This has been a simple explanation of Brexit for students and professionals, is it good or bad and its short term and long term impacts. Both the EU and UK want to avoid the return of guard posts and checks (here's why), so something called the backstop - a sort of safety net - was included in the deal. Regarding the long term impact of Brexit, I doubt if anyone is sure about anything yet. The UK is still governed by the laws of the EU. One of the many principles laid out while forming the EU was that of being. The EU is a political and economic union of 28 countries that trade with each other and allow citizens to move easily between the countries to live and work .css-1xgj2ad-InlineLink:link{color:#3F3F42;}.css-1xgj2ad-InlineLink:visited{color:#696969;}.css-1xgj2ad-InlineLink:link,.css-1xgj2ad-InlineLink:visited{font-weight:700;border-bottom:1px solid #BABABA;-webkit-text-decoration:none;text-decoration:none;}.css-1xgj2ad-InlineLink:link:hover,.css-1xgj2ad-InlineLink:visited:hover,.css-1xgj2ad-InlineLink:link:focus,.css-1xgj2ad-InlineLink:visited:focus{border-bottom-color:currentcolor;border-bottom-width:2px;color:#B80000;}@supports (text-underline-offset:0.25em){.css-1xgj2ad-InlineLink:link,.css-1xgj2ad-InlineLink:visited{border-bottom:none;-webkit-text-decoration:underline #BABABA;text-decoration:underline #BABABA;-webkit-text-decoration-thickness:1px;text-decoration-thickness:1px;-webkit-text-decoration-skip-ink:none;text-decoration-skip-ink:none;text-underline-offset:0.25em;}.css-1xgj2ad-InlineLink:link:hover,.css-1xgj2ad-InlineLink:visited:hover,.css-1xgj2ad-InlineLink:link:focus,.css-1xgj2ad-InlineLink:visited:focus{-webkit-text-decoration-color:currentcolor;text-decoration-color:currentcolor;-webkit-text-decoration-thickness:2px;text-decoration-thickness:2px;color:#B80000;}}(click here if you want to see the full list). It's all in the DNA A simple cut-and-paste text job from a 2008 EU treaty for genetic databases. The government says it is preparing for this potential situation. After all, what we can do is only to wait rather than make a terribly wrong prediction! The withdrawal agreement covers some of these key points: It also includes a transition period, which has been agreed to allow the UK and EU to agree a trade deal and to give businesses the time to adjust. Where it was the president who banned social media, The men vying to take Merkel's top job in Germany, BBC Worklife: The women running companies in 1870BC, Wikipedia at 20: The encyclopedia in five articles. Brexit: What you need to know about the UK leaving the EU, Inside the world's richest e-sports player's mansion. As regards the bond markets, US Treasury yield dipped to lows not seen for a long time and fell below 1.50% on the 10-year bond whereas the 10 years German Bund fell into negative territory. Weekly quiz: What's the Sex and the City reboot called? The UK joined the EU, then known as the EEC (European Economic Community), in 1973. Before the referendum, many ‘knew’ that Brexit would not happen until it did! That means that if the withdrawal agreement gets the green light, there will be no huge changes between the date of Brexit and 31 December 2020. This is worrying because the EU would be at stake if member nations opt-out of it. Of course, not to mention that the Pound Sterling had a dramatic fall versus the US Dollar and Japanese Yen in particular. It was a possible clue we can say in hindsight, about the fear of an actual Brexit apart from crowded currency trades. For years, only the most extreme wanted the UK to leave the EU. So, let’s pretend Europe is a giant playground and all the countries are different kids’ gangs. Although it’s after-effects seem to have stabilized, it remains to be seen if this smooth and low volatility environment will prevail for long. As regards the UK, the amount is around $12 billion (converting it to dollars – around £9 billion). A really SIMPLE guide BREXIT is facing another delay as a consensus on how to proceed with the … This was an economic project in Europe that existed before the EU was formed and the UK joined them six years later. What happened between them? It expects some food prices could rise and customs checks at borders could cost businesses billions of pounds. Just for the record, who is Britain’s Prime Minister? There’s geography: Britain is an island, and has been since geologically Brexiting from the continent 8,000 years ago. You know, it’s not as if they’re being boxed out of a match and just walk out! Sure, people on the right and left campaigned against various EU treaties, most famously Maastricht in 1991-93. You may also have a look at these following economics articles for further learnings –, Copyright © 2021. This is the political declaration. So, one day they all get together and form a super-gang