Brexit is a term coined to represent the UK’s exit from the European Union.
European Union is a consortium of 28 European countries sharing a common interest of peace and prosperity of the member nations across all formats of the economy.
The current shape and structure of the EU have been transforming over the year since the time it was first formed in 1947 when France and the United Kingdom signed the Treaty of Dunkirk to strengthen their relationship against the looming German attack after the World War II.
Q: Which European countries are not in the EU?
A: Albania, Belarus, Bosnia & Herzegovina, Kosovo, Macedonia, Moldova, Norway, Russia, Serbia, Switzerland and Ukraine.
Does the UK want to leave the EU?
On the 23rd of June, 2016 when David Cameroon was the Prime Minister, a referendum was carried out in which 71.8% (30 million people) of the people voted.
Although the margin was narrow, the majority of the people(51.9%) voted for Brexit. With this, the UK was supposed to make the exit on the 29th of March 2019. However, the agreement to leave the EU has been rejected three times by the UK parliament.
In the wake of this turn of events, Teresa May, on 24th May 2019 announced that she will quit as Conservative leader. She, however, mentioned that she will serve as the Prime Minister until a new leader takes her place.
What is the Bottleneck?
The only possible bottleneck is that the MPs want a deal before the Brexit actually happens. Without the deal, the UK would have to break all ties with the EU with immediate effect.
This means there will not be any transition period to get things and processes in place post Brexit. If that happens, the exit will not be smooth, jeopardizing the future of businesses and individuals. This will not give time to plan for the UK citizens who are living elsewhere.
Is Brexit still on?
The EU leaders have agreed for a six-month extension which expires on the 31st October 2019. So, if both(the UK and the EU) approves the withdrawal agreement before then, the Brexit will be effective from the 1st of November, 2019.
Can Brexit still be cancelled?
According to the decision made by the European Court of Justice on the 10th December 2018, the UK can revoke the Brexit with no permission required by the other 27 EU members. But, this would require a democratic procedure which demands the Parliament’s vote and a change in the UK law.
If not cancelled, it can still be delayed if the UK and all other 27 members agree for the extension.