Brexit: What you need to know about the UK leaving the EU (2024)

FAQs

What are the good things about the UK leaving the EU? ›

Agreed trade deals with 70 countries plus the EU.

We have also launched negotiations on a trade deal with India—a market of 1.4 billion people. These deals are tailor made to benefit British businesses and consumers—creating jobs and expanding choice.

Factors included sovereignty, immigration, the economy and anti-establishment politics, amongst various other influences. The result of the referendum was that 51.8% of the votes were in favour of leaving the European Union.

What will happen after we leave the EU? The European Communities Act will be repealed on the day we leave the EU – meaning that the authority of EU law in the UK will end. We will convert the body of existing EU law into domestic law and then Parliament will be free to amend, repeal and improve any law it chooses.

Brexit (/ˈbrɛksɪt, ˈbrɛɡzɪt/; portmanteau of "British exit") was the withdrawal of the United Kingdom (UK) from the European Union (EU). Following a referendum on 23 June 2016, Brexit officially took place at 23:00 GMT on 31 January 2020 (00:00 1 February 2020 CET).

The average Briton was nearly £2,000 worse off in 2023, while the average Londoner was nearly £3,400 worse off last year as a result of Brexit, the report reveals. * It also calculates that there are nearly two million fewer jobs overall in the UK due to Brexit – with almost 300,000 fewer jobs in the capital alone.

Drawbacks of Brexit

As an entity, the EU exerts stronger bargaining power as it is the largest economy as a group. Therefore, by leaving, the UK would lose negotiating power and free trade with other European countries. As the UK tries to recreate trade deals with other countries, they may get less favorable results.

Higher quality of life elsewhere including lower costs of living, easier access to healthcare and education. Political instability or dissatisfaction with the UK government's actions and policies. To move closer to family. Preferable climate or natural environment elsewhere.

Broadly speaking, our analysis shows that EU membership has been positive for the UK economy since it has facilitated exports, particularly of financial and other services, and attracted foreign direct investment by allowing the UK to serve as the global 'gateway' to the 500m-strong EU, the world's largest consumer ...

With the two main political parties in the UK – Labour and the Conservatives – irrefutably opposed to the UK re-joining the EU, EU member states have instead been focusing on the pursuit of closer ties with the UK, as opposed to its return to the fold.

Britain's Brexit Success

UK exports are growing – reaching £870 billion in the 12 months to November 2023, and services exports are at an all-time high03. Since the referendum, the UK economy has grown faster than Germany, Italy, and Japan and at a similar rate to France (end-Q2 2016 – Q3 2023)04.

What is Brexit short answer? ›

Brexit is an abbreviation of two English words: 'Britain' and 'exit' and refers to the withdrawal process of the United Kingdom (UK) from the European Union (EU). Article 50 of the Treaty of the European Union regulates the withdrawal process of any Member State.

After Brexit, the EU becomes UK's biggest trading partner, and the UK becomes EU's third biggest trading partner after the United States and China. Some member states, notably Belgium, Cyprus, Ireland, Germany and the Netherlands, are more exposed to a Brexit-induced economic shock.

A stronger economy

The EU is by far the UK's biggest trading partner. EU countries buy 44% of everything we sell abroad, from cars to insurance. Remaining inside the EU guarantees our full access to its Single Market. By contrast, leaving creates uncertainty and risk.