Brexit: A merge of the words Brexit and exit. The shortland way of saying United Kingdom leaving the European Union.
The crucial day of the Brexit decision was the 23rd day of June, 2016, when a referendum was held in the whole UK to decide whether they should leave or remain in the EU.
- Leave: 51.9% Remain: 48.1%
- Leave: 53.4% Remain: 46.6%
- Leave: 52.5% Remain: 47.5%
- Leave: 38% Remain: 62%
- Leave: 44.2% Remain: 55.8%
As we conclude from the voting results, the United Kingdom split. On the one hand, England and Wales supported the Brexit. On the other hand, Scotland and Northern Ireland seem to strongly prefer the European hub.
However, we are very close to the decisive date, March 29 2019, when UK is scheduled to leave EU at 11pm (UK time).
Deal or No Deal
The “hot potato” is the Brexit deal between the two sides. UK and EU negotiated for months and finally came to an agreement, which was heavily rejected by the UK parliament, on January 15 2019.
Now, the Prime Minister of UK, Theressa May, is going to return with a new deal until February 26, which will be again put to the vote.
Some very important issues of the negotiations are:
- The UK citizens living elsewhere in the EU
- The trade agreements and the new trade rules
- The amount of money UK owes the EU
The No-Deal Brexit scenario reasonably causes anxiety and fear to the global market, and especially to the UK businesses.
Every company will be affected by Brexit if:
It sells products or supply services in United Kingdom
It buys products or services from United Kingdom
It transports cargoes via United Kingdom
Transit period is a -safe time- zone, after March 29 2019 to December 31 2020 (or possibly later), which will allow businesses and others prepare better for the moment when the new post-Brexit rules put into effect.
Nevertheless, this “chance” might be lost, if the deal remains on the table. In the case of No-Deal Brexit, the UK trades will immediately (on March 29 2019, at 11pm -UK time-) be subject to the World Trade Organization rules.
BBC tried to forecast some possible scenarios if Theressa May can’t get the deal through the Commons:
- Leaving the EU without a deal
- Another EU referendum (this can only happen if the government brings forward legislation to hold one and a majority in the Commons supports it)
- A general election – Labour’s preferred option but it would need a no-confidence vote in the PM to be passed
- MPs could take control of the Brexit process from the government
- Some of these options would involve delaying the official Brexit date of 29 March by a few months to allow time to renegotiate a deal, if the EU agrees to that