Brexit refers to the combination of Britain and Exit, which signifies the withdrawal or exit of Britain from the E.U. Brexit After months of negotiations, the UK and European Union finally agreed a deal that will define their future relationship. In June 2016, the United Kingdom (UK) held a referendum on whether to remain a member of the EU, the political and economic union made up of 28 (including the UK) European countries (known as member states). On customs, both sides agreed to a remarkable balancing act: Northern Ireland will officially be part of the U.K.'s customs territory, meaning that it applies U.K. tariffs and can participate in future British trade deals, but at the same time the EU-U.K. customs border is placed in the Irish Sea, meaning that de facto Northern Ireland follows the EU's customs rules. Both the EU and UK want to avoid the return of guard posts and checks (here's why), so something called the backstop - a sort of safety net - was included in the deal. What is Brexit? "No deal" means the UK will have failed to agree a withdrawal agreement. For years, only the most extreme wanted the UK to leave the EU. Not David Cameron as he resigned post-Brexit. Theresa May insisted that, if all went as planned, it would never be used. One of the many principles laid out while forming the EU was that of being. Several other companies to have had to figure their plans out. Believe it or not, quite a number of voters said that if given a chance to re-vote, they would have voted for the ‘stay’ campaign since they did not know the ramifications that would befall. Regarding the long term impact of Brexit, I doubt if anyone is sure about anything yet. The deal was agreed by the UK and the EU in November 2018, but it also has to be approved by British MPs. The current Prime Minister, Theresa May has said that the exit process will begin in full flow from 2017 onwards. WHAT DOES BREXIT MEAN? Brexit has caused a cloud of uncertainty on where their economy is going – forward or backward. You may also have a look at these following economics articles for further learnings –, Copyright © 2021. Let us try to understand the possible reasons as to why the people of England voted for them to leave the EU. How much money the UK will have to pay the EU in order to break the partnership - that's about £39bn, What will happen to UK citizens living elsewhere in the EU and, equally, what will happen to EU citizens living in the UK, How to avoid the return of a physical border between Northern Ireland and the Republic of Ireland when it becomes the frontier between the UK and the EU. Brexit was supposed to be the ‘leave’ vote of all the four but Scotland and Northern Ireland had voted to remain with the EU. Britain voted to leave the European Union almost three years ago. And on 29 March - the original day that the UK was due to leave the EU - MPs rejected it for a third time (this vote was slightly different as it did not include the political declaration). ... That is no simple task either — all EU countries would need to agree to a deadline extension at a vote of the EU Council. What happened between them? Then on 12 March, after Theresa May - the prime minister at the time - had gone back to the EU to secure further legal assurances, they rejected it again. The EU evolved such that member nations became like a ‘single market’ where trade/goods and services, and people were freely (without tariffs) able to move from one country to another as if all nations were a single country. Interest rates have been low with the policy rate at 0.5% for quite long, inflation being subdued and growth is flat. Read about our approach to external linking. It's time to brush up on the differences between your EEAs and ERGs. Before the referendum, many ‘knew’ that Brexit would not happen until it did! And others say Northern Ireland should not be treated separately from the rest of the UK. Under this fudge, U.K. customs authorities will check goods at British ports befor… Britain has been a member of the European Union (or its predecessor, the European Economic Community) since 1973. It was due to take place on 29 March 2019 - but the departure date has been delayed (we will explain in more detail below). The UK is still governed by the laws of the EU. What is likely to be the outcome no one knows, but it is safe to assume that both Britain and the EU would lose out on some areas and gain in others – they both would take the best out of the agreement to benefit their nation(s). It has published a series of guides - which cover everything from mobile roaming on holiday to the impact on electricity supplies. Union and it resembles a theatre play explained: why does the Border matter and what is a No Brexit. 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