Today marks as the day for the process of Brexit to officially commence.
Theresa May, the Prime Minister of UK has officially initiated the action plan on Brexit and this marks as a point of no return for UK now. Prime minister, Theresa May has officially elicited article fifty of the Lisbon treaty.
Before we evaluate what the Brexit holds for our future, you need to be fully aware of what Brexit actually means for UK and EU economy, trading, jobs and last but not the least the impact it will have on the life of a common man.
Brexit is a merger of words Britain and Exit, it is a portmanteau and hence Brexit. United Kingdom has been a part of the European Union for the past seventy years since the treaty of Rome in 1958 but ON 23rd of June 2016, 52% of the UK voted to exit the European Union and Theresa May became the prime minister after the referendum.
Mrs. May states in her letter that UK seeks no harm for their fellow Europeans. Instead Brexit only intends a prosperous and bright future for both UK and EU. Separation from UK doesn’t mean disrespecting the values and hurting the sentiments of fellow Europeans.
Letter was delivered at lunch time by UK’s ambassador to EU, Sir Tim Barrow. Donald Tusk, The President of European Council has received Britain’s letter to exit European Union.
Donald Tusk is expected to respond promptly in this regard.
So what happened after the referendum on 23rd June 2016? 52% of the population voted to leave European Union. Turnout for the referendum was more than 30 million people which makes around 72% of population.
Britain got a new Prime minister as a result of referendum Mrs. Theresa May and she pledged to initiate exiting EU by March 2017, a two year long process that will have drastic effects on Britain Economy.
So, what does Brexit mean for the Britain economy?
Immediately after referendum the pound lost a huge portion of its value and still maintains a value 15% lower than its original value. But in contrast to the predictions made regarding downfall of the Britain economy, shockingly it has grown!
Yes, I repeat Britain economy has grown at a rate of 1.8% standing at second spot, Germany being first.
Unemployment has fallen to a low of 4.8% lowest in past 11 years. Inflation has hiked up to 2.3% highest in past four years.
So these were the economic outcomes of Brexit. Now coming back to article 50, what does it mean?
Article 50 was originally created as an essential element of the Lisbon Treaty. It officially became a law in 2009. To put it into simple words it has became a way out for any country to exit the European Union. As of today article 50 has officially commenced and UK has two years to decide on the legal terms seeking separation from European Union.
Here is a timeline of upcoming events related to Brexit