A Note on the Implications of Brexit

Authors

E. Wesley F. Peterson, University of Nebraska-LincolnFollow
Marianna Khachaturyan, University of Nebraska-LincolnFollow

Date of this Version

10-12-2016

Citation

Cornhusker Economics October 12, 2016

Comments

Copyright 2016 University of Nebraska

Abstract

On June 23, 2016, the citizens of the United Kingdom (UK) voted by a narrow margin to withdraw from the European Union (EU) and on October 2, 2016, the recently chosen Prime Minister, Theresa May, announced that her government would invoke Article 50 of the Lisbon Treaty by the end of March 2017 triggering the process of exiting the EU. The purpose of this note is to review the history of the EU and the procedures a country has to follow to withdraw from it. The implications of the British exit, commonly referred to as “Brexit,” for US-European trade and the agreement with the EU on the Trans-Atlantic Trade and Investment Partnership (TTIP) will also be addressed.