After months of lively debate, 51.9% of the British electorate voted in favour of leaving the European Union on 23 June 2016. Brexit advocates believe this decision will allow the United Kingdom to regain political and economic sovereignty, in particular with regard to law, trade, and immigration.
On 29 March 2017, British Prime Minister Theresa May triggered Article 50 of the Treaty of the Functioning of the European Union, which governs the Withdrawal Procedure from the EU. The United Kingdom has until 29 March 2019 to negotiate the conditions of their exit from the European Union.
Given the misinformation and uncertainty surrounding the UK’s decision, Lighthouse Europe wants to shed light on what Brexit really means in practice and what is at stake. No matter how it will be enforced, Brexit will greatly affect business, as well as trade and financial opportunities across the European Union.
- What does "Brexit" mean?
The media coined the term “Brexit” to describe the process followed by the United Kingdom to leave the European Union. As Article 50 was triggered, “Brexit” refers to two distinct, though linked, negotiation processes between the UK and the EU:
- Reaching a Withdrawal Agreement to set the conditions under which Great Britain and Northern Ireland will exit the EU,
- Establishing the future EU-UK Relationship Agreement to oversee how goods and services will be traded across the Channel once the two entities have parted their ways.
While the United Kingdom would like intertwined negotiations, the European Union is set on separating the two.