Brexit Issue : all you need to know about

Introduction

It is an abbreviation for the term “British exit”, similar to “Grexit” that was used for many years to refer to the possibility of Greece leaving the Eurozone. Brexit refers to the possibility of Britain withdrawing from the European Union (EU).
Why is Britain leaving the European Union?
A referendum – a vote in which everyone (or nearly everyone) of voting age can take part – was held on Thursday 23 June, 2016, to decide whether the UK should leave or remain in the European Union. Leave won by 51.9% to 48.1%. The referendum turnout was 71.8%, with more than 30 million people voting.
The outcome prompted jubilant celebrations among Eurosceptics around the the Continent and sent shockwaves through the global economy.
After the declaration of the referendum result, the pound fell to its lowest level since 1985 and David Cameron resigned as Prime Minister.
The new Prime Minister Theresa May has managed to break the deadlock in the EU negotiations and Brussels has agreed to move on to trade talks.

Theresa May stand on Brexit?
Theresa May was against Brexit during the referendum campaign but is now in favour of it because she says it is what the British people want. Her key message has been that “Brexit means Brexit” and she triggered the two year process of leaving the EU on 29 March, 2017. She set out her negotiating goals in a letter to the EU council president Donald Tusk. She outlined her plans for a transition period after Brexit in a big speech in Florence, Italy.
The EU has finally conceded that “sufficient progress” has been made in the first phase of EU exit talks on the Brexit bill, the rights of EU citizens and the Irish border.
The second stage of talks on Britain’s future relationship with the EU will start in the new year after EU leaders gave the green light earlier this month. Britain wants the next stage of talks to begin straight away, but the European Commission has suggested that they will not start in earnest until March. Time is already starting to run out because Article 50 – the step that started the timer on two years of Brexit talks – was triggered in late March 2017.
What is Article 50?
Article 50 is a plan for any country that wishes to exit the EU. It was created as part of the Treaty of Lisbon – an agreement signed up to by all EU states which became law in 2009. Before that treaty, there was no formal mechanism for a country to leave the EU.
Under Article 50, Britain is scheduled to leave the EU by the end of March 2019. MPs and peers will be given a vote on the final EU deal.
In June Brexit was thrown into uncertainty when Mrs May lost her majority in a snap election and was force to make a deal with Northern Irish party the DUP. But Mrs May is now pushing ahead with plans to leave the EU’s single market to regain control over immigration and end the supremacy of EU laws. The Prime Minister is also pushing for a ‘bold’ EU free trade deal, while the UK is expected to come out of the customs union in its current form. On the day of Brexit, the Great Repeal Bill end the supremacy of EU law over Britain’s own legislation by overturning the European Communities Act.
But the Prime Minister risks defeat on the Great Repeal Bill and other key Brexit bills because she only has a minority government. Jeremy Corbyn has seized the middle ground on Brexit by agreeing that the UK should remain part of the EU’s single market for a transition period.
What does Brexit mean for the economy?
The Brexit victory in June 2016 sent economic shockwaves through global markets and Britain lost its top AAA credit rating. But the Bank of England cut interest rates and took other emergency steps to stop the UK from slipping into a recession. There is ongoing uncertainty over what will happen once Britain leaves the EU because it needs to make new trade agreements with the rest of the world.
Mrs May wants to take Britain out of the EU’s single market in order to end the free movement of EU workers that goes with it. If that happens, Remainers worry that foreign companies will be less likely to invest in the UK and could relocate their headquarters to the Continent. But Brexiteers argue that EU countries have every incentive keep trading with the UK, which is a large importer of goods and services.
US President Donald Trump has said that Britain is at the “front of the queue” for a US trade deal despite his protectionist attitude to trade.
Neil Woodford, head of investment at Woodford Investment Management, said he could see why the Brexit vote had been seen as an “existential shock” to the economy. But he said: “The reality is very different in my view. I don’t think there’s going to be a recession in the UK.” WILL OUR ECONOMY RECOVER? The Brexit vote led to higher import costs but it was good news for exporters who had struggled with the high value of the pound. When Britain leaves the EU, it will no longer have to contribute billions of pounds a year towards the European Union’s budget. During the referendum campaign, Eurosceptics slammed a Confederation of British Industry claim that Brexit would cause a £100billion “shock” to the UK economy. The Treasury was also accused of “doom and gloom” after predicting that a Brexit would cost households £4,300 a year by 3030, leaving Britain worse off for decades.
Anti-EU campaigners have rubbished claims that the EU exit will push up the cost of the weekly shop and travel abroad. But there are still concerns about what will happen to British expats living in Europe, EU citizens in the UK and European footballers playing in the UK.
What will happen to immigration when Britain leaves the EU?
Brexiteers have argued that post-Brexit Britain will be free to take back control of its borders in order to curb immigration and boost security. The UK will no longer have to accept ‘free movement of people’ from Europe because it is preparing to leave the EU’s single market. The Prime Minister advocates a clean break from the EU and rejects any watered-down departure deal that leaves the UK “half in and half out” of the EU. But she has rejected the Brexit campaign’s pledge to introduce an ‘Australian-style points system’ to manage immigration and fill skill gaps here. Pro-EU campaigners believe that Brexit will hit the British economy, which relies on the free movement of EU migrant workers such as health professionals. Some Europhiles have also said that Brexit will compromise the UK’s ability to fight cross-border crime and terrorism in Europe. During the so-called Project Fear campaign, Mr Cameron even suggested that ISIS leader Abu Bakr al-Baghdadi “would be happy” when Britain leaves.
What will happen to Britain’s place in the world?
Brexit campaigners believe that British voters have taken a once-in-a-lifetime opportunity to restore Britain’s sovereignty. Eurosceptics see EU institutions as inherently undemocratic and argue that laws affecting the UK should not be decided by bureaucrats in Brussels. Brexit figurehead and Foreign Secretary Boris Johnson argues that the EU has greatly eroded the public’s ability to elect politicians to pass laws that matter to them. In his Brexit victory speech, the former London mayor said that the British people will now be able to “settle their own destiny” outside the EU.
He said: “It’s about the very principles of our democracy. The rights of all of us to elect and remove the people who make the key decisions in their lives.” But Europhiles argue that the UK will now wield less power on the international stage because it will not be in the room when key decisions are made.
There are also fears that British workers, expats and travellers will lose the right to live and work abroad when the UK leaves the bloc.  EU chiefs have defended the integrity of the European bloc and pushed for more defence co-operation amid fears that Brexit could tear Europe apart. Eurosceptic populist parties across the Continent have delightedly seized on Brexit to further their own campaigns for independence.
What’s happening now?
The UK has voted to leave the European Union. It is scheduled to depart at 11pm UK time on Friday 29 March, 2019. The UK and EU have now agreed on the three “divorce” issues of how much the UK owes the EU, what happens to the Northern Ireland border and what happens to UK citizens living elsewhere in the EU and EU citizens living in the UK.
Talks are now moving on to future relations – and a plan for a two year “transition” period to smooth the way to post-Brexit relations.

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