Brexit ( Br- Britain and Exit)is a term used for the withdrawal of the United Kingdom from the European Union, of which the UK has been a part of since 1 January,1973. The withdrawal from EU is governed by Article 50 of the treaty of European Union. For withdrawal, the member country has to notify the European Council and there is a negotiation period of up to 2 years after which the treaties can cease to apply. About which the UK officially notified the EU in March,2017 after considering the result of referendum held on 23rd June, 2016 and the leave won by majority of 51.09%.
The PM Theresa May called for early elections in order to strengthen her hnd in Brexit negotiations . But the results ended up with creating a situation of hung parliament and May fatally weakened her position and what made it worse is that there are also rumors of a leadership challange within May’s own party by Boris Johnson.
The brexit talks were supposed to get started from 19th June,2017 but considering the political scenario the dates are uncertain as of now. The UK is supposed to leave EU on 29th March,2019. Considering that 2 years is not a lot of time to negotiate on something this important and increasingly complicated.
After being a part of the European Union for more than 40 years, it’s complex to come up with plans that will get affected after hammering up the divorce deal.
There is a massive amount of work to be done for the formulation and regulation of new treaties which will substitute 759 EU treaties, which the UK HAS been relying in for over decades which cover everything from nuclear power to food to pet passports under it, and they will get immediately excluded.
And if it’s not able to negotiate in these 2 years, everything from tarrifs to immigration will default to the harshest possible scenario.
The most important question is that will UK leave the European Union Single Market and trade according to the rules of World Trade Organisation or will it stick to EUSM.
And this decision is gonna affect the lives of millions and the generations to come. It’s a huge delicate problem and most importantly for trade. If a favourable deal isn’t signed, it will expose UK products to high tarrifs and will massively affect the export business. Britain really needs to trigger up, get sorted with the political scenario if it wants to thrive without EU’s support.