Brexit 101

Brexit is a word that is used as an abbreviation for the United Kingdom from the European Union – combining the words of Britain and exit to get the word Brexit, much like the possible exit of Greece from the EU in the past was called Grexit.

Why does Britain want to leave the EU and how did voting across the UK look like?

A referendum – a vote on which all (or almost all) voters can vote – was held on Thursday, June 23, 2016, in order to decide if the United Kingdom should leave the EU or remain in it. The option of departure was obtained from 51.9 percent of votes to 48.1 percent for the remainder. The referendum’s turnout was 71.8 percent, with more than 30 million people voting.

England voted for Brexit, with 53.4 percent up 46.6 percent. Wales also voted for Brexit, from 52.5 percent to 47.5 percent. Scotland and Northern Ireland supported their stay in the European Union. Scotland supported the vote from 62 to 38 percent of the vote, with 55.8 percent voting in Northern Ireland to stay, up 44.2 percent to leave.

Those against argue that this is not what people voted – and could keep the United Kingdom bound to the EU indefinitely, without any possibility of objection to the regulations. Some even think it would be worse than staying in the EU. Those who retaliate even claim that the agreement is worse for the UK than to stay in the EU.

What is a “transition period”?

It relates to the time period between March 29, 2019, and December 31, 2020 (maybe even later), so that everything can be found in place and allow businesses and others to prepare for the moment of new post-Brexit regulations between the UK and the EU. It also leaves more time to fully match the details of this new relationship. Free movement will continue during the transition period, as the EU wanted. The United Kingdom will be able to enter into its own trade agreements – although they will not be able to enter into force before January 1, 2021. This transitional period will only happen now if the UK and the EU reach an agreement on the Brexit.

What is the attitude of Theresa May on the Brexit?

Theresa May during the referendum campaign was against Brexit but now is his advocate because it is what the British people want. She launched a two-year process of leaving the EU on March 29, 2017. Its objectives for negotiations were defined in a letter to EU Council President Donald Tasko, who outlined her plans for a transitional period after Brexit in a major speech in Florence, Italy.