The United Kingdom will leave the European Union and Prime Minister David Cameron has announced his resignation. This is the immediate outcome of the referendum held on 23 June. The political, economic and social consequences of Brexit are uncertain while Europe (and the world) are in disarray. The vote in favour of Brexit — that is, the United Kingdom's departure from the EU — won with 51.9 per cent of the vote, against 48.1 per cent who were opposed.

What the Brexit referendum is: the definition

The term Brexit was coined by combining the words "Britain" and "exit" and is used to refer to the United Kingdom's departure from the EU.

Prime Minister David Cameron had promised a referendum on the United Kingdom's membership of the European Union if he won the 2015 election, and he kept that promise. Cameron's pledge was aimed at appeasing some members of his Conservative Party and the UK Independence Party (Ukip).

These parties argued that British citizens had not been given a say since 1975, when a similar referendum saw 67 per cent vote to remain in the European Community. That referendum had been called by the Labour Party under then Prime Minister Harold Wilson and, just as is happening now, had caused a deep rift within the country's two main parties — Labour and the Conservatives.

Who is in favour of Brexit and who is against it

Many polls aimed at gauging public opinion have shown that citizens of the United Kingdom are evenly split between those who want to remain in the EU and those who want to leave. However, the latest polls published in mid-June indicated a shift in favour of Brexit.

Among politicians, the far-right party Ukip, around half of the Conservatives (including former London Mayor Boris Johnson), some Labour members and the Democratic Unionist Party of Northern Ireland have pushed for the United Kingdom to leave the European Union.

On the other side, Prime Minister Cameron, Chancellor of the Exchequer (the equivalent of a finance minister) George Osborne and the majority of the government along with the Labour and Liberal Democrat parties committed to keeping the country "European". At the international level, the heads of state of Germany, France and the United States, as well as some of the most important financial institutions such as the World Bank and the International Monetary Fund (IMF), had urged UK citizens to vote against Brexit.

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The arguments for and against

The main arguments driving both supporters and opponents of Brexit revolve around three themes: sovereignty, the economy and immigration. Those in favour of Brexit (known in English as Brexiteers) believe that European laws, which they claim often override domestic law on matters such as taxation and immigration, are further undermining sovereignty. They also argue that the European Union's complex bureaucracy and membership fees (£13 billion in 2015) are holding the country back financially, depriving it of money that could be spent on health and education.

What has helped to divide the population and experts even further is the growing number of people migrating to the United Kingdom. Brexiteers consider this phenomenon unsustainable, while those opposed to Brexit highlight the significant contribution migrants make to the economy and to society at large.

The latter also argue that the benefits the United Kingdom enjoys as an EU member, particularly in terms of international trade and security, outweigh the costs of membership.

In general, both sides have used precise data to support their respective cases. Take the economy, for example. The divide is between those who believe the country will suffer immediate and long-term losses following its departure and those who argue that by freeing itself from European bureaucracy the country will be able to prosper.

Brexit: the consequences

Beyond the collapse of global stock markets and the British currency, the pound, one of the most immediate consequences was the announcement of Prime Minister David Cameron's resignation, with Conservative Theresa May succeeding him. It falls to her to invoke Article 50 of the Treaty of Lisbon to begin negotiations lasting a maximum of two years for the United Kingdom to alter its agreements with all the countries of the Old Continent.

The deep divide among citizens is one consequence of the high level of uncertainty — including over jobs at European and multinational companies that now wish to leave the United Kingdom. Meanwhile, according to the Guardian, major investors in hedge funds and gold, as well as multinationals, have already worked out how to do business. The climate of uncertainty also extends to free-trade arrangements with Europe: in theory, being outside the European single market, Britain will be subject to customs duties on every good that leaves its territory bound for Europe. The weakness of the pound, however, makes British goods cheaper for other countries to buy while at the same time pushing up the cost of imports.

Translated by Camilla Soldati