Can you define the Brexit and answer what is the controversial reaction it evoked among the British community?
On 23rd June 2016, The United Kingdom (UK) took part in a referendum in which the majority had voted to leave the European Union (EU). This has led the term ‘Brexit’ to be coined to describe the departure of UK from the EU. Both the UK and EU have begun to discuss how to ensure an even break up and the main issues have been narrowed down. The leave will affect the four-basic freedom of movement of capital, goods, people, and services. Since the Brexit decision was made, the UK has two transition years during which they will decide on the way forward and the details of various issues including the free trade agreements.
Many individuals found Brexit to be shocking and would prefer a second referendum, however, The UK Prime Minister submitted Article 50 as a form of withdrawal notification to the EU. Article 50 TFEU provides negotiations guidelines and it outlines what principles the EU should rely on during such negotiations which is a mechanism, established by the Treaty of Libson and that all member states had signed in 2009. This mechanism was triggered when the UK left the EU. Therefore, in relation to Article 50, it was required from the UK to formally notify the European Council of its decision to leave, following which it could negotiate its withdrawal from the EU and in the case of the UK the agreement for the negotiation is set to last two years through the transition is expected to continue until 2020 . Brexit has caused negative and positive implications for both the UK and the EU. When the UK was a member of the EU people from different countries enjoyed the freedom of movement and the movement of services, capital, and goods. Since Brexit, there are limitations that will be enacted, and they will affect different industries including manufacturing and trading industries. The facts below analyzes the negative implications resulting from Brexit.