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Everything you need to know about Brexit

Brexit - What Everyone Needs To Know On Britain Exit From The European Union.
As Researched And Documented By Ogundimu Samuel Olajide (see sources in footnotes)
In the year 2012, the prime minister of United Kingdom (UK) rejected calls for a referendum to decide the UK's EU membership, however in the year 2013, he suggested the possibility of a future referendum before 2017 if the Conservative party was elected at the 7th of may 2015 elections, as long as it had the full fledged support of the people. The conservative party won, and afterwards introduced the European Union Referendum Act 2015. David cameron actually wanted the UK to remain in EU but wanted re-negotiation on four main points which are : - the protection of the European Union Single Market for non eurozone countries - reduction of red tapeism in the EU - exempting britain from "ever closer union" ( the UK was almost always at the bottom-line) and - restricting EU immigration. The outcome of the re-negotiation was announced on february 2016, and there was clear indications that the majority wanted referendum.
On the 23rd of June 2016, the United Kingdom (UK) went to the polls to decide whether Britain should remain, or leave the European Union ( the EU is an economic and political partnership of 28 European countries, it began after the second world war to foster economic co-peration, with the idea that countries which trade together were more likely to avoid going to war with each other). Those that voted that the UK should leave won by 51.89% and while the other got 48.1 in a referendum that garnered the vote of 30 million britons.
What is Brexit - this is a shorthand word gotten by the BR in britain And exit, meaning that britain exits the European Union
For the UK to actually leave EU, it had to invoke article 50 of the Lisbon treaty (this is an agreement signed by all the EU states, it became law in 2009) which gives the two sides two years to agree to the term of the split, the process was started by Theresa May on 29th of march, 2017, hence, the UK is scheduled to leave at 11PM UK time on Friday, 29 March 2019. David Cameron, the then prime minister actually triggered the whole brexit thing, and he didn't actually thought it was going to be a reality, infact brexit votes outcome shook the entire world, making David Cameron resign the next day but stayed in office till Theresa May took over.
So many commentators believed that xenophobia (a fear of foreigners), austerity, immigration causing mass unemployment and dissastisfaction with politics amidst other greviances may have contributed to the brexit vote. The Uk 's Brexit cannot be disconnected from It's belief that it doesn't really benefit from from EU, The UK mistrusts the EU and it's pattern of emigration, it's intl trade flow, and it's foreign investment allocation. They believe that they are always at the bottom line of benefits making them suffer financial crises alongside Greece and Cyprus. Britain also seems to lack european self identity, they don't really identify with the EU in that they have their own common law legal system, they were the only european country that wasn't occupied during the world war II, and they owe their allegiance to an institutional monarch and not an intl institution, lastly, britain is an island whose sorrounding waters have partially isolated it from cultural developments on the continent.
The UK Economy After Brexit - the day after the referendum, the pound slumped and is currently about 10% down against the dollar, and 10-15% down against the euro, however as popularly predicted, there was no immediate doom, infact the UK economy had estimatedly grown 1.8% in 2016, second to Germany 1.9% which is leading among the G7. However the growth slumped to 0.6 in 2018. Inflation rose after 2016 but stood at 2.2%, unemployment decreased, housing prices fell from 8.2% in 2016 to 3.2% in 2018.
For the UK to leave EU, a withdrawal agreement was drafed, this agreement covers how much UK owes EU which has been estimated at £39b. It also depicts what will happen to UK citizens living elsewhere as well as in the UK. The UK cabinet actually agreed to a 21 month transition period in order to smooth the way to post-brexit relations. All the european laws that were in force pre- brexit had been incorporated into EU Withdrawal Bill and the parliaments had decide which one will be changed, removed or amended. It finally became law in June 2018.

Who are the Brexit Negotiators - Theresa May as the prime minister is the head negotiator, assisted by The conservative MP David Davis, Former Defense Secretary, Liam Fox, Leave Campaign Leader, Boris Johnson, Brexit Secretary, Dominic Raab, Foreign Secretary, Jeremy Hunt and the new Brexit Sec, Steve Barclays.
The EU citizens living in the UK and the UK citizens living in the EU will be able to carry on living in the UK or EU as they have done with their rights enshrined in the UK law and enforced by british courts. However, if they leave the UK or EU for five years, they might lose their rights and start been answerable to the new brexit laws. Immigrations will also be cut to about 100,000 entries every year. What the UK proposes is visa-free travel to the UK for EU visitors after brexit and hopes the EU will reciprocate, but if visitors from EU wants to work, study or settle in the UK, they will have to apply for permission under the proposal.
The European Court of Justice is the EU's highest legal authority, but TM has vowed that britain will not be under the direct authority of the ECJ after brexit. But she suggested that their elements of relations shall still be covered by the ECJ after brexit.

