Brexit: All you need to know (Article for SBI PO Descriptive Exam)

What does Brexit mean?

It is a word that is used as a shorthand way of saying the UK leaving the EU - merging the words Britain and exit to get Brexit,

Why is Britain leaving the European Union?

A referendum - a vote in which everyone (or nearly everyone) of voting age can take part - was held on Thursday 23 June, 2016, to decide whether the UK should leave or remain in the European Union. Leave won by 51.9% to 48.1%. The referendum turnout was 71.8%, with more than 30 million people voting.

What is the European Union?

The European Union - often known as the EU - is an economic and political partnership involving 28 European countries . It began after World War Two to foster economic co-operation, with the idea that countries which trade together were more likely to avoid going to war with each other.

It has since grown to become a "single market" allowing goods and people to move around, basically as if the member states were one country. It has its own currency, the euro, which is used by 19 of the member countries, its own parliament and it now sets rules in a wide range of areas - including on the environment, transport, consumer rights and even things such as mobile phone charges.

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