By Tessa Terrill. Brexit deal explained simply: What Boris Johnson agreed with EU in full. The Leave side won by nearly 52% to 48% - 17.4m votes to 16.1m - but the exit didn't happen straight away. For now, no one knows whether Brexit is for the good or not. .css-14iz86j-BoldText{font-weight:bold;}Feeling a little lost on Brexit? The cast is made up of the politicians from the different parties, different … It's time to brush up on the differences between your EEAs and ERGs. Leave side won by nearly 52% to 48% - 17.4m votes to 16.1m, Click here for more on the draft withdrawal agreement, Click here for more on the political declaration, The deadline was delayed until 31 October, cancel Brexit altogether without the agreement of other nations. What is Brexit? Anyone buying stocks anywhere in the world got an opportunity to ‘buy the dip’ as so-called ‘experts’ say! Brexit supporters argue that the EU threatens sovereignty and stifles growth, while opponents counter that EU membership strengthens trade, investment, and the UK’s standing in the world. (click here if you want to see the full list). There’s geography: Britain is an island, and has been since geologically Brexiting from the continent 8,000 years ago. So, one day they all get together and form a super-gang called the EU.They still have their individual traditions (one gang’s thing was football, another one’… Brexit Explained: Key Reasons to LEAVE the European Union. .css-1xgx53b-Link{font-family:ReithSans,Helvetica,Arial,freesans,sans-serif;font-weight:700;-webkit-text-decoration:none;text-decoration:none;color:#FFFFFF;}.css-1xgx53b-Link:hover,.css-1xgx53b-Link:focus{-webkit-text-decoration:underline;text-decoration:underline;}Read about our approach to external linking. What happens to your body in extreme heat? Believe it or not, quite a number of voters said that if given a chance to re-vote, they would have voted for the ‘stay’ campaign since they did not know the ramifications that would befall. Never really got your head around it in the first place? Brexit explained: Why does the Border matter and what is the backstop? One could just be voting for fun! The 2016 vote was just the start. Its history, rather, is global and imperial. VideoInside the world's richest e-sports player's mansion. You may also have a look at these following economics articles for further learnings –, Copyright © 2021. BREXIT – short for “British exit”. .css-orcmk8-HeadlineContainer{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-box-pack:justify;-webkit-justify-content:space-between;-ms-flex-pack:justify;justify-content:space-between;}Dutch government quits over welfare fraud scandal.css-1dedj2h-Rank{-webkit-align-self:center;-ms-flex-item-align:center;align-self:center;color:#B80000;margin-left:3.125rem;}1, 'Violent gust of wind' caused Grand Canyon crash2, Biden starts with brand new Potus Twitter account3, Nazi camp no place for sledging, authorities warn4, The 69-year-old trolled for her 'too sexy' photos5, North Korea unveils new submarine-launched missile6, NYC bendy bus left drooping from overpass7, Uganda president in early lead as rival cries foul8, Rise and fall of the Spanish state's secret fixer9, German sports doctor jailed over blood doping10. "No deal" means the UK will have failed to agree a withdrawal agreement. Brexit explained simply is Great Britain leaving the European Union (EU) as it was earlier part of the EU. Read about our approach to external linking. Since then, negotiations have been taking place between the UK and the other EU countries. Why did Britain leave the EU? A simple guide to what's actually happening with Brexit right now (with cat gifs) Conrad Duncan @theconradduncan Monday 25 March 2019 17:08 news. It was a possible clue we can say in hindsight, about the fear of an actual Brexit apart from crowded currency trades. Stock markets across the globe fell due to panic selling. Despite the Brexit vote in June 2016, the country has not Brexited. Brexit explained in simple terms by a f**king American The only point of view that matters. It has published a series of guides - which cover everything from mobile roaming on holiday to the impact on electricity supplies. Sure, people on the right and left campaigned against various EU treaties, most famously Maastricht in 1991-93. The current Prime Minister, Theresa May has said that the exit process will begin in full flow from 2017 onwards. However, EU leaders have consistently said they will not renegotiate the withdrawal agreement and that the backstop is an essential part of any deal. If anyone claims they do, it is a lie. Rumors have also made news by saying that France, the Netherlands, and a few others would opt for their own referendum taking a cue from Brexit. Brexit Explained or Brexit for Dummies. Currently, there are more than 100,00 students outside of the UK studying there. The European Union is a group of 28 European countries that