Well, in simple words, Brexit is short for the British exit from the European Union.
Beginning from the basics, the UK has voted to leave the European Union. It is scheduled to depart at 11pm UK time on Friday 29 March, 2019. The UK and EU have provisionally agreed on the three "divorce" issues of how much the UK owes the EU, what happens to the Northern Ireland border and what happens to UK citizens living elsewhere in the EU and EU citizens living in the UK.
They are still in talks regarding the smooth transition of this procedure and maintaining healthy relations post Brexit. There is going to be a transition period where the people will get time to settle to new rules and business owners etc will be able to make the required amendments. More than 30 million people voted in favour of Brexit and hence this will be taking place.
Britain’s Prime Minister David Cameron resigned after the voting as he was against Brexit and the vote turned out in favour of it, the new PM Theresa May who was also against Brexit is now in favour of it saying, “This is what the people want”.
What is the European Union?
EU or the European Union is an economic and political partnership involving 28 European countries which was formed after the 2nd world war to develop economic cooperation. The idea behind this was that countries that trade together are more likely to avoid war amongst each other.
EU since then has had its own rules, own currency called the Euro and people and trade has been freely allowed amongst the member states.
What are the changes that will be seen post Brexit?
The changes are mostly going to be in terms of Economy, The UK will be split as England and Wales are the actual countries leaving the EU. Since Scotland and Northern Ireland voted to remain in the EU, they are hoping for a second referendum. Scotland and Ireland may have to leave the UK and apply to join the EU.
Why is Brexit taking 2 years?
UK could cut all ties with the EU overnight after voting in 2017 but that would mean their relation with the member states would be on a cliff’s edge. To avoid such a situation, there are going to be negotiations and a transition period before the Brexit finally takes place in 2019.
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