Brexit

Brexit is a mixture of the terms “British” and “exit,” created to refer to the U.K.’s decision to leave the European Union on June 23, 2016. (EU). The U.K. and the EU reached a provisional free-trade agreement on December 24, 2020, ensuring that there will be no taxes or quotas on the exchange of products between the two parties. However, important aspects of the future relationship, such as trade in services, which account for 80% of the U.K. economy, are still unknown. This avoided a “no-deal” Brexit, which would have severely harmed the British economy.

Brexit

• Brexit was the abbreviation for the “British withdrawal” from the European Union, an economic and political bloc to which the United Kingdom had belonged since 1973. When the U.K. decided to exit the EU on June 23, 2016, that situation changed. The locals came to the conclusion that the advantages of free commerce did not outweigh the disadvantages of immigration freedom. 17.4 million people voted to leave, compared to 16.1 million who wanted to stay in the country.
• The Conservative Party requested the referendum in 2015. The majority of Brexit supporters were older, working-class citizens who lived in rural areas of England. 23 They claimed that people from poorer nations were stealing employment and benefits, which is why they were terrified of immigrants and refugees moving freely. EU fees also irritated small firms. Some believed that leaving the EU would lead to job growth. According to many, the UK contributed more to the EU than it took out.

Brexit Process

The process of leaving the EU proved challenging. Theresa May, a former British prime minister, presented the EU’s Article 50 departure notification on March 29, 2017, in accordance with the voters’ wishes. She worked with the EU to develop a withdrawal agreement that established their new relationship, but she was unable to win support from a split Parliament. May was replaced as prime minister of the United Kingdom by Boris Johnson in July 2019. Following that, Johnson’s Conservative Party won a majority on December 12 during a general election that the monarch ordered. This made it possible for him to get the Withdrawal Agreement he had negotiated with the EU approved by the Parliament. The Agreement Act gained the required legislative Royal Assent, or when the Queen formally approved the measure to become law, on January 23, 2020. 4 On January 31, 2020, the U.K. officially exited the EU, however a transition period began and ended on that date. On December 24, 2020, the EU and the UK reached an agreement on trade and cooperation (and signed on December 30).

Reasons for Brexit 

• The European Union’s alleged economic inefficiency is one of the prime reasons for Brexit. Financial writers John Mauldin and George Friedman wrote about this in their piece for Forbes. They said that people who favoured Brexit thought the EU was a broken economic system. These folks frequently use the disparity in socioeconomic standing between residents of southern Europe and those of Germany and France as an example.
• One further illustration is the Eurozone Crisis. Many analysts felt the European Central Bank did not respond enough to the sovereign debt crisis that shook Europe and EU member countries, particularly the Eurozone, with policies that may have eased the challenges of banking institutions. In a UK interview with former chancellor Alistair Darling, The Guardian stated that the banking crisis had traumatised the populace and raised concerns about the contagious nature of economic crises that spread throughout an economic union like the EU.

Conclusion

Brexit is the procedure being used to eventually sever ties between the United Kingdom and the rest of the European Union. A bill that would have permitted a general election to occur on December 12, 2019, was supported by MPs in late October. The first is that on January 31, 2020, Brexit will take place under the current agreement. This result would be the result of the agreement that PM Johnson and the EU achieved. After the election, there may be a second Brexit referendum. It would have an identical legal standing to the one from 2016 that kicked off this procedure. Based on the results of the voting, the government would have to decide how to respond. This result would put off leaving the EU by at least 22 weeks.