called the EU.They still have their individual traditions (one gang’s thing was football, another one’… It has published a series of guides - which cover everything from mobile roaming on holiday to the impact on electricity supplies. .css-14iz86j-BoldText{font-weight:bold;}Feeling a little lost on Brexit? Fri, Oct 12, 2018, 16:09 Updated: Mon, Apr 29, 2019, 16:28 If you would like to use another fancy word, you could say that Brexit is the opposite of Bremain. The backstop is meant to be a last resort to keep an open border on the island of Ireland - whatever happens in the Brexit negotiations. Let us walk you through it. London is the financial capital of Europe and there are people from different nationalities working in the UK, not only in London. So, right now only England and Wales have voted out of the EU! The European Court of Justice has said the UK could cancel Brexit altogether without the agreement of other nations - but few politicians publicly back this option. Students coming from abroad who are studying in the UK would also get affected. The Washington Post's Hannah Jewell explains Brexit for Americans who aren't sure what's going on – and are worried it's too late to ask. They wanted to keep their currency (GBP – Pound Sterling) and not club it with the common currency. But we have already seen the short-term impact: Brexit has affected multiple economies and not just the UK’s economy. The deadline was delayed until 31 October - but, unable to see a way forward, Mrs May stepped down as PM and was replaced by Boris Johnson. Systemic effects have never been so close for long. The European Union is a political and economic union of 28 states with a single market that guarantees the free movement people, goods and services. The Leave side won by nearly 52% to 48% - 17.4m votes to 16.1m - but the exit didn't happen straight away. The English economy isn’t in good shape. Right from the S&P 500 to the BSE Sensex, we have seen record highs being touched in a way implying that the repercussions of Brexit fears are no more whether this conclusion is true or not. The people who were the voters having a real say of things to come did exactly the opposite and shocked the entire world. Brexit is short for "British exit" - and is the word people use to talk about the United Kingdom's decision to leave the European Union (EU). Brexit: Your simple guide to the UK leaving the EU - BBC News Then on 12 March, after Theresa May - the prime minister at the time - had gone back to the EU to secure further legal assurances, they rejected it again. Brexit explained simply is Great Britain leaving the European Union (EU) as it was earlier part of the EU. Several other companies to have had to figure their plans out. After the initial pounding in stock markets world over, these markets have of late touched record highs. If the prime minister fails to convince the EU to change the withdrawal agreement, he has promised to take the UK out of the EU without a deal on 31 October. Another issue is that the UK consists of England, Northern Ireland, Wales, and Scotland. Not David Cameron as he resigned post-Brexit. This would also be able to reduce its, Immigration is another factor. What is the European Union? What Is Brexit? And others say Northern Ireland should not be treated separately from the rest of the UK. .css-1xgx53b-Link{font-family:ReithSans,Helvetica,Arial,freesans,sans-serif;font-weight:700;-webkit-text-decoration:none;text-decoration:none;color:#FFFFFF;}.css-1xgx53b-Link:hover,.css-1xgx53b-Link:focus{-webkit-text-decoration:underline;text-decoration:underline;}Read about our approach to external linking. In June 2016, the United Kingdom (UK) held a referendum on whether to remain a member of the EU, the political and economic union made up of 28 (including the UK) European countries (known as member states). By Tessa Terrill. Rumors have indicated that a, Britain lost its sovereign credit rating of being an AAA nation. They have voted against it three times. Gareth Corfield Thu 31 Dec 2020 // 06:04 UTC. The current Prime Minister, Theresa May has said that the exit process will begin in full flow from 2017 onwards. "No deal" means the UK will have failed to agree a withdrawal agreement. Where to start? What happens to your body in extreme heat? They were downgraded to AA with a negative outlook by S&P and to Aa1 with a negative outlook by Moody’s, two leading credit rating organizations. Wait for time to give you an indication of what is to come. or European Union and it is the residents of Britain who actually voted for the exit of Britain from the E.U. Earlier, each country in Europe had its own currency – the French, Francs; the Germans, Deutsche Mark; the Italians – Lira and so on. CONTROL & INDEPENDENCE – Britain would be freed from the reins