Before proceeding further on the details concerning Brexit, it is important to know about the term. “Brexit” refers to the withdrawal of Britain from the alliance of European Union (EU). Recently US Prime Minister Theresa May has declared Britain’s exit from EU. Although for several Eurosceptics, this reason called for a huge celebration but to others concerned with the global economy, this came as a terrible shockwave.
How was the decision taken?
This sudden decision by the UK Prime Minister has been regarded by many as an opposition to the mainstream politics. The House of Commons represented by several political parties, there were only two parties consisting of a total of seven MPs showed their support for the exit of Britain from the European Union. Most of the members of Conservative party and ministers were in support of the former Prime Minister David Cameroon who argued for a “Remain” vote on this issue. However, disregarding the opinions and advice of trade unions, political parties and leading businessmen the decision was finalized and led by Theresa May. According to a renowned newspaper company Daily Mirror, this was “The most divisive, vile and unpleasant political campaign in living memory.”
The current situation after Brexit
EU has talked about success and progress that they have made on the Brexit bill during the first phase of the matter of EU’s exit, Irish border as well as the rights of the citizens of EU. Although Britain desperately wanted the next phase to talk to begin soon, the EU has kept them on hold until March. Time is running short since as stated in Article 0, Britain is to leave the EU by the end of March 2019. Therefore, Prime Minister May is now in a hurry to exit from EU’s single market plan in order to regain her nation’s dominance over immigration issue and also to put an end to the supremacy laws of EU. The “Great Repent Bill” introduced by May is aimed at ending the supremacy laws of EU over UK’s legislation. However, with May’s minority government supporting her idea, this bill is undoubtedly at high risk. A leader of the Labour Party and renowned British politician Jeremy Corbyn said that during the period of transition, UK should stay as the part of EU’s single market and has thus agreed on keeping the Brexit at rest.
Brexit affecting the global economy
As soon as the Brexit victory in March 2016, UK, unfortunately, lost the top AAA rating which left the global economy taken aback. To regain the declining economy in the UK, the nation has to soon be engaged in other trade agreements with countries around the globe. If the economy of UK keeps losing its former position, hardly any foreign companies would be interested in investing in the UK. The situation might turn down to the extent of companies shifting their headquarters from the UK to elsewhere in Europe. On the other hand, people in support of EU are in the argument that trade relations of Britain with EU would not be hampered due to Brexit as the nation has till date been the largest provider of goods and services.