Brexit: what happens when Britain leaves the EU

Updated by Timothy B. Lee on June 24, 2016, 12:20 a.m. ET

Vox

Voters have voted in favor of Brexit: British exit from the European Union. That means that in the coming months, British and European leaders will begin negotiating the terms of Britain's departure.

Britain's exit will affect the British economy, immigration policy, and lots more. It will take years for the full consequences to become clear. But here are some of the most important changes we can expect in the coming months.

The process of leaving the EU will take years

A Brexit vote is not legally binding, and there are a few ways it could theoretically be blocked or overturned. However, as the BBC notes, "it would be seen as political suicide to go against the will of the people as expressed in a referendum."

Britain shocks world: breaks with European Union, British leader steps down

The Washington Post

By Griff Witte, Karla Adam and Dan Balz June 24 at 3:51 AM
LONDON — British voters defied the will of their leaders and international allies by cutting ties with the European Union in a stunning result Friday that threw financial markets into turmoil and forced Britain’s prime minister to resign.

As Britain absorbed the ground-breaking news, the political fallout reached to the highest level with Prime Minister David Cameron saying he would step down after championing the campaign to remain in the European Union.

Five alarming immediate reactions to Brexit from the markets

By Zachary A. Goldfarb June 24 at 12:51 AM

The Washington Post

The United Kingdom voted Thursday to leave the European Union, a historic turn that underscored the deep fraying of the European political and economic union. It will take days, months and years to fully grapple with the consequences, but the earliest reactions from markets seemed to confirm experts' fears that Brexit would be deeply disruptive. While markets have previously been buffeted by global financial shocks -- including Greece's crisis last year -- many experts did not think the U.K. would actually take the gamble of leaving the E.U. It's certainly possible that markets will calm down overnight and throughout the weekend — no one can promise to offer an accurate forecast — but immediate signs from across the world were alarming.

Inflation in Euro Zone Falls as Unemployment Stays Flat

By DAVID JOLLYJAN. 31, 2014
The New York TImes

BRUSSELS — Europe’s labor market remained in the doldrums in December, while the inflation rate ticked back down to the same level that recently led the European Central Bank to cut interest rates, official data showed Friday. The reports suggested that the bank will be under pressure to provide more monetary stimulus to keep a nascent recovery alive.