of Europe and will be free to decide its own destiny (migration, regulation, budget decisions) in the world CONTINUED TRADE – Britain is a large importer of goods, an EU exit would not negatively impact the trade relationship with Europe will do the rounds. Yes. Well, this would be even more in Sterling Pounds now since it has depreciated quite a lot since the historic vote. Meanwhile, negotiations on trade, immigration, etc. The UK still has two years. Brexit explained: The UK’s big gamble. Gold had a massive rally post-Brexit and all other commodities fell. Boris Johnson has said he wants to renegotiate the withdrawal agreement with the EU - and remove the backstop. To make things worse, given that there are 28 members in the EU of which the UK is one of them, 27 of them would have to agree on the terms of the UK’s exit. This post seeks to give thoughts on the basic questions regarding Brexit. But what does Brexit actually mean and how will it … Tata Steel, an Indian major had to rethink its plans for selling its UK unit. However, EU leaders have consistently said they will not renegotiate the withdrawal agreement and that the backstop is an essential part of any deal. If he succeeds in doing this, it will still have to be approved by MPs before being passed into UK law. Many big companies have to figure out their plans where they have a business unit in the UK. There is a broad range of complaints, many of which claim the deal fails to give back to the UK control of its own affairs from the EU. Brexit explained in simple terms by a f**king American The only point of view that matters. It would mean there would be no transition period after the UK leaves and EU laws would stop applying to the UK immediately (more on that here). And history: unlike most of western Europe, it has not spent the past few centuries as a battlefield. The GBP was falling ever since the word about the referendum was made. Anyone buying stocks anywhere in the world got an opportunity to ‘buy the dip’ as so-called ‘experts’ say! VideoInside the world's richest e-sports player's mansion. Many things happened since then and in 1992 the members of the EC signed the Maastricht treaty which leads to the formation of the EU, the focus is that a single common currency is established for the member nations. Since then, negotiations have been taking place between the UK and the other EU countries. Brexit trade deal advises governments to use Netscape Communicator and SHA-1. For now, no one knows whether Brexit is for the good or not. 7. WHAT DOES BREXIT MEAN? BREXIT – short for “British exit”. Brexit has caused a cloud of uncertainty on where their economy is going – forward or backward. Brexit Explained: Key Reasons to LEAVE the European Union. This was basically formed to get over World War II so that trade binds different nations and thus can prevent future wars and bring co-operation. Stock markets across the globe fell due to panic selling. On 15 January they rejected the deal by 432 votes to 202 - a record defeat. In 1967, the European Community (EC) was formed. Login details for this Free course will be emailed to you, This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy. The deal was agreed by the UK and the EU in November 2018, but it also has to be approved by British MPs. Brexit is the term coined for the UK’s withdrawal from the European Union (EU), a political and economic union of 28 European counties. No. It was decided that a referendum would be held in the UK on June 23rd 2016 and those eligible to vote would do so. Brexit refers to the combination of Britain and Exit, which signifies the withdrawal or exit of Britain from the E.U. Leave side won by nearly 52% to 48% - 17.4m votes to 16.1m, Click here for more on the draft withdrawal agreement, Click here for more on the political declaration, The deadline was delayed until 31 October, cancel Brexit altogether without the agreement of other nations. Whether you like the news or not, you would have come across this word of late – Brexit. Why did Britain leave the EU? As I said earlier, no one really knows. The term Brexit refers to the process of withdrawal from the European Union by the United Kingdom. Brexit deal explained simply: What Boris Johnson agreed with EU ... Boris Johnson (pictured) has finally agreed a Brexit deal with the EU. Upvote. Brexit After months of negotiations, the UK and European Union finally agreed a deal that will define their future relationship. The cast is made up of the politicians from the different parties, different … If anyone claims they do, it is a lie. Theresa May insisted that, if all went as planned, it would never be used. It is Theresa May, the first woman Prime Minister of the UK after Margaret Thatcher (second overall) and guesses what, she vouched for the UK to remain in the EU as opposed to supporting a Brexit. Britain voted to leave the European Union almost three years ago. Whether they knew what they were doing or not is an entirely different topic, but the fact is that they had voted 52% for ‘leaving’ the EU as against 48% to ‘stay/remain.’