After holding a referendum, the United Kingdom voted to leave the European Union, June 23.

The referendum offered two options, exit or remain. Exit won with 52% of votes compared to remain with 48%.

Despite the referendum taking place in late June, negotiations between the UK and the EU regarding their separation will not begin until after 2016. Theresa May, UK prime minister, set the date. The Conservative Party appointed May to the office, July 11after Prime Minister David Cameron resigned, June 24.

After 43 years EU membership , the UK’s exit comes with many consequences, including the fall of the British Pound’s value below its 31-year low of $1.3224 USD per Pound to a new low of $1.320 USD per Pound.

UK nationals living elsewhere in the EU will face issues regarding their citizenship, along with nationals from other EU member countries living in the UK.