- Actually the UK may want to join the EU in the future, but for this to happen, all the member states must agree to the UK re-joining.
Business And Brexit- big business in the uk tends to be in favor of britain staying in the EU because it makes it easier for them to move money, people and products around the world. London is a financial centre, and many jobs may be lost to other hubs in the EU, and the fall of the pounds may affect businesses, the business manufacturing plants may be stationed at the EU instead of the UK. After brexit, britain will negotiate new deals all on its own, especially on export tariffs, due to the fact that's all trades within the European Economic Area is tariff-free.
Brexit And Political Influence - we all know how much influence the UK has on world's politics, but if the UK leaves EU, their political domination will feverishly diminish. However, if the UK can get on with things and start adopting a much more independent, self-confident and assertive approach, they would still be big wigs on the world stage.
Economic effects of Brexit on UK and EU - ECONOMISTS believes that brexit will likely reduce UK per- capita income level. Those that support remaining in the EU believes that being in the EU has a strong positive effect on trade and as a result the UK's trade will be worse off if it left the EU. In accordance to their research, they believe that leaving the EU will create new barriers to trade, foreign direct investment, and immigration. However, the leavers believe that if the UK stop contributing part of it's GDP to the EU, it will allow for some cut in taxes and increase governmental sending on it's people. In 2014, UK contributed €18.8b to the EU, that is about 1% of it's GDP (gross domestic product). However, The Institute of Fiscal Studies shows that if UK leaves EU, the government would still have less money to spend even if it no longer had to pay the EU. The report by the London School of Economics shows that if the UK leaves EU under the trade rules of the World Trade Organization (WTO) trading agreement instead of the European Single Market, the prices of food will rise, and the supply of food will become less.
Stock Market, Currencies and Brexit - A day after brexit vote, the London Stock Exchange fell from 6338.10 to 5806.13 in the first 10 mins of trading but recovered to 6162 before the end of the day. Infact the Associated Press predicted a sudden world-wide stock market crash. The stock market losses amounted to $3 trillion by june 27. However, by 1st of july, it had risen by 20% and even higher by the 27th of july. On the 24th of june, the ound sterling fell to it lowest level against the US dollar since 1985, and by the 8th of july, it fell against 31 other major currencies. However, on the 5th of january 2017, the bank of England admitted that the forecast were somehow inaccurate and there had been strong market performance since the referendum.
Policy Changes Post Brexit- the UK is the EU's third most populous state, with over 12% of the union's population, the UK is an influential player in the European Parliament and the Council Of The EU, it's absence will impact the ideological balance within the EU institutions. The UK is a giant in the field of the EU's foreign affairs and defence, as it is the EU major military power, with intelligence capabilities, soft power and a far reaching diplomatic network, without the UK, the EU could be less influential.
Hard and Soft Brexit - a hard brexit refers to the UK leaving the EU without any deals (trade or otherwise) or a very limited trade. This implies that all trade will be conducted under the WTO rules and there will be no free movement of people, no services, no movement of capital and no rules on private services between the UK and EU. Soft brexit indicates that the UK will still retain membership of the EU single market which implies free movement of goods and services between them. The prime minister, TM has prepared the "Chequers Plan" which uses some aspects of the "soft brexit"
On the 25th of November, 2018, the European Union Leaders of the 27 countries staying on together after UK leaves the bloc endorsed their brexit deal with london. The EU27 endorsed the Withdrawal Agreement and Political Declaration on the future EU-UK relationship. However in the 600 paged treaty, it was addressed so possibly that they remain allies, partners and friends.
Conclusively, commentators believes that the EU is in trouble. The EU has been enmeshed in different crisis pre-post brexit and these crises might be pushed into the public perception, and the challenges might need to be addressed, but with the leaving of UK, it might be hard to address this issues. Brexit might not please everyone, but the British and the European democracy will be healthier, especially if the citizens of europe engage in greater level of political deliberation and understanding.

As researched and documented by Ogundimu Samuel Olajide
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Answered: Wilson Michael 2 months ago
entrepreneur . Interested in politics,education,business,art,fashion.

I think if britain leave the European union things will get sour for them, it is a wrong decision.

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