. Now, this post isn’t on why she was elected to be the Prime Minister when she supported a Bremain. Read about our approach to external linking. CFA® And Chartered Financial Analyst® Are Registered Trademarks Owned By CFA Institute.Return to top, IB Excel Templates, Accounting, Valuation, Financial Modeling, Video Tutorials, * Please provide your correct email id. In a vote on June 23, 2016, more than half of the people of the United Kingdom (UK) chose to leave the EU. The Border is a sticking point in Brexit negotiations, but why? As time progresses we can look at different charts to give us a better indication of what Brexit has done. Just when so many thought that Brexit has caused a collapse in global growth, harmed Britain’s economy and so on, markets have stabilized. Despite the Brexit vote in June 2016, the country has not Brexited. Why did they leave? This makes it costlier to raise government debt and in the process leads to a higher. This could be part of the immigration reduction campaign mentioned earlier. The EU was formed in 1993 and nine years later the ‘Euro’ was established as the common currency among the EU member nations. The European Union is a group of 28 European countries that are tied by an economic and political alliance. Brexit deal explained simply: What Boris Johnson agreed with EU in full. In a word (or five): Britain leaving the European Union. .css-orcmk8-HeadlineContainer{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:justify;-webkit-justify-content:space-between;-ms-flex-pack:justify;justify-content:space-between;}Dutch government quits over welfare fraud scandal.css-1dedj2h-Rank{-webkit-align-self:center;-ms-flex-item-align:center;align-self:center;color:#B80000;margin-left:3.125rem;}1, 'Violent gust of wind' caused Grand Canyon crash2, Biden starts with brand new Potus Twitter account3, Nazi camp no place for sledging, authorities warn4, The 69-year-old trolled for her 'too sexy' photos5, North Korea unveils new submarine-launched missile6, NYC bendy bus left drooping from overpass7, Uganda president in early lead as rival cries foul8, Rise and fall of the Spanish state's secret fixer9, German sports doctor jailed over blood doping10. We will look at these issues and explain Brexit in very simple terms for students and professionals. Brexit was supposed to be the ‘leave’ vote of all the four but Scotland and Northern Ireland had voted to remain with the EU. Why is all this making interest rates fall and causing a mortgage refinance boom? This big annual commitment could be one possible reason for a ‘leave’ vote where the money can be spent for domestic purposes. What is Brexit? How much money the UK will have to pay the EU in order to break the partnership - that's about £39bn, What will happen to UK citizens living elsewhere in the EU and, equally, what will happen to EU citizens living in the UK, How to avoid the return of a physical border between Northern Ireland and the Republic of Ireland when it becomes the frontier between the UK and the EU. Brexit explained simply is Great Britain leaving the European Union (EU) as it was earlier part of the EU. While the media, notable businessmen and political experts had stayed calm and confident, they clearly believed that the UK would not vote to move out of the EU. But it has annoyed some MPs, who are angry that the UK would not be able to end it without the EU's permission and so EU rules could remain in place for good. Here’s a chart indicating how much the Pound Sterling fell. While nations like these agreed for a common currency UK opted out of this clause but wanted to remain part of the EC then. Once the negotiations get deeper and as more information comes out in the media, we are almost bound to see volatile reactions across economic, political and financial centers. One of the biggest sticking points has been over what happens at the Irish border. and Why Brexit Happened. In reality, it isn’t that bizarre. Interest rates have been low with the policy rate at 0.5% for quite long, inflation being subdued and growth is flat. If you would like to use another fancy word, you could say that Brexit is the opposite of Bremain. This was not mentioned earlier but each member nation of the EU pays an amount to the EU annually to continue their membership. ... Don’t worry, you’re not alone and indy100 is here to explain what’s going on through the universal language of GIFs. Other MPs would prefer the UK to stay closer to the EU - or even still in it. This deal is known as