In this article, we will discuss the 2016 referendum held by the UK government to know about the membership of the European Union from its citizens.
What Is Brexit?
‘Brexit’ is the abbreviated name provided by the United Kingdom’s departure from the European Union. It is the abbreviation of ‘Britain’ and ‘exit’.
Brexit is basically a referendum held on 23 June 2016, by the UK government on its membership of the European Union. Their citizens had to vote for the question: ‘Should the United Kingdom remain a member of the European Union or leave the European Union?’ about 51.89% of voters voted in favor of leaving the EU. The UK resigned from the membership of the EU on 31 January 2020.
Why Did Brexit Happen?
Economically the explanations were very simple. Many people felt that the European Union had not been doing an extraordinary job at dealing with the economic matters the entity had been confronting since 2008 with the economic destruction.
Believed people assumed that the European Union was not competent enough for resolving the problems and they believed they could do sufficiently if they were to separate instead of riding it out.
Since 2015 Britain’s GDP has been noticing a downfall. Then in 2017, we can observe that the GDP took a transformation in the rate it was declining.
At the point in 2017 when Brexit occurred. Brexit seems to have slowed down the reduction of the nation’s GDP outcome. It has an impressive leveling off after Brexit.
Since the Brexit, the United Kingdom’s economy prospered about 1.8% in the first year. Then those rates were resumed throughout 2017. Inflation rates have increased up to 3.1%, but unemployment rates have been at an all-time low.
What Is The Brexit Deal:
The Brexit deal accepted by MPs, talks the most sudden separation matters rising up from Britain’s decision to terminate almost half a century of European Union membership.
The European Union Withdrawal Agreement, which is being kept in UK law by the Withdrawal Agreement Bill, also encompasses scheduled for a transition time beginning after Brexit day on January 31.
Below are the main points of the divorce deal:
The Brexit deal gives for a post-Brexit transition duration until December 31, 2020, during which time things will stay pretty much the way they are now.
The purpose is to give continuity while both sides accept a new partnership, encompassing everything from trade to fishing rights and security.
EU citizens’ rights:
The EU deal defends the rights to live, work, study, and declares healthcare and social services of around 3.6 million European Union citizens in Britain, and one million Britons residing elsewhere in the bloc.
Britain’s Withdrawal Agreement Bill also encompasses parallel deals associating with citizens of Switzerland, Iceland, Liechtenstein, and Norway, which are outside the European Union but inside Europe’s unrestricted trade area.
In Britain, European nationals coming within the transition period must enroll before June 30, 2021, to secure their rights.
Citizens of more than five years will be given “settled status”, or indefinite leave to continue, while more current comings will be permitted to stay until they confront the limit.
London says European Union citizens coming after the transition will be accountable to the more strict rules applied to non-European comings.
But Brussels could make free movement a requirement if Britain likes to maintain access to the European Union single market.
Britain’s financial settlement:
Britain has accepted to respect agreements made during its EU membership, from investments to staff pensions, which will be expected as payments fall due.
Arrangements for British-run Northern Ireland in a prior draft of the deal were not popular among MPs, and when Johnson took office last July, he demanded on remaking them.
All sides agreed on the necessity to avoid border checks between Northern Ireland and EU member Ireland, to maintain the peace in a region persecuted by violence in the 1970s, 1980s, and 1990s.
Brexit supporters dismissed the original plan to keep Britain under EU trade rules but the new system remains questionable.
Under the revised deal, Northern Ireland continues in Britain’s customs region, but in practice, there would be a sort of customs border with the mainland.
Why did Brexit take so long?
Brexit was initially decided to take place on 29 March 2019, but the deadline was postponed two times after the rejection of the MPs deal arranged by Mrs. May, who was the prime minister at the time.
After MPs rejected the deal for the third time, Mrs. May withdrew.
Mr. Johnson wanted a Brexit extension of his own after MPs became unsuccessful to get the modified deal approved into law.
This was directed to the new deadline of 31 January 2020.
Can the UK reverse its decision to quit the European Union?
The decision to resign from the European Union membership rests with the United Kingdom. In theory, the UK could withdraw its departure negotiations up until the case at which the withdrawal agreement(s) are approved, authorized and entered into force. Once the withdrawal is finished, the UK would be required to reapply to merge with the EU like any other state. In UK politics, the option to quit could be overridden by another referendum or a general election in which the winning party pledged to preserve EU membership. However, this does not appear likely at present.
What will the economic consequences be?
For now, the most substantial challenge to economic performance is uncertainty that kind of connection the UK will have with the EU. As an outcome, business movement, including investment and development, may have to face delay when companies procrastinate to notice what the final configuration will be. Others may not want to hold, and will simply discontinue efforts or happen outside of the UK. Once the agreement is done, the effect of the economy will rely on the aspect of how businesses acknowledge it and the other facets in the UK’s economic surroundings.
What will the EU do now?
The other 27 Member States of the European Union will like to stabilize the European project. They have already started the UK’s withdrawal negotiations, in order to shut that topic in the European Union’s past and then move on. In similarity to the negotiations, the remaining states will also likely reflect on the fortune of the EU. While the governments are broadly supporting European integration as it does their work, many publics are more questionable. It is possible that the EU could either integrate more, return powers to states or do a combination of both in various areas. Historically, the EU has had not a good track record of changing course, even in the way of criticisms or incidents. It remains to be seen whether the departure of one of its greatest and most important members will help as an impetus for such change.
We hope you get some clear knowledge about the Brexit referendum and what it was all about.