Confused about what this entire buzz is all about? No worries. Here is your one stop guide about what Brexit is!
WHAT IS BREXIT?
Britain + Exit= Brexit
To put it in simple words, Brexit is a one word given to the exit of Britain (UK) from the European Union.
HOW AND WHEN DID THIS HAPPEN?
On 23rd June 2016, a referendum was held and with a massive turnout of 71.8% (Nearly 30 million people voting) it reached a milestone in the history of UK. This was the highest turnout since 1992 general elections of UK.’
The result of the referendum concluded that 52% voted for ‘Leaving the European Union’ and 48% voted for ‘Staying in the European Union’.
Thus with a clear majority, Leave won.
Here is the exact division of the voting result:
HAS UK REALLY LEFT EUROPEAN UNION?
No, not yet.The referendum does not formally declare the leave. The legal process needs to be set in place first.
For the UK to leave the EU it has to invoke an agreement called Article 50 of the Lisbon Treaty give the UK two years to negotiate its withdrawal.
WHAT ARE THE CONSEQUENCES?
- Trade: European Union has free trade as one it’s major policies. Britain might face a set back in its export rate.UK exporters would suddenly face new tariffs, new regulatory barriers and new restrictions to services, investment and procurement in 70+ crucial markets – tariffs and restrictions competitors from within the EU would not face.
- Many international companies are in UK precisely because it provides access to EU markets. This becomes problematic with Brexit happening.
- Loss of influence in European Union (EU)
- Greater autonomy to Britain in self governance
- Confusion among the majority who voted for staying in the EU.
- Budget saving for Britain as they no longer would be obliged and bound to contribute to the EU budget and other EU related expenses.
- EU law states that all the member countries of EU cannot stop immigrants from other EU countries to live and work in their own country. Britain would become free of such obligations.
Another consequence of Ireland scoring up on England, the Brexit memes and jokes that went up on social media about it. Here, picked out the best ones for you: