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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

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

Britain's government is expected to introduce legislation Monday that would unilaterally change post-Brexit trade rules for Northern Ireland amid opposition from lawmakers

Updated On: 13 Jun 2022 | 6:52 PM IST

The setting up of an OBR-like fiscal council has been thwarted by bureaucrats scared of losing turf and being accountable to the evidence

Updated On: 30 May 2022 | 8:25 AM IST

Boris Johnson is reportedly set to announce a return to imperial measurements of pounds and ounces as a post-Brexit move away from the metric system to mark the Queen's Platinum Jubilee next week.

Updated On: 29 May 2022 | 5:51 PM IST

The UK announced its plan to introduce legislation to make changes to the Northern Ireland Protocol amid mounting tensions with the European Union (EU) over post-Brexit arrangements.

Updated On: 18 May 2022 | 8:11 AM IST

The two sides have been trying for months to overcome a deadlock over the Northern Ireland protocol, which sets the trading rules for the British region that London agreed before it left the EU

Updated On: 28 Apr 2022 | 8:16 PM IST

No other capital should matter as much to New Delhi as Brussels

Updated On: 24 Apr 2022 | 11:08 PM IST

British Prime Minister Boris Johnson on Tuesday reshuffled his Cabinet and appointed Jacob Rees-Mogg as the minister for Brexit Opportunities and Government Efficiency.

Updated On: 08 Feb 2022 | 9:46 PM IST

Johnson's opponents accused the government of trying to water down a report that could trigger an attempt to oust the prime minister by his own party

Updated On: 31 Jan 2022 | 6:17 PM IST

New legislation would facilitate changes to ensure the regulations better suit Britain, says Boris Johnson's govt.

Updated On: 31 Jan 2022 | 8:42 AM IST