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INTRODUCTION TO BREXIT

INTRODUCTION TO BREXIT

INTRODUCTION TO BREXIT

Hey, in this post we going to give you a brief Introduction to Brexit. Brexit is the prospective withdrawal of the United Kingdom (UK) from the European Union (EU). UK leaving the EU – merging the words Britain and exit to get Brexit,

In a referendum on 23 June 2016, 51.9% of the participating UK electorate voted to leave the EU, out of a turnout of 72.2%. On 29 March 2017, the UK government invoked Article 50 of the Treaty on the European Union. The UK is thus due to leave the EU on 29 March 2019. In the 1970s and 1980s, withdrawal from the EC was advocated mainly by Labour Party members and trade union figures. 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. agreement was reached on a 21-month “transition” period to smooth the way to post-Brexit relations.

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Transition period refers to a period of time after 29 March, 2019, to 31 December, 2020, to get everything in place and allow businesses and others to prepare for the moment when the new post-Brexit rules between the UK and the EU begin. Free movement will continue during the transition period as the EU wanted. The UK will be able to strike its own trade deals – although they won’t be able to come into force until 1 January 2021.

There is strong agreement among economists and a broad consensus in existing economic research that Brexit is likely to reduce UK’s real per-capita income in the medium and long-term, Studies on effects that have already materialized since the referendum show annual losses of £404 for the average British household and a loss of 1.3% of UK GDP.

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Prakrati Jindal (Team Itslyf)

INTRODUCTION TO BREXIT

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