What is Brexit?

A historic referendum took place on Thursday 23rd of June 2016.The people of Britain voted for an exit out of the European Union ( EU).The European Union is an economic and political partnership involving 28 European countries. It began after the World War Two (WWII) and has since grown to become a “single market” allowing the freedom of goods and people to move around. More than 30 million people voted in the referendum with a turnout of 71.8 per cent. Leave won by 52 per cent to 48 per cent.

The most direct and known effect of the Brexit was having the pound fall to its lowest since 1985 and Britain had David Cameron resign as the Prime Minister. Theresa May is the current Prime Minister of Britain.

 On the 29th of March 2017,Theresa May triggered Article 50, the step needed to commence talks on Brexit negotiations.

Article 50 of the Treaty of Lisbon gives any EU member the right to quit unilaterally, and outlines the procedure for doing so. It is then that the leaving county is given two years to negotiate the exit and the motion cannot be stopped unless there is an unanimous consent of all member states.

Before April 2019, Britain would have to work out deals for exiting the EU and it expected that this is going to be along and lengthy process. 

Any deals negotiated will have to be approved by a qualified majority of EU member states and the deal can also be vetoed by the European Parliament. It is when all is approved that the deal can be finalised.