What is Brexit?

The term Brexit is an acronym coined for the scheduled withdrawal of the United Kingdom from the European Union following the 2016 referendum.

The European Union (EU) is a politico-economic alliance of 28 nations in Europe.

According to the BBC, the main agenda of the merger was to allow free trade and settlement of their citizens within any of the 28 countries.

United Kingdom joined the EU in 1973 and had been there for 43 years before the decision to exit, the BBC report adds.

During the referendum, the British decided 52% to 48% that they would like to leave the regional body.

This decision elicited a lot of debate between the Labor party and the Conservative party over the merits and demerits of leaving the union.

In the ensuing days after the referendum, David Cameron, whose party was against the referendum, resigned stating that he was not fit to lead based on the decision that was reached by the masses.

The conservative party led by Theresa May took over. Two prime ministers and three years later however, the UK is yet to leave the EU.

There have been delays occasioned by the rejection of two simultaneous deals by the Members of parliament that were negotiated between the UK and the EU.

According to the Economist, current PM Boris Johnson has pledged an October 31 deadline, with or without a deal.

Some of the consequences include delays at the port since goods from Britain would have to be checked at the port, a situation that would cause delays at all entry points for British goods in other countries.

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