The word Brexit, which is a union of the phrase ‘Britain’s Exit’, refers to the country voting itself out of the European Union (EU). The results were declared on 23rd June and UK has sent the leaders and international allies into a tizzy by voting to exit the EU.
Here is everything you need to know about Brexit:
#1. The politco-economic union of 28 member states that are mainly located in Europe is known as the European Union (EU).
#2. The EU policies aim to ensure easier movement of people, goods, services and capital, enforce laws in justice and home affairs, maintain common policies on trade, development and agriculture between the member states.
#3. The United Kingdom (UK) has voted to leave the European Union after a long partnership of 42 years.
#4. The contest was really close with 48.1% voting in favour of remaining a part of EU and 51.9% voting against it.
#5. The voting was polarized geographically too where England and Wales voted to leave and Scotland and Northern Ireland voted to remain.
#6. This means that another referendum is highly likely to happen, which would be for the Independence of Scotland from the United Kingdom. Though in a 2014 referendum, Scotland rejected independence from the UK by 55 to 45 percent.
#7. The Prime Minister of the United Kingdom, David Cameron had campaigned for a ‘Remain’ vote. After the results, the PM has announced to resign by Autumn.
#8. Apparently, the Queen supports the Brexit as told by her to Ex-Deputy PM Nick Clegg.
#9. The EU and UK can part amicably or it can get very ugly. Both will have to come to an agreement regarding trade agreements, immigration agreements and other laws.
#10. The EU will lose a huge chunk of diplomatic and military power after Brexit.
Here is how it will affect India as a nation:
#11. With global markets greatly hit with the move, the rupee may fall and investors might leave risky markets in the country. The pound was at an all time low on Friday and rupee subsequently against the US dollar.