The United Kingdom left the European Union on January 31st, 2020. Almost 50 years of membership ended early in 2020. The process took years of negotiations, referendums, and debates. Now that it is finally settled, the question marks should be cleared.
The otherwise ambiguous situation was resolved after the last general election in the UK. Boris Johnson and the Conservative Party won the election. To seal the UK’s exit, Johnson needed the majority in the parliament. Thanks to the election in December, he finally had the majority and actualized Brexit.
What Exactly is Brexit?
The term is a fusion of “Britain” and “exit”. It refers to the UK’s exit from the European Union. Although the idea has been around forever, the term is quite recent. The process of withdrawal got heated when David Cameron agreed to a referendum about the decision. The choices were Remain or Leave. 52 per cent of the voters chose the Leave option.
What Happens Next?
The UK officially left the European Union on January 31st, 2020. However, it does not break all the ties between the UK and the EU. Remaining 11 months of 2020 will be a process of negotiation. During this period, the UK will abide by the EU’s rules as before Brexit. Alongside, the sides will discuss the terms of departure.
Why is Brexit Important?
There are several points about why Brexit is very important. First of all, the trade routes between the UK and the EU are abundant. Europe is the UK’s biggest financial partner. The UK’s export income is generated mostly through Europe. Also, it receives a lot of its foreign investment from Europe.
As the UK’s market diminishes, major companies consider leaving Britain. Since they will also lose a big percentage of their market range, major businesses are set to find better territories. It might lead to a smaller economy in the future. The recent government reports suggest that up to 9 per cent decrease in the economy in 15 years is expected.
Finally, Brexit will also prevent mobility between Europe and Britain. Some of the UK takes this as good news. Britain probably will not be dealing with Europe’s immigrant crisis. Also, most of the jobs will remain available for the British population. On the other hand, Brexit will hinder outward movement, too. It is especially negative for the younger community in Britain.