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Hüseyin Keskin

Doctor Anna Gonerko-Frej

British Studies

December 28, 2017

Brexit

Brexit is perhaps the most important items of the agenda of the last century in Global

markets. My goal in the paper is to answer some questions such as “What is “Brexit” which

will change the fate of the UK and the European Union?”, “Why is Brexit important?”, “What

changed in government after the referendum?”,” Why might Brexit take so long?”, etc.

What is Brexit?

Brexit is a combination of the words "Britain" and "exit" All the political campaigns,

such as the separation of Britain from the European Union, all the decisions taken on this

framework and, the referendum to be held by the British people on June 23, are handled under

the Brexit framework. Brexit and the word “Bremain” which is developed with Brexit, occupy

the agenda. Bremain was made up of the words Britain and remain, and Bremain means

staying in the European Union.

Why is Brexit important?

The experts expressed that the separation of the UK from the European Union, one of

the world's largest economies, will bring long-term serious consequences for the European

Union, and even bring the European Union to enormous uncertainty. Another important

element made Brexit important is that in the case of the UK departing from the EU, the other

countries in the Union may take an approach in this direction, besides, the discourse in this
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direction has become among the speculations of the markets. Brexit therefore poses a major

threat to the sustainability of the European Union.

Why did Britain enter the Brexit process?

Beginning with the resumption of the economic gains achieved with the European

Union, Brexit was one of the promises of the British Prime Minister and the President of the

Conservative Party, David Cameron, in the last 2015 elections. Britain, one of the three

leading nations of the European Union, put forward the disturbances of sovereignty, economic

management, competition and immigration with Brussels in reform negotiations and

suggested Brexit as a trump if these issues were not settled.

On the road to the Brexit process, the UK wants Europe to have different currencies

instead of being the only valid currency of Euro. In addition to this desire, the UK, demanding

that the European Union simplify its cash flow in order to increase its competitiveness,

demanded the removal of bureaucratic obstacles. As a result of the negotiations, Cameron

started campaigning against Brexit as a result of the British partially obtaining what they

wanted.

When Brexit happens, what will The UK face?

The report of the Bank of England (BOE) indicates that financial stability and foreign

trade will decline if Brexit is realized. The report says that 55 percent of Britain's foreign trade

is done with the European Union countries, this ratio will decrease to 90 percent after Brexit

and it will result in significant trade loss.

The British government predicts that the cost of leaving the EU will be around £ 2,200

per year.
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What is the result of the referendum?

The referendum results shed light on the differences between the different components

of the United Kingdom on the European Union. For example, votes pro-EU across the UK

while the rate of 46.6%, this rate has increased up to 47.5% in Wales, 55.8% in Northern

Ireland and 62% in Scotland. This shows that Brexit is best supported by the British.

What changed in government after the referendum?

UK’s prime minister changed. The former home secretary became the new prime

minister. Because David Cameron said he would resign, if he lost the referendum. Like Mr

Cameron, Mrs May was against Britain leaving the EU but she had middle-of-the-road policy

throughout the campaign and was never seen as much of an enthusiast for the EU.

Steps to UK leaving the European Union

The first step is that The UK invoked Article 50 of the Treaty on European Union and

two-year time limits began. After that, remaining 27 European Union countries meet on 29

April to discuss withdrawal. The second step is negotiations between the UK and the EU. 27

leaders draft deal put to European Council. So as to leave the EU, the UK needs approval

from at least 20 countries with 65% of the population. The last stop on this step is ratification

by European Parliament. Before the next step, the UK introduces Withdrawal Bill to abrogate

the 1972 European Communities Act. The next step is that two years later, negotiations can be

extended if all 27 countries agree but if not, EU treaties cease to apply to the UK. The final

one is the UK’s leaving the European Union.

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Why might Brexit take so long?

To solve half century of treaties and agreements which cover too many different

subjects could not considered to be a simple task. By the reason of the fact that it has never

done before, it is too complicated. And it is considered that the most complicated part of the

negotiation is the post-Brexit trade deal, because more than 30 national and regional

parliaments across Europe have to approve it. Moreover, some of them may want to hold

referendums.

How are talks going?

The parties came to an agreement on the ‘three separation’ issues. The first one is the

rights of EU citizens in the UK and UK citizens in the EU. The second one is Northern

Ireland border and the last one’s on the divorce bill the UK pays the EU. Nowadays, they are

discussing the transition period and future relations between the UK and the EU.
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Works Cited

Aydemir, Aysel. “Brexit Nedir?” GCM Forex. GCM Forex, GCM Menkul Kıymetler A.Ş, 14

June 2016. Web. Accessed 30 Nov. 2017. https://www.gcmforex.com/egitim/makale-

arsivi/brexit-nedir/

Hunt, Alex and Wheeler, Brian. “Brexit: All you need to know about the UK leaving the EU.”

BBC. BBC, 23 Dec. 2017. Web. Accessed 30 Nov.2017. <

http://www.bbc.com/news/uk-politics-32810887>

Örmeci, Ozan. “Brexit ve Sonrası.” ydemokrat.blogspot. Blogger, 24 June 2017. Web

Accessed 27 Nov. 2017. < http://ydemokrat.blogspot.com/2016/06/brexit-ve-

sonras.html>
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