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Brexit is a term that refers to the United Kingdom’s (UK) decision to leave the European Union (EU) following a referendum held on June 23, 2016.The referendum question was: “Should the United Kingdom remain a member of the European Union or leave the European Union?”The majority of voters, 51.9%, decided that the UK should leave the EU. The UK has been a member of the EU since 1973.
What Are the Implications of Brexit?
Since the UK voted to leave the EU, there has been much speculation about the implications of Brexit. Here are some of the main areas that are likely to be impacted:
Economy
One of the biggest concerns around Brexit is the impact it could have on the UK economy. The uncertainty surrounding the UK’s future relationship with the EU has led to a number of businesses relocating from the UK to other EU countries. The value of the pound has also declined significantly since the referendum result was announced.
Trade
Leaving the EU means that the UK will no longer be part of the single market and customs union. This means that the UK will need to negotiate new trade deals with the EU and other countries around the world.
Immigration
One of the main reasons that people voted to leave the EU was to take control of immigration. Leaving the EU means that the UK will be able to control who comes into the country from EU countries. It is not yet clear what the new immigration system will look like or how it will impact industries such as health care and education, which rely on EU workers.
The Road Ahead: What Happens Now?
The UK officially left the EU on January 31, 2020. However, there is still much to be negotiated before the relationship between the UK and the EU is finalized. The transition period, during which the UK remains in the EU’s single market and customs union, ends on December 31, 2020.The UK and the EU are currently negotiating a trade deal, but it is not yet clear whether an agreement will be reached before the end of the transition period.
Conclusion
Brexit is a complex and contentious issue that has far-reaching implications for the UK and the EU. Only time will tell what the ultimate impact of Brexit will be, but it is clear that we are living in a time of great uncertainty and change.
