All There Is To Know About Brexit
Welcome back. It’s been a while since I published a blog post. I have been doing weekly economic news updates only for the past few weeks. I usually post a lot about Brexit on my Facebook timeline. I get lots of questions concerning it. I thought I should publish a short detailed post just so you don’t get lost/confused. I hope this helps.
What is Brexit?
Brexit is the abbreviation for “British exit“. It refers to British people exiting the European Union (EU). Britain is the first country to leave the EU.
What is the EU?
The European Union is a political and economic union of 28 member states that are located primarily in Europe. Their headquarters in Brussels. The UK was one of them.
When did Brexit take place?
Brexit took place on the 23rd of June 2016. The outcome was too close because 51.9% voted for Exit while 48.1% voted for remain (such a close call). It was also reported that most people who voted for Brexit did not really have a clear understanding of what they were voting for. Google searches also revealed that most people were looking for information on Brexit just after Brexit was announced. GBP slumped to a 31 year low. We were just there to grab trading opportunities. You might like to read the post I published just after Brexit was announced HERE.
Who voted for Brexit the most?
Economically disadvantaged and anti-migration individuals helped to secure the leave vote. This group of voters does not normally vote but they voted for Brexit. After the votes, Britain got a new Prime Minister, Theresa May. She took over from David Cameroon who announced his resignation as he lost the referendum. He was in favour of Bremain and so was Theresa May (She has since changed her mind though and now in favor of Brexit). On the 29th of March 2017 , Theresa May triggered Article 50
What is Article 50?
Article 50 of the Treaty of Lisbon gives any EU member the right to quit/leave the EU and it outlines the procedure for doing so. It gives the leaving country two years to negotiate an exit deal and once it’s set in motion it can’t be stopped except by an unanimous consent of all member states. Brexit negotiations officially began on the 19th of June 2017. The UK will finally leave the EU on Friday 29th of March 2019. There’s still a long journey, a very rocky one I must say. Uncertainty awaits British people. German Foreign Minister, Sigmar Gabriel hinted that Europe may offer a “soft Brexit“.
- British people will be able to trade goods and services with the remaining EU member states tariff free.
- Financial firms will also be allowed to have passports to sell services in the EU.
- Britain will have access to single market
- UK will remain within the EU customs, meaning the exports won’t be subjected to border checks.
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