European Union is the union of European countries which is responsible for the peace in Europe. If any kind of problem arise in any European country it is the responsibility of the European union to solve that problem. There are 28 states in the European union and U.K is one of them. Yet the relationship between these two is not very well in the long history of 60 years. In these 60 years, there are couple of occasions where U.K disagree with European Union and take their own decisions.
The relation between two parties become so tensed that there is a point where some people started to talk that either U.K has to be the part of the European union or should it need to separate itself from the European union. At the end, it was decided to have a general referendum in U.K and let people decide that either they want to stay with European Union or should they separate themselves from the European Union.
The referendum began at 7am local time on June 23, 2016 and closed at 10pm local time. Total of 362 districts are participated in the referendum. Many well-known political personal participate in the referendum and leaving there comments on the referendum that either U.K needs to be a part of European Union or should it separate itself from European Union. Many people who are in the favor to leave European Union said that it is the time for the true independence of U.K.
After the closing time the count begins and it is time to see either people of U.K wants to be the part of European Union or not. Finally when the count is over 52% of the people vote in the favor of leaving European Union and 48% of people decided that U.K should be part of European Union. So it is finally decided that U.K is no more member of European Union. U.K is the first country to leave membership of the European Union.
After referendum and decision of people of U.K in the favor of leaving European Union the value of the pound started to decline in the international market. There is a decrease of 15% in the pound as compared with the dollar. This is one condition we saw after referendum and it is expected to see some more changes in the near future.