WORLD HISTORY

Detailed explanation-1: -Brexit (/ˈbrɛksɪt, ˈbrɛɡzɪt/; a 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: -Article 50 of the Treaty on European Union (TEU) states that “Any Member State may decide to withdraw from the Union in accordance with its own constitutional requirements". Currently, the United Kingdom is the only former member state to have withdrawn from the European Union.

Detailed explanation-3: -The European Union ( EU ) is an economic and political union of 27 countries. It operates an internal (or single) market which allows free movement of goods, capital, services and people between member states.

Detailed explanation-4: -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’.