Introduction to Brexit
Brexit refers to the U.K.'s decision made on June 23, 2016 to leave the European Union (E.U.). Brexit occurred at 11 p.m. Greenwich Mean Time, January 31, 2020
Understanding Brexit
December 24, 2020, the U.K. and the E.U. uncovered a provisional free-trade agreement that guarantees that the two sides can trade goods without tariffs. However, critical details of the future relationship remain to be determined, such as trade in services, which make up 80% of the U.K. economy. This stopped a "no-deal" Brexit, which would have been significantly damaging to the U.K. economy.
The U.K. parliament accepted a provisional agreement on January 1, 2021, and the European Parliament approved it on April 28, 2021. The deal-the Trade and Cooperation Agreement (TCA) supports tariff- and quota-free trade in goods, but U.K.-EU trade still faces customs checks, indicating that commerce is not as smooth as when the U.K. used to be a member of the E.U.
People Against Brexit
1) David Cameron (PM-Britain) 2) George Osborne (Former Chancellor of the exchequer-Britain) 3) Mark Carney (Governor-Bank of England) 4) John Major, Tony Blair, Gordon Brown (Former British PMs) 5) Barack Obama (President -United States)
People Favouring Brexit
1) Boris Johnson (Mayor-London) 2) Nigel Farage (UKIP leader - U.K.) 3) George Galloway (Respect party leader - U.K.) 4) Michael Gove (Justice Secretary- U.K.) 5) Vladimir Putin (President - Russia)
Benefits Of Brexit
Foreign affairs- As a member of a community of 500 million people, Britain could have more meaningful influence over global matters as a member of the E.U.
Sovereignty- Britain confirmed that it could opt out of some E.U. policies, which it considers counterintuitive, such as adopting the euro, the Schengen Agreement and demanded migrant quotas.
Security-A union equips Britain better to tackle threats to security, including even terrorism and cross-border crime.
Money-European corporations invest billions of pounds in the U.K. each year, both in the public and private sectors.
Trade-E.U. membership grants Britain access to the European single market, which is invaluable for trade and allows the easy movement of goods, services and people across member states.
Business-Free trade within the E.U. reduces barriers and empowers companies to grow.
Jobs- Millions of British jobs are associated with Europe and could be put at risk. Some sectors, such as manufacturing and nursing, could experience a slump in skilled labour.
