The Roots of Brexit

By Robert Hutton 8 May 2015, Updated on Feb. 1, 2020,

Bloomberg.com

Countries band together to promote trade, defend human rights,

protect the environment and repel threats. They sign treaties and
join international groups, and each time they do, they give up a bit of
their own sovereignty as independent countries. That happened in a
big way with the creation of the European Union, a free-trade zone
and global political force forged from the fractious states of Europe.
For the people of the United Kingdom, it was never an easy fit. In a
June 2016 referendum, they shocked the world by voting to leave
the bloc they’d joined in 1973. The way many Britons saw it, the EU
was expensive, out of touch and a source of uncontrolled
immigration. They chose what’s become known as Brexit.
Brexit took place on Jan. 31, 2020, when the U.K. legally revoked its
membership in the 28-nation EU. Voters had supported the move by
52% to 48% more than three years earlier, after a rancorous 10-
week campaign that exposed anxieties about globalization and
raised questions about the consequences for a united Europe. The
vote jolted financial markets, sending the U.K. currency tumbling on
the prospect of years of uncertainty about how Brexit will work.
Younger citizens and residents of cosmopolitan London voted
overwhelmingly to remain in the EU. So did people in Scotland. U.K.
Prime Minister David Cameron resigned after the surprise result and
was replaced by Theresa May, who triggered the complex and
chaotic process of negotiating Britain’s exit from the bloc. The
wrangling didn’t end until another prime minister, Boris Johnson,
won a general election on the promise to get the job done. After
Brexit, the U.K. and the EU entered into an 11-month transition
period and set a new deadline of December, 2020 to unwind
agreements in areas as diverse as fishing quotas, financial services
and safety standards.
Questions:
1. What factors led to the United Kingdom's decision to leave the European
Union?
2. How did the Brexit referendum outcome impact financial markets and the
UK currency?
3. Why did a vast majority of younger citizens, residents of London, and people
in Scotland vote to remain in the EU?
4. What were some consequences of the Brexit vote for former Prime Minister
David Cameron?
5. How did Theresa May contribute to the process of negotiating Britain's exit
from the EU?
6. What was Boris Johnson's promise to the public regarding Brexit during his
election campaign?
7. What agreements needed to be struck between the UK and the EU during
the 11-month transition period after Brexit?