What is Brexit?

In 2016, the UK voted in a referendum, which is when the citizens of a country are given an important political question and they can only answer “yes” or “no”. In this referendum, they were asked whether they wanted to leave the EU. The majority voted that the UK should leave the European Union. The future of UK and EU is uncertain since the UK will also need to negotiate with other politicians in the EU to work out exactly which rules will stay the same, how things like trade will work, and how easy it will be for people from the UK to travel and work in the EU, as well as the other way around. After the declaration of the result, the pound fell to its lowest level since 1985. According to the IMF, Britain’s economy is the second biggest economy of EU countries. Only Germany’s economy is bigger. The UK’s economy represents approximately 17.5% of the EU’s GDP. A British departure from the EU would create a lot of unknowns.

 

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