What happens next if UK votes for Brexit?

15 June 2016, 07:42
Sherif Hasan

The EU referendum looms ever larger ( in case you've been on Mars for the past 6 months) 15 June 2016

Much conjecture still on what the fall-out would be, both for the pound and the UK/EU/global political/financial landscape on a result either way.

Should Brexit happen though what's the likely series of events ? In the theory the UK has 2 years to unravel its threads by invoking Article 50 of the Treaty of the European Union, which starts a two-year process for leaving.

Says the BBC:

The argument for doing so immediately is that it dispels any hint of prevarication; the argument against is that two years is quite a short time for a long and complex negotiation, so it might be better to open discussion, while the government's finger hovers over the start button, and eke out a year or more before formally starting the process.

"There's everything to be said for delaying triggering Article 50, until preliminary talks have made some progress," says Andrew Tyrie, the Conservative chairman of the Commons Treasury Select Committee.

"It is absurd to suggest there would be any breach of trust, when everyone knows we would be committed to leaving.

"The overwhelming majority of the electorate will accept that, by negotiating for a while before the two-year period, we increase the scope for securing a smooth transition, and minimising the short term economic shock that some commentators warn of," he said.

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