What is Brexit? Everything you need to know

Brexit is a combination of two words: Britain and exit. The word Brexit is used as a short form of saying the United Kingdom leaving the European Union. Same like Brexit, once Grexit was used in the past when Greek exit from the euro.

So, what is the story behind Brexit? Why is the UK leaving the EU? The story goes like a referendum was held on Thursday 23 June 2016 in which every one of voting age could take part to decide whether the UK should leave the EU or not. More than 30 million people voted and Voters who were on the side of ‘leave’ were 51.8% and voters for ‘remain’ were 48.1%. However, voting was the first step towards Brexit.

Countries like England, Wales, Scotland and Northern Ireland took part in this referendum. England voted with leave getting 53.5% of the vote and 46.6% for remain. Similarly, Wales voted more for leave (52.5%) and remain 47.5%. Scotland voted for remain with 68% and 38% for ‘leave’, while in Northern Ireland 55.8% voted for remain and 44.2% for ‘leave’.

Theresa May triggered this process on 29 March 2017 to invoke article 50 of Lisbon treaty according to which the two sides had two years due to agree on the terms of the split but the Brexit has been postponed and now, the given dates are 22 May and 12 April 2019.