What happens after the Brexit vote – the steps ahead!

The Brexit referendum result will be announced on June 24, 2016.

A police officer stands outside a polling station being used in the EU referendum at Birstall library, West Yorkshire, England on June 23, 2016 near to where Labour MP Jo Cox was attacked and killed outside her constituency.

Britain is voting to decide whether the country wants to remain a part of the European Union or exit. Those voting include British citizens, residents of Britain including Indians, nationals from Commonwealth countries and overseas British citizens.

The result will be announced the day after the vote – i.e. June 24.

Look out for these steps to unravel on Friday:

1. Counting will be on and the result will declared.
2. Just as the trend of the result is clear, Prime Minister David Cameron will step out of 10 Downing and make a statement, irrespective of the way the vote has gone.
3. A special session of Parliament may be convened on the weekend, else a sitting will take place on Monday – June 27.
4. Prime Minister David Cameron will address the House.
5. If the result is a thumping vote to remain in EU – it would mean a vote of confidence in David Cameron’s leadership.
6. If the result is a slim yes to remain in EU or a vote to exit – it would mean people have rejected David Cameron’s advice on Brexit. This could mean that the PM puts in his papers and paves way for a new leader. Else, he takes the rebuke but continues as PM.
7. Suppose Britain votes to leave and Cameron wants to continue as PM, there is a possibility that Conservative Party MPs who had opposed his view want an internal vote of confidence on his leadership in the party. If this were to happen, then also Cameron will be forced to resign.
8. Meanwhile, statements will come in from prominent leaders from across Europe especially German chancellor Angela Merkel and French President Francois Hollande.
9. All eyes would be on financial markets when they open on Monday.
10. A Remain vote will be likely welcomed by EU leaders and financial bourses. An exit would mean volatility.
11. Incase of a Leave vote – negotiations will begin on terms and conditions to exit the EU. This could take up to two years.
12. There is also possibility that EU offers a fresh batch of concessions and terms that will at least allow for continuation of free trade. These proposals might be accepted by political leaders considering the widespread economic implications of a withdrawal.