ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -What is it all about? 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-3: -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.

Detailed explanation-4: -During the UK’s time as a member state two referendums were held on the issue of its membership, with the first being held on 5 June 1975, resulting in a vote to stay in the EC, and the second, held on 23 June 2016, which resulted in the vote to leave the EU.

Detailed explanation-5: -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). Article 50 of the Treaty of the European Union regulates the withdrawal process of any Member State.