Whats Next! Read What May Happen AS UK Leaves EU

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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.

Brexit means significant uncertainty for migrants

One of the most important and controversial achievements of the EU was the establishment of the principle of free movement among EU countries. A citizen of one EU country has an unfettered right to live and work anywhere in the EU. Both Britons and foreigners have taken advantage of this opportunity.

There currently are about 1.2 million Brits living in other EU countries, while about 3 million non-British EU nationals live in Britain. Thanks to EU rules, they were able to move across the English Channel with a minimum of paperwork. Britain’s exit from the EU could change that profoundly.

It’s possible, of course, that Britain could negotiate a new treaty with the EU that continues to allow free movement between the UK and the EU. But resentment of EU immigrants — especially from poorer, economically struggling countries like Poland and Lithuania — was a key force driving support for Brexit. So the British government will be under immense pressure to refuse to continue the current arrangement.

At a minimum, that would mean that people moving to or from Britain would need to worry about passports and residency rules. And it could mean that some British immigrants may lose their right to continue living and working in the UK and be deported.

 Brexit will cause problems for Britain's economy

In the short run, uncertainty about Britain’s future relationship with the EU, its largest trading partner, could push the UK into a recession. Market watchers predict an "explosion of volatility" this Friday morning as the markets process the implications of Britain’s exit. Many economists expect both the British stock market and the pound to open lower on Friday morning. Britain’s chancellor of the exchequer, George Osborne, even hinted that he could suspend stock market trading if Britons voted to exit the EU.

In the long run, the situation could be worse.

And this could create serious problems for businesses based in the UK.

"If you are Nissan or some other car producer with major production in the UK, today, the same safety standards and environmental standards allow you to sell everywhere in the European market," Jacob Funk Kirkegaard had said. But now the UK leaves the EU, "you would no longer be able to sell into other European markets, not because you face a small tariff but because you'd have to go through another set of safety certifications. This kind of thing would be repeated in every industry you can think of."

A Breakup of the UK May Be imminient

It's called the "United" Kingdom because it's made up of four "countries" — England, Wales, Scotland, and Northern Ireland. But if the United Kingdom votes to leave the EU, it may not stay united for very long.

Polls have shown that people in Scotland broadly support remaining in the EU. And the Scots in particular have never been entirely satisfied with English domination, as shown by the 44 percent of Scottish people who voted to make Scotland an independent country in 2014. They like having the UK be part of the EU in part because it provides a counterweight to English power within the UK.

Kirkegaard predicts that if the UK leaves the EU over the objections of voters in Scotland, it will strengthen the hand of separatists there. That could lead to an independent Scotland, which would most likely petition for admission to the EU in its own right.