What is the effect of the Brexit on the economy of the United Kingdom and the European Union?

Pre-University Paper from the year 2016 in the subject English - Miscellaneous, grade: 1-, , language: English, abstract: On June 23rd 2016 the whole world had its eyes on the Great Britain, anxious to know whether or not the Britons would vote for the ¿Brexit¿, which stands for the end of the British membership in the European Union. After weeks of "YES" and "NO" campaigns, the vote decided that 51,9 % of the British people wanted their country to leave the European Union. In the following I will explain what the word Brexit means and shortly outline the course of events from the passage of the law for the referendum until the actual leave. Then I will take a closer look at the effects on the economy of Great Britain and the EU. I will structure this part into three fractions of time, describing the period before the referendum, the period between the referendum and the point of the exit and the time after the exit.