Brexit: Definition, Current Position, Debates and Obstacles

Running head: CONTEMPORARY BUSINESS ENVIRONMENT
CONTEMPORARY BUSINESS ENVIRONMENT
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1
Definition of Brexit
The word Brexit is a combination of two words namely ‘Britain’ and ‘exit’. In the year of
2012, a referendum on the relation between the countries UK and Europe was rejected by the
Prime Minister, David Cameron. Prime Minister Cameron, declared officially that the
government will be holding an in or out referendum on the membership of EU before 2017 ends.
This was announced on 23th January 2013.
With the percentage given below, the British were favored to withdraw from the EU on
23th June 2016.
‘BBC 2016’
On June 2016, when Prime Minister Cameron resigned, he informed to activate Article50 by the
next Prime Minister and to start negotiating with the EU on 2016 October. The present Prime
minister stated Theresa May, declared that Article 50 will be implied during the first quarter of
29th March 2017. Article 50 states: “Any member state may decide to withdraw from the union
in accordance with its own constitutional requirements.” It was notified that both the parties
involved in the negotiation were compelled to follow the Article 50. It also states: "from the
date of entry into force of the withdrawal agreement or, failing that, two years after” until it
was decided to extent the two years’ time by the UK and EU council. The draft Bexit
Withdrawal Agreement consists of 599 pages it provides information about how UK exists the
European Union. It also contains information regarding
 If UK breaks the partnership, they have to pay about £39bn to the EU.
 It states information about the happenings of UK and EU citizens living within and
outskirt of UK.
 It answers questions pertaining to the return of physical border between the Republic of
Ireland and Northern Ireland.

2
Brexit situation regarding the current position, debates and obstacles
During the arrival of Brexit day on 29th March, Mrs. Theresa May officially stated
to drive the British out without any deal known as no-deal Brexit as the parliament
cannot agree collective loss of nerve at Westminster. It is warned by Mrs. May in a report
that no deal could leave Britain to miss 9.3 % of GDP which could have the time of 15
years by living in EU.