What is Brexit?
Brexit is an abbreviation for "British exit"
- the term refers to the United Kingdom's
exit from the European Union (EU). Brexit
took place on 31 January 2020, when the UK
legally revoked its membership in the 28-member
nation European Union (EU).
What is the Timeline of Brexit?
A referendum was held in June 2016 in which
52% of the UK residents voted in favour of
the exit and 48% voted for the UK to remain
a member of the EU. The vote jolted financial
markets with tumbling impact on the currency
on the Brexit uncertainty.
In March 2017, the UK government led by Theresa
Mary, who then served as Prime Minister, formally
informed the EU about the country's withdrawal
intentions, starting the Brexit process. The
withdrawal was supposed to take place on June
29, 2019 but it was delayed due to a deadlock
in the UK Parliament after the June 2017 general
election.
If any country proposes to withdraw from the
European Union, it has to follow a due process
governed by Article 50 of the Treaty on European
Union. It has a two-year negotiation period
in which the EU negotiates an agreement with
the State for its future relationship with
the Union. If the agreement is not set in
two years the membership ends without the
agreement, unless the EU state provides an
extension to the negotiation.
The deadlock in the UK parliament was settled
down after the general elections in December
2018. After reaching an agreement, finally
on 31 January 2020, the United Kingdom left
the European Union at 11 p.m. GMT.
Currently, the agreement is in the transition
phase and till 31 December 2020, the UK and
the EU have time to negotiate the terms for
its future relationship.
Even though the country is not a part of the
EU's political establishments anymore, the
UK is still under the purview of EU laws as
on mid-2020. The country also has to follow
the EU customs union and single market till
this agreement is in process. The end of this
transition period will affect citizens, businesses
as well as travel to and from 
EU states.
What is the EU?
The European Union is a political and economic
union of 27 countries which are primarily
located in the Europe region. The basic objective
of the EU formation is to allow conflict-free
trade between these independent countries.
Because of the abolition of border control,
the citizens of the EU nations are also able
to easily move to live, work, travel and study.
They receive the same access to the benefits
provided 
in 
their country, such as healthcare, employment
,social security, tax and consumer rights.
