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What is Brexit?
Brexit is an abbreviation for "British exit" - the term refers to the United Kingdom's exit from the European Union (EU). Brexit took place on 31 January 2020, when the UK legally revoked its membership in the 28-member nation European Union (EU).
What is the Timeline of Brexit?
A referendum was held in June 2016 in which 52% of the UK residents voted in favour of the exit and 48% voted for the UK to remain a member of the EU. The vote jolted financial markets with tumbling impact on the currency on the Brexit uncertainty.
In March 2017, the UK government led by Theresa Mary, who then served as Prime Minister, formally informed the EU about the country's withdrawal intentions, starting the Brexit process. The withdrawal was supposed to take place on June 29, 2019 but it was delayed due to a deadlock in the UK Parliament after the June 2017 general election.
If any country proposes to withdraw from the European Union, it has to follow a due process governed by Article 50 of the Treaty on European Union. It has a two-year negotiation period in which the EU negotiates an agreement with the State for its future relationship with the Union. If the agreement is not set in two years the membership ends without the agreement, unless the EU state provides an extension to the negotiation.
