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Brexit is the now the talk of the town. It is a portmanteau of “Britain" and "exit,” referring to the impending withdrawal of Britain from the European Union.
A June 23, 2016 referendum was held to decide whether to leave or remain in the EU. “Leave” won by 51.9% that was supported by Eurosceptics, those who oppose some policies and criticize the European Union. Secretary Theresa May replaced Prime Minister David Cameron, who resigned after campaigning for Britain to remain in the EU.
On March 29, 2017, May invoked Article 50 of the Treaty on European Union that formally began the process of withdrawal scheduled to occur on March 29, 2019. UK has two years to negotiate with the EU to agree the terms of the spilt and outline the future relationship with the union.
The Brexit deal was endorsed by PM May at a special meeting on November 25, 2018. It is composed of 2 parts, the Withdrawal agreement and Political Declaration.
Withdrawal agreement is a draft that covers the transitional period, the financial settlement of UK to the EU, the Northern Ireland border, and the UK citizens' right.
Political Declaration is also a draft that needs to be approved by the leaders of 28 EU countries. It is not a legally binding document. It covers the economic partnership, the future relationship between UK and EU after Brexit, the shared interest and security partnership.
What happened to UK economy after the referendum?
The primary reason why most people voted for Brexit is to prohibit the European nationals to live and work in UK without a working visa. But what is its impact to UK’s economy?
Immediately following the referendum, the decision to leave the EU already has had an effect on UK’s economy. Inflation rose and the pound declined. It’s a “steep decline” that affects not just the different industries in the UK, but also the global markets.
For now, the UK remains with the EU. Trade continues as the UK retains capital access, but the UK no longer has access to vote on the laws of the EU.
Jeremy Corbyn, Labor leader, has called for an election over Brexit to let the people decide. Next Tuesday, Labor is set to vote against May’s deal. If defeated, they are expected to trigger a general election. “Clearly, Labor does not have enough MPs in the parliament to win a confidence vote on its own. So members across the House should vote with us to break the deadlock,” Corbyn stated.
Some agreed with Brexit while others didn't. Some said it’s impossible to leave the EU and some believe in a new beginning. The good thing about the Brexit deal, UK and the EU have given in. Both have compromised to everyone's satisfaction. One thing for sure, Brexit will leave a mark on everyone, whether the results will be good or bad, favorable or not.
A June 23, 2016 referendum was held to decide whether to leave or remain in the EU. “Leave” won by 51.9% that was supported by Eurosceptics, those who oppose some policies and criticize the European Union. Secretary Theresa May replaced Prime Minister David Cameron, who resigned after campaigning for Britain to remain in the EU.
On March 29, 2017, May invoked Article 50 of the Treaty on European Union that formally began the process of withdrawal scheduled to occur on March 29, 2019. UK has two years to negotiate with the EU to agree the terms of the spilt and outline the future relationship with the union.
The Brexit deal was endorsed by PM May at a special meeting on November 25, 2018. It is composed of 2 parts, the Withdrawal agreement and Political Declaration.
Withdrawal agreement is a draft that covers the transitional period, the financial settlement of UK to the EU, the Northern Ireland border, and the UK citizens' right.
Political Declaration is also a draft that needs to be approved by the leaders of 28 EU countries. It is not a legally binding document. It covers the economic partnership, the future relationship between UK and EU after Brexit, the shared interest and security partnership.
What happened to UK economy after the referendum?
The primary reason why most people voted for Brexit is to prohibit the European nationals to live and work in UK without a working visa. But what is its impact to UK’s economy?
Immediately following the referendum, the decision to leave the EU already has had an effect on UK’s economy. Inflation rose and the pound declined. It’s a “steep decline” that affects not just the different industries in the UK, but also the global markets.
For now, the UK remains with the EU. Trade continues as the UK retains capital access, but the UK no longer has access to vote on the laws of the EU.
Jeremy Corbyn, Labor leader, has called for an election over Brexit to let the people decide. Next Tuesday, Labor is set to vote against May’s deal. If defeated, they are expected to trigger a general election. “Clearly, Labor does not have enough MPs in the parliament to win a confidence vote on its own. So members across the House should vote with us to break the deadlock,” Corbyn stated.
Some agreed with Brexit while others didn't. Some said it’s impossible to leave the EU and some believe in a new beginning. The good thing about the Brexit deal, UK and the EU have given in. Both have compromised to everyone's satisfaction. One thing for sure, Brexit will leave a mark on everyone, whether the results will be good or bad, favorable or not.
