Brexit: What is the story?

Britain is currently in the midst of considering whether it should leave the European Union or not and this process is known has been given the term “Brexit”.

What is the European Union? Well, it's a system that the European Nations have established to open their borders, implement uniform regulations, and create a political and economic bureaucracy based in Brussels, and a constitute a common currency,called the “euro.” However, Britain, has been hesitant in fully affixing itself with EU as it never dismantled its borders and retained its own currency.

EU law requires the U.K. to welcome an unlimited number of migrants from other EU countries. Britain’s relative economic strength has drawn large numbers of Polish, Croatian, and Portuguese immigrants to its shores. Not everyone in the U.K. is thrilled about all their new Eastern European neighbours. But as long as Britain remains in the EU, there’s very little its government can do about it. This is the main reason behind Brexit.

 

Prime Minister David Cameron had worried that the British voters would cost him a re-election and vote for the U.K Independence party instead and put Labour back into power.

To prevent this from happening, Cameron promised that upon being re-elected he would put forth a referendum on EU membership. He was indeed re-elected and now Brexit has resulted.

However, the process of leaving the EU will take years. Article 50 of the treaty of the European Union establishes the procedures for a member state to withdraw from the EU. It requires the member state to notify the EU of its withdrawal and obliges the EU to then try to negotiate a withdrawal agreement with that state. Once Britain invokes Article 50, it will have a two-year window in which to negotiate a new treaty to replace the terms of its existing EU membership. Britain and EU leaders would have to sort out issues like trade tariffs, migration, and the regulation of everything from cars to agriculture.