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| Overwhelmed by ‘Brexit’? Here Are the Basics | Overwhelmed by ‘Brexit’? Here Are the Basics |
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| Britain voted on Thursday to leave the European Union, a decision known as “Brexit” that will have global consequences for years to come. It would be the first time any country has left the union. | Britain voted on Thursday to leave the European Union, a decision known as “Brexit” that will have global consequences for years to come. It would be the first time any country has left the union. |
| Here’s a brief guide to the referendum and what it means. | Here’s a brief guide to the referendum and what it means. |
| More than 17.4 million Britons voted to sever ties with the European Union, whose seat of power lies in Brussels, compared with 16.1 million who voted to remain. | More than 17.4 million Britons voted to sever ties with the European Union, whose seat of power lies in Brussels, compared with 16.1 million who voted to remain. |
| The stunning vote, 52 percent to 48 percent, plunged world financial markets into turmoil, the political consequences for the prime minister of Britain were swift, and the people around the globe reacted with shock and confusion. | The stunning vote, 52 percent to 48 percent, plunged world financial markets into turmoil, the political consequences for the prime minister of Britain were swift, and the people around the globe reacted with shock and confusion. |
| Fear of being overrun by waves of immigrants was the main factor behind the “Leave” voters. A country’s membership in the European Union means agreeing to free movement of labor, capital, goods and services. | Fear of being overrun by waves of immigrants was the main factor behind the “Leave” voters. A country’s membership in the European Union means agreeing to free movement of labor, capital, goods and services. |
| But globalization concerns and a desire to wrest Britain from under Brussels’ thumb were also key factors. The referendum came about as a result of a promise in 2013 by Prime Minister David Cameron to appease an increasingly vocal anti-European Union wing of his Conservative Party. | But globalization concerns and a desire to wrest Britain from under Brussels’ thumb were also key factors. The referendum came about as a result of a promise in 2013 by Prime Minister David Cameron to appease an increasingly vocal anti-European Union wing of his Conservative Party. |
| • Prime Minister Cameron, who led the “Remain” campaign, announced on Friday that he would step down. He offered no “precise timetable” but said he believed his successor — who will manage the process of leaving the union — should be in place by October. | • Prime Minister Cameron, who led the “Remain” campaign, announced on Friday that he would step down. He offered no “precise timetable” but said he believed his successor — who will manage the process of leaving the union — should be in place by October. |
| Boris Johnson, the former mayor of London who backed leaving the E.U., is considered a front-runner to succeed Mr. Cameron. | Boris Johnson, the former mayor of London who backed leaving the E.U., is considered a front-runner to succeed Mr. Cameron. |
| • Global markets plunged. The British pound plummeted to its lowest level since 1985. Investors fled to the American dollar and the yen. Equity markets in the U.S. were trading sharply downward on Friday. The sell-off began overnight in Japan and Hong Kong. | • Global markets plunged. The British pound plummeted to its lowest level since 1985. Investors fled to the American dollar and the yen. Equity markets in the U.S. were trading sharply downward on Friday. The sell-off began overnight in Japan and Hong Kong. |
| The financial damage was more severe on the Continent than in Britain and the United States, where the markets recouped some of their losses on Friday. | |
| • People around the world reacted with surprise and confusion about the consequences for expatriates, immigrants and the global economy. The possible effects on workers who crossed British borders both ways were not immediately clear. | • People around the world reacted with surprise and confusion about the consequences for expatriates, immigrants and the global economy. The possible effects on workers who crossed British borders both ways were not immediately clear. |
| The referendum is not legally binding, though it is difficult to imagine that the British government would ignore the will of the voters. The process of leaving begins only after the British government invokes a provision of the European Union’s governing treaty, known as Article 50 — an action Mr. Cameron said he would leave to his successor. | The referendum is not legally binding, though it is difficult to imagine that the British government would ignore the will of the voters. The process of leaving begins only after the British government invokes a provision of the European Union’s governing treaty, known as Article 50 — an action Mr. Cameron said he would leave to his successor. |
