On the 22nd of June 2016, the result of the historic British Referendum in which the people voted in favour of the withdrawal of the United Kingdom UK, from the European Union E.U. shook the entire world Business Community.
In a swift reaction to the result of the referendum, the British Prime Minister, David Cameroon, forwarded a letter of resignation to Her Majesty, Queen Elizabeth II, effective from October 2016. Her Majesty has accepted the letter of resignation.
David Cameroon’s resignation is a lesson to African Leaders who seat tight to their entrusted political office in faces of breach of trust and weighty allegations. The British Prime Minister is a man of integrity as espoused by President Muhammadu Buhari in his congratulatory message to the British Leader.
However, the UK’s decision to pull out of the European Union is not immediate but a gradual process. There are laid down regulations any member nation intending to withdraw its membership has to fulfill; EU constitution demands a two-year period for a formal declaration of intent during a special meeting of EU Ministers. Analysts believe that with the resignation of Prime Minister David Cameron, a new Prime Minister has to be elected to commence the process of withdrawal. Reports indicate that Scotland and Ireland, both part of the United Kingdom, are singing discordant tunes over the outcome of the referendum and exploring alternative way of remaining in the European Community.
In 1992, the EU member states made history by becoming the first Regional Economic Community to open frontiers of economic integration. The member states signed the protocol on:
The 1992 single market brought to fore a Europe in which Members stand together, a society based on the fundamental rights of workers, notably the right to employment.
U.K is a staunch member and supporter of EU but their eventual pull out may trigger off a chain of unpalatable consequences on Europe and developing countries where EU is a development partner.
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