@bbninjas There is a helpful summary by the BBC
here.
The United Kingdom is part of the European Union. In very real terms, being part of the EU means that the UK can trade with the other 27 member states free of tariffs and trade barriers and I (as a British national) can live and work in any other EU country without a visa (it's bloody great and makes perfect sense in the age of globalisation). However, over the past 5-10 years, public attitudes towards membership have been shifting- partly due to the right wing government framing the debate (e.g. "immigration is too high", "we pay a lot of money to the EU every week", "laws are passed by the EU that we can't control") without focusing on the abundance of positives (e.g. free movement of labour, goods and services, access to the single market, protection for workers rights, EU structural funds for the regeneration of deprived areas, etc.).
This framing has led to the gradual increase of anti-immigration rhetoric within the media and public. So much so that, in an attempt to win votes at general election in May 2015, the Conservative party made a manifesto pledge to hold a referendum on whether the UK should remain or leave the EU if they won the election. Unfortunately, the Conservative party did win the May 2015 general election and, hence, the UK held a referendum on membership of the EU on 23 June 2016.
The United Kingdom voted to Leave the EU with a 52 - 48 percent majority.
The pound has already bounced back.
Can you please link me to your source as I've been unable to find information that supports your claim?
In the short space of time since the result of the referendum was announced, the value of the pound has plummeted dramatically against the Euro (source:
XE.com). The fall is such that the pound is at its lowest position against the Euro in a 2 year period. Against the US dollar, the fall is
even more dramatic.