"BREXIT"

I am writing this post, because most Indians have just no idea, as what and why is Brexit taking place?

What is Brexit?

It is a word that is used in short meaning UK is leaving the EU. Merging the words Britain and Exit to get Brexit.

Why is Britain leaving the European Union?

A referendum - a vote in which everyone (or nearly everyone) of voting age took part - was held on Thursday the 23 June, 2016, to decide whether the UK should leave or remain in the European Union, for various functional over the period differences with the "EU"

England voted for Brexit, by 53.4% to 46.6%. Wales also voted for Brexit by 52.5% to 47.5%. Scotland and Northern Ireland both backed staying in the EU. Scotland backed to stay by 62% to 38%, while 55.8% in Northern Ireland voted and 44.2% for Brexit. The referendum turnout was 71.8%, with more than 30 million people voting.                                                                                                                                   

What is the European Union?                                                                                  

The European Union - known as the EU - is an economics and political partnership involving 28 European countries. It began after World War 2, to foster economic co-operation, with the idea that countries which trade together were more likely to avoid going to war with each other.                                 

When is the UK due to leave the EU?                                                                              

For the UK to leave the "EU" it has to invoke Article 50 of the Lisbon Treaty which gives the two sides, two years to agree to the terms of the split. PM Theresa May Triggered this process on 29 March, 2017, meaning the UK is scheduled to leave EU, at 11 PM UK time on Friday, 29 March 2019. It can be extended if all 28 EU members agree, But at the moment all sides are focusing on that date as being the key one, and PM Theresa May has now put it into British Law.                

So is Brexit definitely happening?                                  

The UK government and the main UK opposition party both say Brexit will happen. There are some groups campaigning for Brexit to be halted, but the focus among the UK's elected politicians has been on what relationship the UK has with the EU after Brexit, rather than whether Brexit will happen at all. Nothing is ever certain, but as things stand Britain is leaving the European Union.                                                         

What is happening now?                                                  

After months of negotiations, The UK and EU have come up with a draft Withdrawal Agreement. This covers, how much money the UK owes the EU - an estimated £39bn - what happens to the Northern Ireland border and what happens to UK citizens living elsewhere in the EU and EU citizens living in the UK. It also proposes a method of avoiding the return of a physical Northern Ireland border. A separate and much shorter draft statement on future relations has also been agreed. To buy more time, the two sides have agreed on a 21-month "Transition" period to smooth the way to Post- Brexit relations. The UK cabinet will discuss the text. If they give the go ahead there should be an EU summit at the end of November to agree to it. It would then be up to the UK Parliament and EU member states to each ratify the agreement, before Brexit next by 29 March 2019.                                    

Latest on Brexit?                                                                

EU says longer transition would lead to a bigger bill as UK PM prepares for the critical week. Theresa May's hopes of securing her Brexit deal were dealt a new blow on Saturday Night as the EU warned, that the UK would have to pay about £10bn more to Brussels to win extra time, after 29 Mar 19, for a smooth exit.