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Brexit

About Brexit

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What is Brexit

 
The term Brexit, coined by former lawyer Peter Wilding, is a blend of two words - "Britain" and "exit". He wrote about "Brexit" in May 2012. As the name suggests, the United Kingdom’s divorce with the European Union is known as Brexit.
 
What is the European Union?
 
The European Union (EU) is a grouping of 28 countries that trade and allow their citizens to move freely between nations to work and live. Initially, it was built on the ruins of World War II to end centuries of bloodshed and to integrate economic power.
 
How and why the UK ended up planning a divorce with the EU?
 
The UK joined the European Economic Community (a regional organisation that aimed to bring about economic integration among its member states) in 1973, which then became part of the European Union when it was created in 1993.
 
However, the UK always had always maintained a distance from the EU. It has its own currency - the pound sterling and refrained from joining the Schengen agreement, which removes internal border controls within the EU. The political fraternity in Britain always included people who were opposed to the idea of EU,and this opposition intensified after the 2008 financial crisis. Immigration of migrants from poorer EU states and the fear of refugees from Syria, Africa and the Middle East further intensified scepticism among voters and the politicians.
 
In 2012, the then-Prime Minister David Cameron promised to hold a referendum on whether the UK should remain in the EU or leave it. He kept his promise and the UK held the referendum on June 23, 2016. Soon after the result was announced, Cameron resigned.
 
Why hasn't Brexit happened yet?
 
Brexit was originally due to happen on March 29, 2019, two years after then Prime Minister Theresa May triggered Article 50 - the formal process to leave. But she had to push the deadline twice after MPs rejected her Brexit deal.
 
The deadlines continued to be extended even after Boris Johnson became the prime minister. The deadline now is January 2020.
 
Both Theresa May and Johnson have till now failed to win the approval of lawmakers for their Brexit deals, leading to extensions in deadlines.
 
This is basically due to differences among the MPs. Some lawmakers favour a "hard" Brexit where the UK withdraws from the EU customs union and single market that allows member states to act as a trading bloc, to pursue its own trade deals with other countries.
 
"Soft" Brexiteers want to maintain some trade ties with the EU. Some lawmakers are staunch 'remainers' and some believe the country should hold a second referendum.
 
Why would a no-deal Brexit be so bad?
 
If the European Union does not agree to the UK's terms, the country has the option of going for a no-deal Brexit. But, this has been avoided until now as it is expected to damage the economy.
 
 For example, the EU will start carrying out checks on British goods, leading to delays at ports. This will cause disruption to supply routes and hurt the economy.
 
Why is Brexit such a big deal?
 
For Britain, Europe is the most important source of foreign investment and its membership in the EU has helped London cement its position as a global financial centre.
 
Threats from major businesses to leave Britain over Brexit have become quite frequent. According to government estimates, the country's economy would be four to nine per cent smaller under Brexit (subject to how it leaves the bloc). While a successful Brexit could be a boon for the working-class that sees immigration as a threat to their jobs, young Britons who dream of studying abroad are apprehensive.
 

Latest Updates on Brexit

Britain's Labour government is pushing to reset ties with the EU after coming to power in July and improve trading relations in a bid to raise growth

Updated On: 09 Dec 2024 | 9:04 AM IST

EU officials have spent much of the past decade dealing with the fallout from the UK vote

Updated On: 15 Jun 2024 | 9:19 AM IST

One of the biggest questions is whether European Commission President Ursula von der Leyen will remain in charge as the public face of the EU

Updated On: 06 Jun 2024 | 1:10 PM IST

The first phase of Britain's so called new Border Target Operating Model, requiring additional certification, came into force on Jan. 31

Updated On: 20 May 2024 | 9:05 AM IST

There are 26 chapters in the agreement, including goods, services, investments, and intellectual property rights

Updated On: 18 May 2024 | 10:33 AM IST

Most of the mayoral results are expected over the weekend, with London's Labour Mayor Sadiq Khan hoping to be re-elected for a third term

Updated On: 03 May 2024 | 2:38 PM IST

The two ministers will hold talks with European Commission Vice-President Maros Sefcovic in Brussels. Gibraltar Chief Minister Fabian Picardo will also attend

Updated On: 12 Apr 2024 | 2:53 PM IST

Senior Advocate Kapil Sibal said that the abrogation of Article 370 of the Constitution, which granted Jammu and Kashmir special status, was a political act like Brexit

Updated On: 09 Aug 2023 | 1:34 PM IST

Britain's bonfire of European Union laws has been reduced to embers

Updated On: 10 May 2023 | 11:24 PM IST

UK Prime Minister Rishi Sunak traveled to Belfast on Tuesday to sell his landmark agreement with the European Union to its toughest audience

Updated On: 28 Feb 2023 | 4:21 PM IST

Ursula von der Leyen will travel to Britain so the leaders can work towards "shared, practical solutions for the range of complex challenges around the Protocol on Ireland and Northern Ireland

Updated On: 27 Feb 2023 | 8:06 AM IST

British Prime Minister Rishi Sunak on Sunday pledged to give everything he has got to fix the lingering problems of Brexit and clinch a new deal with the European Union (EU)

Updated On: 26 Feb 2023 | 6:21 PM IST

Sunak oversaw a diplomatic flurry in recent days, holding meetings with parties in Northern Ireland and with European Commission President Ursula von der Leyen to lay the groundwork

Updated On: 20 Feb 2023 | 7:07 AM IST

Prime Minister Rishi Sunak has privately asked senior ministers and officials to draw up plans for rebuilding the UK's relations with the European Union after years of acrimony since Brexit

Updated On: 11 Feb 2023 | 7:11 PM IST

The general assumption that states must have a monopoly of power is fundamentally flawed. It is leading to broken societies

Updated On: 31 Jan 2023 | 10:05 PM IST

More than six years after voting to leave the European Union, the UK is facing a prolonged recession and a deep cost-of-living crisis

Updated On: 22 Nov 2022 | 11:30 AM IST

The British government denied a report that it is seeking a Swiss-style relationship with the European Union that would remove many of the economic barriers erected by Brexit

Updated On: 20 Nov 2022 | 11:52 PM IST

Home Secretary Suella Braverman has said UK is eager to secure trade deal with India to boost both economies and Brexit has meant that Britain no longer has Eurocentric mindset towards trade or visas

Updated On: 19 Oct 2022 | 11:14 AM IST

Johnson's time as prime minister was marred by his handling of the coronavirus pandemic and a steady stream of ethics allegations

Updated On: 08 Jul 2022 | 1:48 AM IST

As Britain's economy grapples with the impact of a record number of job vacancies, a labour market expert has warned that the problem may continue for another three to five years

Updated On: 15 Jun 2022 | 7:09 AM IST