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Sub-anchor: The consequences of the Brexit referendum

CCTV.com

06-24-2016 16:20 BJT

What kind of consequences will Brexit bring upon the UK?

Britain will no longer need to comply to EU budget rules. The British government can run budget deficit beyond 3 percent of GDP without warning from the EU and member countries.

Financial services firms based in Britain could lose their EU "passports", which allows them to sell services across the 28-nation bloc with low costs and a single set of rules. The passporting system has contributed to making London one of the world's most important financial centres

Britain is a leading foreign policy power in the European Union, boasting a large military force and close ties with the United States. After a Brexit, Washington has made clear it will be less interested in London as an ally because of a perceived loss of influence.

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