European Union is a political and economic partnership of 28 European countries. The idea came up soon after the World War 2 that countries which trade together are less likely to get into a war with each other and consequently their economic growth is also fostered. EU has its own parliament and defined rules of the environment, consumer rights, transport, and common currency “EURO” used by 19 of the member states.
There had been no mechanism for any country to exit EU. However, article 50 of the Treaty on European Union introduced a procedure for any member state to leave or exit the EU. It was enacted by Treaty of Lisbon, which holds the signatures of all EU countries and it became a law in 2009. In this Treaty there are five short passages stating that;a) any member state can decide to leave the EU, b)the leaving country shall notify the EU of its plans and intentions, c) there are two years to reach an agreement except if member states unanimously decide to extend this period, d) the withdrawing member cannot participate in discussion of European Council, and lastly e) a request of rejoining the EU will be entertained with subject to the article 49.
Plebiscite In Uk
There have been 11 plebiscites held in the UK since 1973 and majority of them are linked to the devaluation. In 1975, first ever plebiscite was demonstrated in the United Kingdom, but that was subjected tothe continued membership of European Union. Now,a referendum took place on June 23rd, 2016 regarding the membership of UK in European Union, when UK voted to leave EU. It was named as BREXIT, but what does the term BREXIT actually mean? To answer this, it is a shorthand axiom of UK leaving the EU by merging two terms Britain and Exit. Alike, the Greek exit from the eurozone in 2012-2015 was dubbed as GREXIT. Let’s get to know the referendum breakdown across the UK: England voted to leave EU by 54pc and 46pc; Wales also voted for Brexit by 53pc in favor and 47pc against. However, in Northern Ireland 56pc of citizens backed staying in EU, the same thing happened in Scotland as turn out was 62pc.Since then, Theresa May, a former home secretary took over the prime minister office after David Cameroon resigned from the premiership.
Economy Of UK Since Brexit Vote
The senior parliamentarians and David Cameroon envisaged an immediate economic crisis if UK voted to leave EU. The value of pound slumped very next day after referendum but it regained its losses real soon. Immediate predictions of catastrophe were proven wrong as the economy of UK grew by 1.6% in 2016. It was near to Germany’s 1.9pc amongst leading G7 industrialized nations. The growth rate remained stagnant in 2017. According to Office for National Statistics figures, an increase in inflation was observed after June 2016 but it eased to stand at 2.5pc. Unemployment has fallen to nearly a forty-year low of 4.3pc.
Hard And Soft Brexit Means
The terms ‘hard’ and ‘soft’ are used during debates on account of UK exit from European Union. Generally, they give a notion of the proximity ofUK’s relations with EU post-Brexit, but there is no such definition of these terms. Soft Brexit is interpreted as acceptance of free movement of people in a single market. Whereas on contrary to this, hard Brexit contains no compromise of UK with respect to the free movement of people even if destined to leave single market. The question prompt up here is that what is Single Market?
The Single Market of European Union allows the free movement of money, services, and goods within the EU, as it is a single nation. People are allowed to land a job or set up their own business within EU zone. A common law-making is needed to certify that commodities are manufactured with same standards and enforce rules to certify a standard level. The idea of the single market was proposed to create employment opportunities, boost trade, and lower the prices. The advocates of the Single Market view it as an achievement. Great Britain already had a membership of free trade area in Europe prior to joining “common market.”Free trade area is not a single market since member states do nor amalgamate their economies but member states can trade without paying duties.
Theresa May’s Stance On Brexit
Since the referendum campaign Theresa May was against the Brexit but later she said it is what our people wish for, with her key comment “Brexit means Brexit.”A process to leave EU then triggered on March 29, 2017, while plans for Transition Period have been outlined by her after Brexit in a speech in Italy. She surprised everyone by calling an election on June 8, 2017, and opined that she wants to strengthen her hands in Brexit talks with leaders of Europe.
Transition Period
The transitional period is the time span after March 29th, 2019¬¬¬ to December 31st, 2020, to permit businesses and everything in place for the moment when new rules between EU and UK will begin after post-Brexit. The features and particulars to develop new relationship would also be hammered out.EU wants to endure the free movement during the transition period. The United Kingdom will be pulling out of its own trade deals.
Negotiations
Brexit negotiations officially have begun on June 19, 2017. The first tasks in EU summits were to get an agreement after Brexit on the rights of EU and UK expatriates. They were to decide a figure that the UK will have to pay to while leaving so-called ‘Divorce Bill.’ A breakthrough deal in Brexit talks reached on December 8 and now the UK and EU have shifted to discuss the permanent post-Brexit relationship.
What Is Happening Now And How Long It Will Take For Britain To Exit EU
Despite few political factions striving to halt the happening of Brexit. The government of the UK and main political party in opposition stood in favor of Brexit. They are centering their eyes mainly on a post-Brexit relationship with EU. The UK’s scheduled time for leaving the EU is on March 29, 2019, at 11 pm UK time. The EU and UK have conditionally consented on three issues so-called “divorce issues”, how much United Kingdom owes the EU, what happens to citizens of European Union residing in the United Kingdom and vice versa, and lastly, what happens to the border of Northern Ireland. Such discussions will lead to smoother future affairs and implementation of negotiated deals after Brexit.
