Brexit is Britain's exit from the European Union, which officially took place on the 31st of January,2020 ; and begun the 11th month transition period till the new year. Now although Brexit only happened 6 months ago, it was in the making for 4 years.
Half of the voters who voted in favour of Brexit felt that leaving the European Union was a matter of sovereignty as they felt that the European Union interfered to much in Britain's matters and Britain should make its own decisions
Others had economic reasons. With most of the voters being above 65, they had witnessed the financial crises which had taken place in the past, the most recent of them being the 2008 Financial Crisis. This is why they felt a more separate, national economy is less vulnerable to facing such an issue again, rather than an increasingly integrated European Economy which became prone to major losses due to dependence on national economies of member nations.
Exaggeration in the leave campaign was evident. One of their main slogans was the fact that Britain gave 350 million euros to the European Union each week, when in reality, Britain gave only 150 million euros to the EU. Many people hearing this false statistic of '350' million, felt that this money could be spent on other things such as highway's , etc.
A short timeline
2016 - 2018
On June 23rd, Britain passes the Brexit referendum with a vote of 51% to 49%. Cameron shortly after announces his decision to resign on the 24th of June stating he would resign on the 13th of July. Thereafter, Theresa May became the Prime Minister of the United Kingdom, officially one the 15th of July, 2016.
Theresa May was primarily elected for making sure Brexit was accomplished in a smooth process, but she announced in April, 2017 for a 'Snap' election; in an effort to ensure parliament was one her side as she felt that opposing parties would disrupt negotiations and ensure that political games followed.
In 2018, May and the EU published their initial withdrawal agreement regarding the terms of which Britain would leave the EU on.
2019 - 2020
On 10th April, 2019, the EU passed Britain's extension for the exit till 31st October, 2019. Later, Theresa announced her resignation from office on the 24th of May. Boris Johnson, one of the main leaders behind the 'leave' movement fills Theresa's shoes as the new Prime Minister, vowing to complete the task May had set out to do. On the 28th of October, the EU passed for another extension for Brexit, till the 31st of January, 2020.
Brexit day III, on the 31st of January, 2020, becomes the beginning go the Transition period and Boris completes his mission of Britain's official exit from the European Union.
The Result
The deadline for an extension for the Transition period has passed, meaning if Britain and the EU, can't come to terms by the 31st of December, Britain could be severely impacted. If no trade deal can be reached, Britain faces the possibility of facing major tariffs on its exports.
Negotiations are stalled on the fact that the EU wants a plain level field, with common factors such as minimum worker's rights and wages, same environmental standards, etc. The United Kingdom proclaims that they are on par with all European laws and this field has been met, but their ambitions to trade with other nations currently not on the EU's roster has created issues and differences. The UK also wants to leave the European Court of Justice, the Single market and the customs union.
Our View
Brexit wasn't the best decision. It is said to be the end of Britain's role as a global power and one of influence, with many saying that Britain lost its status as a 'super power' after the Suez Canal crisis. Britain's Economy is set to take a hit, with tariffs from european nations set to come in to play from 2021, which may be large, unless a Trade deal between the 2 parties can take place. This possibility will possibly also increase Britain's trade deficit. The exit from the European Union also means the termination of great deals and ties with global powers such as Japan and Canada.
Till Next Time,
~Nehal Singhal