Brexit is a word that is used by the United Kingdom to say that they are leaving the European Union. On a vote that was conducted on Thursday 23 June, 2016, of whether the UK should leave the EU union, there was a majority that voted pro for leaving. Many who were opposed to leaving the EU are worried about the economic impact this will have on the UK. House prices will lower and unemployment will be on the rise. But these predictions have not quite happened as was presumed. The UK economy since then has grown 1.8%, and inflation has risen to 2.3%, which is its highest rate for the past three years ago, Unemployment has continued to fall and house prices increases have fallen from 9.4%-7.4%.
The European Union
The EU is a political partnership that includes 28 European countries that started after World War II with the idea that these countries could trade amongst each other and avoid going to war with each other. This union has grown and made it possible to trade goods and for people to move from one country to another. This union has its own currency and is used by 19 countries with its very own parliament and makes its own rules which include transportation, environment, and consumer rights.
The UK and its concerns after leaving EU
UK is scheduled to leave the EU in the 29th of March of 2019, but it may be extended if the EU members agree. There will also be a Great Repeal Bill in which will put an end the primacy of EU law in the UK and the government will be able to decide which parts it wants to keep, change, or eradicate. But the leaving of UK from EU is long from becoming effective anytime soon, per the 27 national parliaments this process can go for a few years.
There are many concerns that must be considered before Brexit takes effect, such as immigrants living in EU who are UK citizens and vice versa. Other concerns are unemployment, the need for a visa, mortgages, savings, investments, car insurances, and much more. There is a long road ahead for both the UK and the EU.