Brexit deal: A Holistic Analysis

Brexit, what is this all about, and why are people talking about this? You may ask. Whether you have seen it in the newspaper or heard about it from someone, you want to learn more about this so-called Brexit deal. Without further ado, let’s jump into the pool of fundamental information on Brexit deal

What does it mean?

Brexit means– British to exit the European Union (EU) deal. ‘Br’ from British and added ‘exit’ and named the term as Brexit. Initially, in 2016, a voting event was organised to evaluate people’s opinions before exiting the EU. In the end, 17.4 million people supported the Brexit deal, which resulted in 52% of the total vote supporting the leaving deal, and 48% opposed it. Eventually, Britain got the opportunity to leave the EU deal, which they have longed for some time.

Moreover, defining the European Union deal refers to the contract signed among the 27 European region countries to make trade deal free of charge for both ends and allow citizens from the enlisted countries to live wherever they want to. In simple words, it was more likely a friendship deal among all the European countries. It is worth mentioning that the British inked this agreement in 1973, and they are the first member to leave the agreement.

Why Brexit deal with taking long to implement?

As mentioned before, the British already got enough votes in support of leaving the EU, but why is this taking time? Looking at the timeline, the former Prime Minister of the United Kingdom, Theresa May, first started negotiating this deal, but when Borris Jhonson replaced her as Prime Minister in mid of July, he brought some changes to the negotiation. Subsequently, it prolonged to this date. Optimistically, it won’t take much longer once everything is settled as per the procedure.

Does Brexit have any impact?

Of course, it has a significant impact not only on the British but also on the whole of Europe. Noteworthy, the withdrawal has an immediate effect on the UK, such as the UK must pay £ 39 billion as the Brexit divorce bill. What is this money for? As the United Kingdom was a committed member of the European Union and attached with an agreement, it should contribute to the EU budget 2020 as an outcome of financial commitments.

Besides the trading deal and money factor, both ends will eye the change in the rights of EU citizens in the UK and British citizens in the EU. As per the post-agreement pages, it will not remain free to travel between the counties. So, the Brexit deal also has an impact on the citizens of both sides.

How did it end

To describe its overall condition and how it ended, you must know that the British signed the end of the deal agreement on 31 February 2020 and formally left the EU deal from that very. However, since its leaving date, the British are now undergoing the 11-months transition period, which includes the position to remain the same for the upcoming 11-months. At the same time, everything (terms and conditions, deal’s agreement, and other aspects) settled as per the procedure. If you count from its breakup with the EU, the transition will end at the end of this year, which is on 31 December 2020.

During this transition period, both ends must come to an agreement in order to implement it properly and effectively. Failure will change the terms. For instance, there will be a charge to move goods among the 27 countries. Other than trading, they (both British and EU) may encounter a puzzling situation.

In conclusion, it is affirmative that the UK took the decision intending to improve their overall condition and maneuver like an independent country.