Brexit, what does it mean?
Brexit is the abbreviation word for Britain exit i.e. Britain’s withdrawal from the European Union. Brexit has been a burning topic in the United Kingdom parliament for the past 2 years now.
What initiated the Exit?
At first instance, a referendum was held on Thursday 23rd June 2016, to decide whether the UK should leave or remain in the European Union. The turnout of the referendum was 71.8%, with more than 30 million people voting. As a result, the vote to leave the European Union won by 51.9% as 48.1% voted to remain.
Votes across the UK to leave the European Union,
- England voted to leave with 53.4% and 46.6% asking to remain
- Wales 52.5% to 47.5%
Scotland and Northern Ireland voted to remain in the EU. Here is the in-depth result of how locals voted.
When will the UK leave the EU?
It was decided that the UK would leave the EU as at 29thof March 2019, two years after the existing process by invoking Article 50 of the EU’s Lisbon Treaty. The European Court of Justice had previously ruled in December 2018 that the UK could withdraw the Article 50 Brexit process without the permission of the other 27 EU member states whilst remaining a member of the EU on its existing terms.
Will Brexit happen?
Parliament is yet to decide about the approach to Britain’s exit from the European Union. The government remains in crisis as the UK continues to rush towards the exit without a plan in view. To enumerate, the agreement between the UK and the European Union (EU) has been rejected several times, precisely, three times by the UK Members of Parliament (MPs). However, the EU leaders granted to further prolong the Article 50 process. In fact, the current Brexit date is now 12 April 2019. But, the UK’s prime minister Theresa May has requested for a further extension until June 30, the EU leaders will consider this on the 10thof April.
Previously, the UK is due to leave the EU on the 12thof April 2019 irrespective of if there is a deal with the EU or now. There is a possibility that Brexit may not happen. This is because discontinuing Brexit would compel a change in the UK law and the government is not prepared for that yet.
The UK Prime Minister Theresa May has decided to stand down as the leader of the Conservative Party. It is uncertain if MPs would be able to prevent no-deal if the new prime minister is determined to press ahead.
Thus, this makes everyone wonder what is going to happen with Brexit? Presently, no-deal is still the default outcome if MPs can’t decide anything else, as there are no further extensions. Therefore, Brexit is due and expected to happen on 31stOctober.
The new Prime Minister could decide to renegotiate the withdrawal agreement (which consists of the citizens’ right, the border between Northern Ireland and the Republic and the transition period) by enforcing a new Brexit deal. Though, this may be impossible because the EU has said it is not prepared to re-open this part of the deal.
There’s also a very little time between now and October 31stavailable for renegotiation. This is because the UK parliament would be away in August, not to return until September. This moment, everyone would be focused on the picking of the new European Commission that will take office from 1stof November.
So, only a little can be done within this period as parliament goes into recess for the party conference season in mid-September.
Does Brexit Favour The Uk?
As a matter of fact, this has been the most troubling question. If the UK decides to leave the EU without a deal, there are worries about businesses disruption within this period. NHS is also stockpiling medications just in case trade supplies from the EU countries are affected. Food retailers have also warned about the shortage of fresh produce. However, the World Trade Organization has rules set for countries that do not have free trade deals with each other without an agreement on trade. Thus, the UK will be able to trade with the EU under the World Trade Organization rules if need be.