Britain has voted to leave the European Union to take greater control of its economy and its borders, shattering the stability of the continental unity. Britain has had a troubled relationship with the EU since the beginning and has made various attempts to break away from it.

Brexit is an abbreviation of “British exit” that mirrors the term Grexit. It refers to the possibility that Britain will withdraw from the European Union.

Official results show the ‘Leave’ won by 12,69, 501 votes (52 per cent).

Brexit: UK Parliamentary Process

On Monday the UK Parliament will convene for the first time since the Brexit vote and David Cameron is expected to make a statement on the referendum. MPs will need to rescind the 1972 European Communities Act, which gives primacy to European Union (EU) law in the UK.

Withdrawal will also involve the Parliament overseeing the reversal or amendment of over 80K pages of EU agreements that have been made over the past 50 years.

Most of the UK’s 650 MPs were in favour of Britain staying in the EU, but they will have to respect the decision made by the people.

Brexit: Who Will Lead the UK

With UK PM David Cameron’s announcement today that he will quit as of September, and that he will not be leading negotiations for the UK’s withdrawal from the European Union (EU), the big question is who will lead negotiations.

Top UK brass were all in favour of remaining in the EU and it is likely that many will depart when Cameron does. The next UK Prime Minister will likely be from the ‘Leave’ camp. Thus Boris Johnson or Michael Gove would be serious contenders for the post.

Brexit: Timeline for Withdrawal

Technically, Britain could write the EU out of its laws immediately and ignore its obligations to the union. This is unlikely because it would make exit and future trade negotiations very difficult. The ‘Leave Campaign’ envision a Period of informal discussion with EU member states to resolve key issues and come up with a realistic time frame.

Many suggest the process of withdrawal should wait until after the 2017 Presidential Elections in France to avoid Brexit becoming a major campaign issue. Others suggest leaving as soon as possible to mitigate EU uncertainty and stave off a copycat effect by other states.

Today there are 2.9 million EU citizens living in the UK

(This article submitted by Singh Sahab who is associated with Online Filing. Members can reach on +91 7506188890)

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