the Withdrawal Agreement.css-po6dm6-ItalicText{font-style:italic;}. The EU currently has 28 members and since UK had voted out of the EU on June 23rd, 2016, they have two years to leave – they have to negotiate certain things before leaving. What is likely to be the outcome no one knows, but it is safe to assume that both Britain and the EU would lose out on some areas and gain in others – they both would take the best out of the agreement to benefit their nation(s). (Read the government's report here). member. The leader of each gang decides the rules, like who’s allowed in and what members are required to do.But there’s a problem: the gangs are all fighting a lot, and nobody’s having fun. By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our Privacy Policy, New Year Offer - All in One Financial Analyst Bundle (250+ Courses, 40+ Projects) View More, All in One Financial Analyst Bundle (250+ Courses, 40+ Projects), 250+ Courses | 40+ Projects | 1000+ Hours | Full Lifetime Access | Certificate of Completion. A Term that describes the withdrawal of the United Kingdom from the European Union, and it resembles a theatre play. Well, no. Brexit explained: Why does the Border matter and what is the backstop? There might be many other reasons due to which the voters made such a choice. One could just be voting for fun! Politics. Brexit explained: What is the customs union? Currently, there are more than 100,00 students outside of the UK studying there. Many of these would-be immigrants who work there probably live there – they are probably residents of the UK as they would have lived for 5 years in the UK. Given the globalized economy that we all live in, this is a reminder to all of us that one economy can have implications on other economies. Scotland felt it unacceptable to be pushed out of the EU since they had voted for the ‘stay’ campaign – it is now quite likely that they will have a second referendum so that they can vote to stay in the EU. It's time to brush up on the differences between your EEAs and ERGs. But, so far, it is still an E.U. The value of the UK’s currency plummeted to extreme lows. But a series of crises have shaken British confidence in … Brexit is a word made up to describe the “British Exit“ from the European Union (EU). Combining the words Britain and exit, Brexit is the catchy nickname given to the United Kingdom’s departure from the European Union (EU).. Growing concern over Brazil coronavirus variant, North Korea unveils new submarine-launched missile, The 69-year-old trolled for her 'too sexy' photos, Rise and fall of the Spanish state's secret fixer, .css-1snjdh1-IconContainer{display:none;height:0.875em;width:0.875em;vertical-align:-0.0625em;margin-right:0.25em;}Inside the world's richest e-sports player's mansion. Is Brexit for the good – Why did people vote such? The 2016 vote was just the start. It was due to take place on 29 March 2019 - but the departure date has been delayed (we will explain in more detail below). What is a No Deal Brexit? Brexit part 1 - explained; Brexit - explained. It is still written into law that the UK will be leaving, even though the deadline has shifted. The EU evolved such that member nations became like a ‘single market’ where trade/goods and services, and people were freely (without tariffs) able to move from one country to another as if all nations were a single country. It is a condensed abbreviation of ‘British exit’. Brexit Explained or Brexit for Dummies. Wait for a second, how did UK feature in the EU in the first place? A public vote - called a referendum - was held on Thursday 23 June 2016 when voters were asked just one question - whether the UK should leave or remain in the European Union. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}Brexit: What you need to know about the UK leaving the EU, Dutch government quits over welfare fraud scandal. WHY DOES BRITAIN WANT TO LEAVE THE EU? Yes, the topic of economic trade and co-operation was also an important part of the EU. (click here if you want to see the full list). Rumors have also made news by saying that France, the Netherlands, and a few others would opt for their own referendum taking a cue from Brexit. Believe it or not, quite a number of voters said that if given a chance to re-vote, they would have voted for the ‘stay’ campaign since they did not know the ramifications that would befall. A simple guide to what's actually happening with Brexit right now (with cat gifs) Conrad Duncan @theconradduncan Monday 25 March 2019 17:08 news. It would mean that Northern Ireland, but not the rest of the UK, would still follow some EU rules on things such as food products. That, plus second world war heroics, has given it a profound sense of exceptionalism, reinforced by relative economic success and an overwhelmingly Eurosc… CFA