are tied by an economic and political alliance. Students coming from abroad who are studying in the UK would also get affected. Well, this would be even more in Sterling Pounds now since it has depreciated quite a lot since the historic vote. Wait for time to give you an indication of what is to come. The term Brexit refers to the process of withdrawal from the European Union by the United Kingdom. This was an economic project in Europe that existed before the EU was formed and the UK joined them six years later. That means that if the withdrawal agreement gets the green light, there will be no huge changes between the date of Brexit and 31 December 2020. Gold had a massive rally post-Brexit and all other commodities fell. Brexit has caused a cloud of uncertainty on where their economy is going – forward or backward. The European Court of Justice has said the UK could cancel Brexit altogether without the agreement of other nations - but few politicians publicly back this option. The withdrawal agreement covers some of these key points: It also includes a transition period, which has been agreed to allow the UK and EU to agree a trade deal and to give businesses the time to adjust. The EU is a political and economic union of 28 countries that trade with each other and allow citizens to move easily between the countries to live and work .css-1xgj2ad-InlineLink:link{color:#3F3F42;}.css-1xgj2ad-InlineLink:visited{color:#696969;}.css-1xgj2ad-InlineLink:link,.css-1xgj2ad-InlineLink:visited{font-weight:700;border-bottom:1px solid #BABABA;-webkit-text-decoration:none;text-decoration:none;}.css-1xgj2ad-InlineLink:link:hover,.css-1xgj2ad-InlineLink:visited:hover,.css-1xgj2ad-InlineLink:link:focus,.css-1xgj2ad-InlineLink:visited:focus{border-bottom-color:currentcolor;border-bottom-width:2px;color:#B80000;}@supports (text-underline-offset:0.25em){.css-1xgj2ad-InlineLink:link,.css-1xgj2ad-InlineLink:visited{border-bottom:none;-webkit-text-decoration:underline #BABABA;text-decoration:underline #BABABA;-webkit-text-decoration-thickness:1px;text-decoration-thickness:1px;-webkit-text-decoration-skip-ink:none;text-decoration-skip-ink:none;text-underline-offset:0.25em;}.css-1xgj2ad-InlineLink:link:hover,.css-1xgj2ad-InlineLink:visited:hover,.css-1xgj2ad-InlineLink:link:focus,.css-1xgj2ad-InlineLink:visited:focus{-webkit-text-decoration-color:currentcolor;text-decoration-color:currentcolor;-webkit-text-decoration-thickness:2px;text-decoration-thickness:2px;color:#B80000;}}(click here if you want to see the full list). As MPs did not approve Mrs May's withdrawal deal, she was forced to ask other EU leaders to delay Brexit. But a series of crises have shaken British confidence in … The government says it is preparing for this potential situation. Upvote. Here’s a chart indicating how much the Pound Sterling fell. Boris Johnson is grappling with MPs after he secured a final Brexit deal with the EU. The value of the UK’s currency plummeted to extreme lows. WHY DOES BRITAIN WANT TO LEAVE THE EU? After all, what we can do is only to wait rather than make a terribly wrong prediction! This is the political declaration. To decide about Brexit, the UK held a special kind of vote called a “referendum”. If he succeeds in doing this, it will still have to be approved by MPs before being passed into UK law. Given the globalized economy that we all live in, this is a reminder to all of us that one economy can have implications on other economies. Feb 29, 2020, 4:41 am* Internet Culture. This would also be able to reduce its, Immigration is another factor. And on 29 March - the original day that the UK was due to leave the EU - MPs rejected it for a third time (this vote was slightly different as it did not include the political declaration). By the way, such a fall was only expected if Brexit happened which wasn’t expected! Of course, not to mention that the Pound Sterling had a dramatic fall versus the US Dollar and Japanese Yen in particular. The GBP was falling ever since the word about the referendum was made. They wanted to keep their currency (GBP – Pound Sterling) and not club it with the common currency. Many things happened since then and in 1992 the members of the EC signed the Maastricht treaty which leads to the formation of the EU, the focus is that a single common currency is established for the member nations. While Brexit is old news, we’re still seeing the ripple effects and there are still people out there, like me, who are confused about the whole situation. Another, much shorter, document has also been drawn up that gives an overview of what the UK and EU's future relationship will be in the longer term. In a vote on June 23, 2016, more than half of the people of the United Kingdom (UK) chose to leave the EU. Mark Rutte's cabinet resigns after families were wrongly accused and many faced financial problems. This is worrying because the EU would be at stake if member nations opt-out of