| • Little will change in Britain for at least two years, but the vote sets off a complicated series of negotiations as the country separates from the union’s 27 remaining members. With almost half of British exports sold on Europe’s common market, how to maintain the free flow of goods and services throughout the territory will most likely be central to the talks. | • Little will change in Britain for at least two years, but the vote sets off a complicated series of negotiations as the country separates from the union’s 27 remaining members. With almost half of British exports sold on Europe’s common market, how to maintain the free flow of goods and services throughout the territory will most likely be central to the talks. |
| • What does it mean for Scotland and Ireland? Both Scotland and Northern Ireland voted overwhelmingly to stay in the E.U. Scotland, which voted in 2014 to remain in the United Kingdom, may revisit that referendum. | • What does it mean for Scotland and Ireland? Both Scotland and Northern Ireland voted overwhelmingly to stay in the E.U. Scotland, which voted in 2014 to remain in the United Kingdom, may revisit that referendum. |
| Northern Ireland has an open border with the Republic of Ireland, a member of the European Union. Border crossings could be tightened, or pressure could increase for unification, leading to political instability in both places. | Northern Ireland has an open border with the Republic of Ireland, a member of the European Union. Border crossings could be tightened, or pressure could increase for unification, leading to political instability in both places. |
| • President Obama said in a statement: “The people of the United Kingdom have spoken, and we respect their decision.” He pledged that the U.K. and the E.U. would remain “indispensable partners of the United States.” | • President Obama said in a statement: “The people of the United Kingdom have spoken, and we respect their decision.” He pledged that the U.K. and the E.U. would remain “indispensable partners of the United States.” |
| • Hillary Clinton: “We respect the choice the people of the United Kingdom have made. Our first task has to be to make sure that the economic uncertainty created by these events does not hurt working families here in America.” | • Hillary Clinton: “We respect the choice the people of the United Kingdom have made. Our first task has to be to make sure that the economic uncertainty created by these events does not hurt working families here in America.” |
| • Donald J. Trump: “I said this was going to happen, and I think that it’s a great thing.” The British people “have declared their independence from the European Union, and have voted to reassert control over their own politics, borders and economy,” he said. “A Trump administration pledges to strengthen our ties with a free and independent Britain.” | • Donald J. Trump: “I said this was going to happen, and I think that it’s a great thing.” The British people “have declared their independence from the European Union, and have voted to reassert control over their own politics, borders and economy,” he said. “A Trump administration pledges to strengthen our ties with a free and independent Britain.” |
| • Chancellor Angela Merkel of Germany expressed disappointment with the vote and called for European unity. “Our goal should be to create a future relationship between Great Britain and the European Union that is close and partner-like.” | • Chancellor Angela Merkel of Germany expressed disappointment with the vote and called for European unity. “Our goal should be to create a future relationship between Great Britain and the European Union that is close and partner-like.” |
| • Moscow maintained its stance that the British referendum was of little direct concern. President Vladimir V. Putin said, however: “This will certainly have consequences for Britain, for Europe and for us. The consequences will be global, they are inevitable; they will be both positive and negative.” | • Moscow maintained its stance that the British referendum was of little direct concern. President Vladimir V. Putin said, however: “This will certainly have consequences for Britain, for Europe and for us. The consequences will be global, they are inevitable; they will be both positive and negative.” |
| But the Russian government has worked to undermine European solidarity, and the vote removes Britain as an influential voice in efforts to punish Russia over its annexation of Crimea and role in destabilizing Ukraine. | But the Russian government has worked to undermine European solidarity, and the vote removes Britain as an influential voice in efforts to punish Russia over its annexation of Crimea and role in destabilizing Ukraine. |
| • The French far-right cheered the vote, with Marine Le Pen, the leader of the National Front party, vowing to push for a similar referendum there. | • The French far-right cheered the vote, with Marine Le Pen, the leader of the National Front party, vowing to push for a similar referendum there. |