Events

BREXIT

BREXIT

The British exit from the European Union (BREXIT)
6/23/2016

The British exit from the European Union (BREXIT) is a reference to the withdrawal of the United Kingdom from th eEuropean Union.

More About BREXIT

  • Referendum to leave took place on June 23, 2016
  • The UK began official exit paperwork with the EU in March 207
  • UK Government has been negotiating the exit since the (circa late 2018)
    • Difficulty is that members of parliament have different views
    • Some don't want brexit, others want hard brexit - has made it hard to agree on a deal
    • The EU has imposed harsh conditions:
      • 50+ Billion in liability payments
      • Creating a border between Ireland and Northern Ireland
  • Article 50 in 2017 gave the UK 24 months to exit (they are out whether there is a deal or not)
  • 2019 is deadline for final exit with our without negotiated terms
  • Kind of like a Divorce:
    • UK kinds of wants it (some do, some don't)
    • EU does not want it


Benefits of Being In the EU:

  • Open access to trade with the rest of Europe
  • Open access of people and goods with the rest of Europe

Downsides to Being in the EU

  • Have to follow EU rules & regulations¬†
  • Also have to accept EU rules on migration - and migrant targets

2018

  • UK government asked pharmaceutical companies to stockpile medicines in preparation for the exit
  • Bank of England warn that housing prices could drop up to 35% due to BREXIT
  • Some are calling for a new referendum to repeal BREXIT