Institute Does Not Endorse, Promote, Or Warrant The Accuracy Or Quality Of WallStreetMojo. Another, much shorter, document has also been drawn up that gives an overview of what the UK and EU's future relationship will be in the longer term. The UK wanted a modification in this area of the agreement. The BBC is not responsible for the content of external sites. Brexit supporters argue that the EU threatens sovereignty and stifles growth, while opponents counter that EU membership strengthens trade, investment, and the UK’s standing in the world. And on 29 March - the original day that the UK was due to leave the EU - MPs rejected it for a third time (this vote was slightly different as it did not include the political declaration). To decide about Brexit, the UK held a special kind of vote called a “referendum”. Britain has been a member of the European Union (or its predecessor, the European Economic Community) since 1973. and these votes were split amongst the constituent nations of the UK, for asking the stay of Wales and England and exit of Northern Ireland and Scotland. Feb 29, 2020, 4:41 am* Internet Culture. While Brexit is old news, we’re still seeing the ripple effects and there are still people out there, like me, who are confused about the whole situation. A No Deal departure from the European Union means the UK leaving without formal arrangements for our future relationship … Mark Rutte's cabinet resigns after families were wrongly accused and many faced financial problems. This political understanding led the way for the use of the euro (the currency used in 19 EU countries) and permits citizens in the EU to travel and settle across borders without a passport. Final Brexit deal explained simply is Great Britain leaving the European Union and it preparing... Full list ) around $ 12 billion ( converting it to dollars – £9... Full list ) a record defeat the historic vote is not responsible for the record, who is Britain s! At stake if member nations opt-out of it to know about the fear an... Post-Brexit and all other commodities fell cabinet resigns after families were wrongly accused and faced! Special kind of vote called a “ referendum ”, people on the and... Should not be treated separately from the E.U then known brexit explained simply a `` no-deal Brexit could be possible! Makes it costlier to raise government debt and in the EU domestic purposes: Key reasons leave. Tata Steel, an Indian major had to figure their plans where they have a look at these and. Expects some food prices could rise and customs checks at borders could cost businesses of. Meanwhile, negotiations have been taking place between the UK, not to mention that exit! Record, who is Britain ’ s Prime Minister with EU in November 2018, why... In particular now, this post isn ’ t that bizarre remove the backstop to raise government debt and the! Fall and causing a mortgage refinance boom these following economics articles for further –! 1967, the amount is around $ 12 billion ( converting it to dollars – around £9 billion ) now. Was an economic project in Europe that existed before the EU in 2018! We can say in hindsight, about the referendum, many ‘ knew ’ that Brexit would not until! European economic Community ), in 1973 because the EU its UK unit your EEAs brexit explained simply... – why did people vote such making interest rates have been taking place between the UK and EU. Minister, Theresa May insisted that, if all went as planned, it would never be used these have. Leave ’ vote where the money can be spent for domestic purposes everything from mobile roaming on holiday the... Effects have never been so brexit explained simply for long a second, how did UK feature the! All the countries are different kids ’ gangs as so-called ‘ experts ’ say mortgage boom! Costlier to raise government debt and in the process the globe fell due which. Withdrawal from the rest of the immigration reduction campaign mentioned earlier but each member nation of the,... Studying in the UK would also add to their woes the European Union sticking point in brexit explained simply,... However, neither side has to stick exactly to what it says - it still... Begin in full UK, not to mention that the UK would add. So, right now only England and Wales have voted out of this but... Was spared in the world got an opportunity to ‘ buy the brexit explained simply ’ so-called. Existed before the referendum was made for another referendum to stage their will to part. Is worrying because the EU was formed to their woes quiz: what 's Sex... Why she was elected to be approved by British MPs 29, 2020, am. Plans for selling its UK unit to what it says - it is a.. In November 2018, but it also has to stick exactly to what it says - it preparing!
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