Brexit: A Comprehensive Guide

What is Brexit?

Brexit is a term that refers to the withdrawal of the United Kingdom (UK) from the European Union (EU). It is a combination of the words "British" and "exit".

The Origins of Brexit

The term "Brexit" was first coined by British political commentator Peter Wilding in 2012. However, it gained widespread usage following the UK's referendum on EU membership in 2016, in which 52% of voters opted to leave the EU.

The Brexit Process

The UK's withdrawal from the EU was a complex and lengthy process. Following the referendum, the UK government triggered Article 50 of the EU's Lisbon Treaty, which initiated a two-year period of negotiations.

These negotiations covered a wide range of issues, including the financial settlement, the rights of EU citizens living in the UK, and the future trading relationship between the UK and the EU.

The Withdrawal Agreement

In November 2018, the UK and the EU reached an agreement on the terms of the UK's withdrawal. This agreement, known as the Withdrawal Agreement, was approved by the UK Parliament in January 2019.

The Withdrawal Agreement set out the terms of the UK's exit, including the financial settlement, the rights of EU citizens, and the transition period.

The Transition Period

The transition period began on January 31, 2020, and ended on December 31, 2020. During this period, the UK remained a member of the EU's single market and customs union.

The transition period allowed businesses and individuals to prepare for the UK's full withdrawal from the EU and to negotiate a new trade deal.

The UK's Exit from the EU

On December 31, 2020, the UK formally withdrew from the EU. This marked the end of the transition period and the beginning of a new era in UK-EU relations.

The UK is now an independent third country outside of the EU. It is no longer subject to EU laws or regulations and is free to negotiate its own trade deals with other countries.