As per the results of the Referendum, Britain is all set and getting ready to leave the European Union on 29th March 2019. But before leaving the EU, the Britain will have to face three important questions. How much the EU gets from the UK? What will happen to the Northern Ireland border with the Republic of Ireland? And finally what happens to the people of EU who live in the Britain and the people of Britain who lives in the various countries of EU? Also, some other factors that are concerning regarding this decision are the trading relation of Britain with the EU.
The word Brexit is a method of shortening the term, UK leaving the EU. The word Br comes from the Britain and the word exit means leaving the EU.
It has been taken similar to the Greek exit from the EU which stands for Grexit.It is a method of shortening the term, UK leaving the EU. The word Br comes from the Britain and the word exit means leaving the EU. It has been taken similar to the Greek exit from the EU which stands for Grexit.
This probably is the most important question of all, after all, why is Britain taking this decision? A poll was taken in Britain on 23rd June 2016 to decide whether UK should stay in or leave the EU. After voting, a shock result was announced. About 51.9% of voters gave their support for leaving and 48.1% did not.
After World War II, the European Union or EU, in short, was formed by taking 28 countries in Europe over a period of time, to strengthen economic co-operation and to bring all the countries under one umbrella to assist in avoiding any future war. In the formation of the EU, UK had a great role because it was a part of many of the negotiations in relation to trading conditions, treaties, pacts made by the EU.
Before leaving the EU, two terms are now arising. These are soft and hard Brexit. Hard Brexit means that UK is unwilling to compromise on points relating to free movement of people of in the UK from the other EU countries whereas soft Brexit means to follow the path of another EU leaving the country, Norway, where the free movement of various people of EU is accepted.
Due to the triggering of article 50 which has a timeline of 2 years, the time for the UK to leave the EU is due to expire on 29th March 2019. But for the time being, the laws of EU still stand in the UK as long as the UK is the member of EU.
Still, the timing is thought to need to rise up to 3 years to make the entire transition smoothly. The EU has been established for 43 years now. The rules and the regulations that have been implemented during the entire timeline is long and complex.
To add more complication, this process of leaving EU has never been done in practice. So, for the implementation of Brexit, it has to be taken into account that 30 nations need to be involved in the Act. Due to this reason, in reality, Brexit may take a long time to work.
As per the current Prime Minister of Britain, Theresa May, Brexit means the final act of Britain in the EU. Theresa May was not in favour of Brexit until now, after the voting she is working towards it. So after the approval of the UK Parliament, Brexit has been triggered which will complete after a prolonged 2 years of transition and negotiations.