What is Brexit? Who does it involve?
On the 29th of March 2019 the United Kingdom will separate from the European Union, after only having joined in 1973. Now 45 years on, the British public have made the decision to sever ties with the EU; expectedly there are some issues which will inevitably arise: these are the expected challenges. The first of which being the matter of the UK settling how much they owe the EU, the second being what happens to the border between the republic of Ireland and Northern Ireland. Yet another issue is what becomes of the British citizens living in the EU; and what happens to the European citizens in the UK. Although the UK officially leave on the 29th of March 2019, the British government has put forward the idea that a 21-month transition period takes place in the hope that the finer details can be agreed upon. Hopefully agreeing on nature of the relationship between the two states. Finally a trade agreement has to be made in November of this year.
What is a No-deal Brexit?
A no-deal Brexit is the outcome which the government could reach if the necessary agreements are not met with the EU, causing a strained relationship between the UK and EU. This is very much the worst-case scenario for both parties as it would result in the UK not re-paying the EU, although UK Prime Minister Theresa May has stated that a no-deal Brexit is preferable to the UK than a bad-deal Brexit.
When would it happen?
Brexit will take place at 11:00am on the 29th of March 2019; if the proposed 21-month transition period is agreed the extended time for negotiations would allow the minute details to be confirmed. Meaning that the current relationship between the UK and the EU would remain uninfluenced, until the results are implemented 1st of January 2020.
What would happen as a result?
Many Britons fear the prospect of a no-deal Brexit, but what are the repercussions of the UK leaving the EU without a deal? The fact is that it is hard to tell what the result of the divorce of the EU will be, the government has been able to predict a few things though; it is looking increasingly likely that all credit card transactions between the UK/EU are likely to sky-rocket, the pound’s value is likely to nose-dive [whether this will be temporarily or for an extended period of time]. Borders may be backed up a result of customs checks, pharmaceutical companies are being advised to stockpile medicines, and businesses will have delayed access to their products. British citizens residing in the EU, and European citizens living UK, could lose access to their pensions. Finally, the UK will have to put its own new revised nuclear safeguards in place
This could all be as the pro-brexiteers say that it is scare mongering, and if a deal is made very little could change or the same could come into effect because of a hard Brexit.
Is it a good thing or a bad thing?
The question everyone has been asking since day one is whether Brexit will benefit the UK or not. Predictably the least assuring answer is also the simplest: no one really knows, there are many factors which are in favour of either side but for many it is merely down to your own personal circumstances so unfortunately there is no definite answer.
- Lewis McPartlin, Reporter
- Sources: BBC news