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Brexit is a word which combines two words, ‘’Britain’’ and ‘’exit’’ and this is in reference to Britain’s intention to exit the European Union.
There were some political parties and advocacy groups in the UK who strongly felt that the UK would be better off on its own rather as a member of the European Union. In a nutshell their argument was that EU requirements would undermine British interests in the long run. This culminated in the referendum of 23 June 2016 in which the ‘’out’’ vote carried the day. The next logical step was the onset of a long negotiation between the United Kingdom and European Union member states so as to manage Brexit in an orderly manner and to iron out issues like trade, tariffs, migration among others. If it all goes according to plan, the UK will leave the EU on 29 March 2019 with a transition period stretching to end of the year 2020.
At this stage, Theresa May, the Prime Minister of UK has agreed a deal with the EU but this deal has to go through the UK Parliament. However, there seems to be a general sentiment that the UK parliament is unlikely to approve the deal in its current state.
The worst case scenario would be one in which the UK exits the EU without a deal and hence there would be no transition period .Duties, tariffs and border checks would be immediately applied. However, both the UK and EU remain hopeful that something better than this will be achieved.