it. Brexit explained simply is Great Britain leaving the European Union (EU) as it was earlier part of the EU. Wait for a second, how did UK feature in the EU in the first place? Britain has been a member of the European Union (or its predecessor, the European Economic Community) since 1973. What is a No Deal Brexit? Meanwhile, negotiations on trade, immigration, etc. Before the referendum, many ‘knew’ that Brexit would not happen until it did! Politics. It was decided that a referendum would be held in the UK on June 23rd 2016 and those eligible to vote would do so. The UK wanted a modification in this area of the agreement. Rumors have indicated that a, Britain lost its sovereign credit rating of being an AAA nation. The EU was formed in 1993 and nine years later the ‘Euro’ was established as the common currency among the EU member nations. What is likely to be the outcome no one knows, but it is safe to assume that both Britain and the EU would lose out on some areas and gain in others – they both would take the best out of the agreement to benefit their nation(s). As regards the bond markets, US Treasury yield dipped to lows not seen for a long time and fell below 1.50% on the 10-year bond whereas the 10 years German Bund fell into negative territory. After the initial pounding in stock markets world over, these markets have of late touched record highs. Brexit: What you need to know about the UK leaving the EU, Inside the world's richest e-sports player's mansion. A Term that describes the withdrawal of the United Kingdom from the European Union, and it resembles a theatre play. Where to start? Well, no. Brexit deal explained simply: What Boris Johnson agreed with EU ... Boris Johnson (pictured) has finally agreed a Brexit deal with the EU. How much money the UK will have to pay the EU in order to break the partnership - that's about £39bn, What will happen to UK citizens living elsewhere in the EU and, equally, what will happen to EU citizens living in the UK, How to avoid the return of a physical border between Northern Ireland and the Republic of Ireland when it becomes the frontier between the UK and the EU. This deal is known as the Withdrawal Agreement.css-po6dm6-ItalicText{font-style:italic;}. This has been a simple explanation of Brexit for students and professionals, is it good or bad and its short term and long term impacts. The EU evolved such that member nations became like a ‘single market’ where trade/goods and services, and people were freely (without tariffs) able to move from one country to another as if all nations were a single country. For years, only the most extreme wanted the UK to leave the EU. While the media, notable businessmen and political experts had stayed calm and confident, they clearly believed that the UK would not vote to move out of the EU. Boris Johnson has said he wants to renegotiate the withdrawal agreement with the EU - and remove the backstop. If the prime minister fails to convince the EU to change the withdrawal agreement, he has promised to take the UK out of the EU without a deal on 31 October. Yes. In reality, it isn’t that bizarre. Northern Ireland has the choice to go for another referendum to stage their will to remain in the EU. It would mean that Northern Ireland, but not the rest of the UK, would still follow some EU rules on things such as food products. This political understanding led the way for the use of the euro (the currency used in 19 EU countries) and permits citizens in the EU to travel and settle across borders without a passport. Scotland felt it unacceptable to be pushed out of the EU since they had voted for the ‘stay’ campaign – it is now quite likely that they will have a second referendum so that they can vote to stay in the EU. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}Brexit: What you need to know about the UK leaving the EU, Dutch government quits over welfare fraud scandal. Once the negotiations get deeper and as more information comes out in the media, we are almost bound to see volatile reactions across economic, political and financial centers. Whether they knew what they were doing or not is an entirely different topic, but the fact is that they had voted 52% for ‘leaving’ the EU as against 48% to ‘stay/remain.’. Earlier, each country in Europe had its own currency – the French, Francs; the Germans, Deutsche Mark; the Italians – Lira and so on. Right from the S&P 500 to the BSE Sensex, we have seen record highs being touched in a way implying that the repercussions of Brexit fears are no more whether this conclusion is true or not. Systemic effects have never been so close for long. Brexit After months of negotiations, the UK and European Union finally agreed a deal that will define their future relationship. The people who were the voters having a real say of things to come did exactly the opposite and shocked the entire world. 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