All You Need to Know About Brexit

From the last one and a half year or so, a new term has been invented which has become quite popular not only in the UK but around the globe which is - BREXIT. You might also have heard and read many write-ups related to this matter, be it in newspaper, magazines, internet. But, if you still alien to this word and have no idea about what it really means and what it is all about, then need not worry.

Here are the key points that you need to know about Brexit and all the significant points concerning the matter. Take a look:

What is Brexit?

This term originated from the combination of ‘Britain' and ‘Exit.' Britain decided to exit the European Union through a voting system where over 30 million citizens cast their votes on 23 June 2016. It was a close competition of 52% and 48%. Since then, the word has become quite famous and is used widely by people. It is a first nation to leave the EU in its 60 years of history.

What is Article 50?

As part of Treaty of Lisbon-an agreement signed by all the members of EU, Article 50 was created which allows the countries that are part of EU to leave it whenever they wish. It contains all the formalities and procedure for this in just five paragraphs. It suggests that state must notify when it decides to quit and negotiate the withdrawal. Two years is the time to reach this agreement, and the departure must be approved by the qualified majority. However, this limit is extendable only when agreed by EU members unanimously. It also mentions that if any nation wants to rejoin the EU, then it will be reviewed in Article 49. Before Article 50, there was no formal system that enabled the countries to leave EU.

What are the issues?

First one is called Divorce Bill, which explains the amount that must be paid to the EU for exiting. Although Britain protested against the condition as it is a chief contributor, it now has agreed to pay close to the amount that EU demanded, i.e., €60 billion. The government will now pay the total amount of €55 billion.

The second issue is about rights of EU citizens in Britain and British citizens in the EU after the separation. Britain has provided natives of EU residing there two years to acquire settled status. The officials have assured a seamless process but were criticized as EU parliament opinionated that these rights must be automatic.

Third and the most important point was about the border arrangements between north and south after Brexit. The union preferred no changes between both territories, however, considering some situations this seems tricky.

When will it happen?

Article 50 was triggered by Theresa May on 29 March 2017 therefore, the two-year limit will be finished on 29 March 2019. There will be a transition period of 21 months. The negotiations began on 19 June, in which Michael Barnier along with Brexit Secretary David Davis took part as chief negotiator. The uncertainties such as people living in each other's territory, total amount Britain will pay for leaving the union, the border between Ireland and the UK, etc., were the topic of discussion.

How was voting done?

All the individuals who are allowed to vote could get themselves register and take part in the referendum. It was applicable for British as well as Irish citizens who were above 18 years of age. It was turned out to be approx 72% with more than 30 million people, as we already mentioned above. It was a tight competition in favor of Britain exiting EU. Of course, it was a shock which waved through world economy but a celebration for many supporters. After the outcome was announced, the value of pound was at its lowest level since 1985. Many were accused of false and misleading votes on both the sides.

What are the views in favor and against it?

Favor- the citizens who voted in support of Brexit argued that attachment to the union is holding Britain back and wanted it to have better control over its borders. Their basic thought was that the returns were not at all equal to the efforts Britain was putting in EU. They wanted to end the freedom of movement that was previously possibly within the region. They also viewed the high fee that was necessary to be a member of EU as a negative point, as this amount could be used for more productive purposes.

Against- Some people felt that it would be beneficial for Britain both economically and politically to be a member of EU. The immigrants could easily enter the country, business with other nation would be convenient, international security would be better if they work together. They focused on the risks of leaving than the benefits in staying. Most of the people on this side were Labor supporters and the Liberal Democrats.

We hope that this write-up helped you to clear all your doubts about Brexit and implications related to it.

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