What is BrExit?
What is BrExit? You must have read about it in newspapers, social network or everywhere. Let’s try to decode it.
What is European Union?
- It is an economic and political partnership involving 28 European countries to foster the trade together.
- The member countries act as single market.
- It has its own currency i.e. Euro.
- Britain + Exit = BrExit
- It means Britain’s exit from European Union.
- It is a referendum which asks voters the question whether the country should “remain a member of the European Union” or “leave the European Union.”
- Britain has voted in favour of BrExit with 51.9% in favour as compared to 48.1% against it.
What Britain has to do to exit from EU?
- If Britain wishes to exit European Union, then it have to invoke Article 50 of the Lisbon Treaty
- It could take Britain upto two years to actually leave EU.
Repercussions on India?
- There will be volatility in global economy on short term basis.
- Speculations on what will be new trade equations between India and UK?
- There are 800 Indian companies operating in UK employs about 110000 people. There is definite uncertainty about how foreigners will be treated in UK.