Arguably one of the most controversial moves made by Britain, Brexit has continued for more than three years. But what is it?
While most people know roughly that Brexit is about the UK leaving the European Union what most people don’t know are the nuances of Brexit. This this idea dates to 1975 when the UK joined what was then the European Economic Community in 1973 and wanted to leave in just 2 years.
The reason the UK did remain in the EU was because it was naturally better for them considering all the economic opportunities the EU was providing them and how it was making it easier for European countries to trade. The EU would also help Britain sort its issues regarding the borders making it almost ideal.
However, Brexit was brought up again 3 years ago and a nation-wide vote revealed that the people of UK did indeed want to leave the EU and hence the Brexit deal started being drafted.
Present day, after Brexit has already caused Theresa May to resign, Boris Johnson has now taken the responsibility to craft a deal and this deal, which was pitched to the EU just a week ago. Most of the changes in this deal are related to the Ireland borders, adding complications to the trade border issues.
Boris Johnson’s deal also pulls the UK out of the customs union, enabling them to make trade deals with other countries. This sounds like a good thing for the economy, but it’s quite the opposite, as it means the UK would now have to pay tariffs on products coming from other European countries.
Signing Brexit would also mean that the global economic value of Britain would suffer a major hit as it would no longer be feasible for firms to set-up shop in financial hubs like London.
These recent effects of the draft Brexit deal pose the question; what kind of damage will the actual Brexit cause?
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