CandleFocus Glossary Editor
Brexit has been an ongoing saga since the referendum in June of 2016. That's when Britons voted to leave the European Union, with the Leave side garnering 51.9% of the vote and the Remain side getting 48.1%. Fast forward to 2020 and the U.K.'s official departure from the EU took place on Jan. 31, 2020.
However, this was just the start. Negotiations between the U.K. and the EU on the terms of a divorce deal took place from 2017 to 2019. On Dec. 31, 2020, this transition period ended and the U.K. officially left the EU. During this time, the U.K. and the EU had to determine the terms that would govern the future relationship between them, such a trade, security, and fishing.
The outcome of those negotiations resulted in an agreement known as the Brexit Deal. This landmark deal spells out the terms and conditions of Britain's exit from the European Union. The deal stipulates that Northern Ireland will remain aligned with EU single market regulations, while the rest of the U.K. will be outside the EU single market and customs union. It also includes provisions regarding shared fisheries and a level playing field on environment and labor standards, among other things.
Brexit has sparked a series of changes in the U.K. For one thing, it has altered the country's approach to immigration. The freedom of movement of E.U. nationals in the U.K. is now limited and the government has introduced a new points-based system for non-E.U. citizens to enter the U.K.
Additionally, Brexit has caused economic disruption in the U.K. For instance, there has been a substantial decline in the value of the British pound and some export sectors have experienced a downturn due to the additional paperwork needed to do business in the E.U.
Brexit has also resulted in the U.K. looking to form new relationships with other countries. The U.K. is now in the process of negotiating its first post-Brexit trade deal with the U.S. and is seeking to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The full effects of Brexit are yet to be seen, but it has already caused some major changes in Britain and the EU. It remains to be seen what long-term effects Brexit will have, but for now, it is clear that it has already altered the way of life for many Britons.
However, this was just the start. Negotiations between the U.K. and the EU on the terms of a divorce deal took place from 2017 to 2019. On Dec. 31, 2020, this transition period ended and the U.K. officially left the EU. During this time, the U.K. and the EU had to determine the terms that would govern the future relationship between them, such a trade, security, and fishing.
The outcome of those negotiations resulted in an agreement known as the Brexit Deal. This landmark deal spells out the terms and conditions of Britain's exit from the European Union. The deal stipulates that Northern Ireland will remain aligned with EU single market regulations, while the rest of the U.K. will be outside the EU single market and customs union. It also includes provisions regarding shared fisheries and a level playing field on environment and labor standards, among other things.
Brexit has sparked a series of changes in the U.K. For one thing, it has altered the country's approach to immigration. The freedom of movement of E.U. nationals in the U.K. is now limited and the government has introduced a new points-based system for non-E.U. citizens to enter the U.K.
Additionally, Brexit has caused economic disruption in the U.K. For instance, there has been a substantial decline in the value of the British pound and some export sectors have experienced a downturn due to the additional paperwork needed to do business in the E.U.
Brexit has also resulted in the U.K. looking to form new relationships with other countries. The U.K. is now in the process of negotiating its first post-Brexit trade deal with the U.S. and is seeking to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The full effects of Brexit are yet to be seen, but it has already caused some major changes in Britain and the EU. It remains to be seen what long-term effects Brexit will have, but for now, it is clear that it has already altered the way of life for many Britons.