ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Brexit is an abbreviation of two English words: ‘Britain’ and ‘exit’ and refers to the withdrawal process of the United Kingdom (UK) from the European Union (EU).

Detailed explanation-2: -Brexit (/ˈbrɛksɪt, ˈbrɛɡzɪt/; portmanteau of “British exit") was the withdrawal of the United Kingdom (UK) from the European Union (EU) at 23:00 GMT on 31 January 2020 (00:00 1 February 2020 CET). The UK is the only sovereign country to have left the EU.

Detailed explanation-3: -On 23 June 2016, the United Kingdom (UK) held a referendum to answer the question: “Should the UK remain a member of the EU, or leave the EU?” By a margin of 51.9 per cent to 48.1 per cent, the UK voted to leave the European Union (EU)-commonly referred to as ‘Brexit’.

Detailed explanation-4: -The 2016 United Kingdom European Union membership referendum, commonly referred to as the EU referendum or the Brexit referendum, took place on 23 June 2016 in the United Kingdom (UK) and Gibraltar to ask the electorate whether the country should remain a member of, or leave, the European Union (EU).

Detailed explanation-5: -Factors included sovereignty, immigration, the economy and anti-establishment politics, amongst various other influences. The result of the referendum, which was not legally binding, was that 51.8% of the votes were in favour of leaving the European Union.