What Was Brexit, and How Did It Affect the United Kingdom, the EU, and the United States?
What Was Brexit, and How Did It Affect the United Kingdom, the EU, and the United States?
What Exactly Was Brexit?
The "British withdrawal" from the European Union, of which the United Kingdom had been a member since 1973, was dubbed "Brexit." When the United Kingdom decided to leave the EU on June 23, 2016, that changed. The residents determined that the benefits of free commerce were insufficient to compensate for the costs of unfettered immigration mobility. 17.4 million people chose to leave, compared to 16.1 million who voted to stay.
What Was the Cause of Brexit?
The referendum was first proposed by the Conservative Party in 2015. The majority of pro-Brexit supporters in England's countryside were elderly, working-class people. 23 They were concerned about the unrestricted movement of immigrants and refugees, arguing that residents from poorer nations were stealing jobs and benefits in the process. EU fees irritated small firms as well. Others believed that exiting the EU would result in employment creation. Many people believe the United Kingdom contributes more to the EU than it receives.
The majority of those who voted to remain in the EU were from London, Scotland, and Northern Ireland. They supported free trade with the EU and stated that the vast majority of EU immigrants were young and ready to work. The majority of people believed that leaving the EU would harm the United Kingdom's international standing.
The Brexit Procedure
It was a difficult procedure to leave the EU. Former UK Prime Minister Theresa May filed the Article 50 withdrawal notice to the EU on March 29, 2017, in accordance with the decision of the people. She drafted a separation deal with the EU outlining their future relationship, but a divided Parliament refused to approve it.
Boris Johnson took over as Prime Minister of the United Kingdom in July 2019. Following a royally required general election on December 12, 2019, Johnson's Conservative Party won a majority. As a result, he was able to have the Withdrawal Agreement he negotiated with the EU approved by Parliament.
The Agreement Act gained the requisite legal Royal Assent on January 23, 2020, which means the Queen officially agrees to sign the measure into law.
4 The United Kingdom officially exited the EU on January 31, 2020, however a transition period began on December 31, 2020, and concluded on December 31, 2020. On December 24, 2020, the EU-UK Trade and Cooperation Agreement was signed (and signed on December 30)
Summary of the Brexit Trade and Cooperation Agreement
The Trade and Collaboration Agreement, which went into force on January 1, 2021, includes three key pillars: trade, cooperation, and governance. The pact does not, however, include foreign policy or defense.
What Was the Impact of Brexit on the United Kingdom?
Brexit has already harmed the United Kingdom. The economy has stalled, and many firms have relocated to the European Union. 13 Here are some of the effects on employment creation and growth. There would also be ramifications for Ireland, London, and Scotland separately.
