Brexit: 7 key facts you need to know about UK withdrawing from EU

Brexit: 7 key facts you need to know about UK withdrawing from EU

The United Kingdom will be leaving the European Union by Thursday, October 31, a move that is prominently tagged Brexit.

However, some are still in the dark regarding what Brexit really means, why the UK decided to leave the EU, the consequences of the decision, and so on.

In this piece, Legit.ng provides a simple explainer that will walk you through seven key things to know about Brexit.

1. Brexit

Brexit is a shortened version of the two function words: Britain and exit.

2. European Union

European Union (EU) is the European version of the African Union (AU). It is an economic and political which consisted of 28 European countries.

All the member countries are allowed to conduct free trade among one another. Citizens of member countries are also allowed to live and work in any of the countries they like.

3. When the UK joined EU

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The United Kingdom joined the EU in 1973. At that time the EU was known as the European Economic Community. Recall that the African Union was also previously known as the Organisation of African Unity (OAU).

4. Why did the UK decide to leave EU

Three years ago, specifically on Thursday, June 23, 2016, Britons voted in a referendum conducted to determine whether or not they wanted to continue being a member of the EU.

It turned that many Britons wanted to leave the EU as they voted 52% to 48%. That is, out of about 30 million people that voted, 17.4 million were in support of leaving.

4. Has any country left the EU before?

No, if the UK successfully pulls out by October 31, it will make history as the first member country to do so.

5. From 2016 to 2019, what the delayed Brexit for that long?

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In order to ensure negative consequences, there are procedures to follow if any country wants to leave the EU.

Thus, after the referendum, the Brexit was planned to happen two years after, specifically on Friday, March 29, 2019, when all procedures must have been finalised.

However, when former prime minister Theresa May kick-started the process to leave, she met a stumbling block: the members of parliament.

They rejected her deal leading to the delay of Brexit twice.

Her failure to pull through the deal was substantially responsible for her eventual resignation.

6. What exactly is the Brexit deal that cost a prime minister her job?

The Brexit deal is essentially a set of agreements detailing how the UK would leave the EU and the kind of relationship the two parties would have when they are no longer together.

7. What is the Brexit deal?

The deal contains a lot of things but three stand out, according to BBC. One of the three things is determining the kind of rights that both the UK/British and EU citizens will enjoy after the exit.

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Another key one has to do with how much it will cost the UK in monetary terms to leave the EU. And of course, the last one is the controversial Irish border.

Meanwhile, after rejections, a Brexit deal has finally been agreed on between the UK and the EU team on Thursday, October 17.

The UK prime minister, Boris Johnson, confirmed this. However, the new deal would still need to be approved by both European and UK parliaments.

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Recall that Legit.ng had highlighted how Brexit would affect Nigeria's economy and other critical sectors.

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Source: Legit.ng News

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