The essential facts about Brexit

The facts about Brexit are doing round the corner in the world. One of the facts about Brexit is that having a turnaround of approximately 72 percent, 51.9 percent of British people voted in favor of the UK leaving the European Union. For instance, 48.1 percent people voted in favor of membership of Britain with the EU to be still intact. Therefore, this referendum set the ball rolling for the exit of Britain from EU. However, the details and date of the exit were yet to be decided. Initially, it was decided that the exit will happen on March 29th, 2019. However, later the date shifted to October 31st, 2019.

EU and UK finalized an outline agreement between them. The agreement outlined the amount the UK will pay on its departure from the union. People called it the exit bill or the divorce bill. Moreover, both the parties took a decision to not have a hard border with the Ireland. This led to the creation of a withdrawal agreement. And both the parties need to affirm it. The affirmation of this withdrawal agreement will lead to a transition period. In this transition period, all the other agreements will go into a standstill. This is because they want to give time for the trade related negotiations.

The Vital facts on Brexit

For a nation to leave the EU is atypical‑ and the degree of the complexities has gradually turned out to be apparent over the most recent few years.EU’s membership is a focal piece for the economy and society of every one of its members. And unscrambling this is perplexing, for both the sides.

Since the Brexit news, the discussions about UK & EU’s trading bloc are doing round the corner. There are two parts to it. First, the UK is the part of the EU customs union. This is an unhindered trade region which enables free trade and circulation of goods freely in the designated areas. All members of this union have agreed to impose same taxes for goods entering from the non-member countries of EU.

Moreover, the UK is a member of the EU single market, which also allows the free movement of goods & trade. Membership of Britain with EU single market along with EU customs union helped to move goods freely across the European Market and countries. In addition, the recent common regulations of EU support the trade in other sectors such as pharmaceuticals and food. Moreover, the UK additionally engages with normal international policies co-ordinated at EU level, remarkably in international strategy and defense and in trade deals with different nations.

The entire Synopsis

The talks of Brexit between UK and EU took place in a sequential manner. This sparked a lot of debates by all the experts. They have also debated on the expected political relationship between the UK and the EU. But, the results of the exit of Britain from the Union will be observed only when the actual exit of the UK takes place. 

In the short time period, the aim of withdrawal agreement would imply that once the UK leaves, a sort of halt or standstill would start and go on until the finish of 2020. The withdrawal agreement additionally recommends that this change period could be stretched up to 2022. If the progress time frame kicks in, very little will change on day of Brexit, with the exception of the UK’s formal exit. In any case, in the event that the withdrawal agreement isn’t concluded, at that point there is a danger of a no-deal scenario on October 31st, except if a further delay is concurred.

The no-deal scenario

If the withdrawal agreement is not finalized then the Britain will leave the EU in a ‘no-deal’ scenario on October 31st, 2019. This will result in a chaotic situation due to affects on trade. Therefore, the exit will result in imposing of strict regulations on trade. There will be uncertainties in various sectors like pharmaceuticals, aviation and food. This will have effects on the economy.

Some experts speculate on one of the facts about Brexit is that the UK and the EU will work closely and try to avoid any chaotic situation. Since, the things are going in a different direction, it is likely that the Britain will the EU in the ‘no-deal’ scenario. Therefore, observing such a situation, Dublin and Brussels have started their preparations to deal or manage with any of the problems associated with this ‘no-deal’ scenario.

However, if a withdrawal agreement is made, then the debates will move to in a different direction. The UK and EU will try to figure how the two parties will work in cohesion with each other in the future.

Well, whenever Britain exits the EU, it is sure that it will affect the economy of many European countries. The barriers to exports are the main threat which will arise due to Brexit. What will actually happen, this will only be known when Britain will actually leave the EU. Until then, we can gather and go through the facts about Brexit.

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