 EU referendum for how referendums might best be conducted.