Brexit: The UK's Withdrawal from the European Union
Introduction
Brexit, a portmanteau of British exit, refers to the withdrawal of the United Kingdom (UK) from the European Union (EU). It is the first time a member state has left the EU.
The UK's exit from the EU was the culmination of a long and complex process that began with a referendum on EU membership held on 23 June 2016. In the referendum, 52% of voters voted to leave the EU while 48% voted to remain.
Timeline of Brexit
Following the referendum, the UK government invoked Article 50 of the Treaty on European Union, which began the two-year process of negotiating the UK's withdrawal from the EU.
The UK and EU reached an agreement on the terms of the withdrawal on 25 November 2018.
The UK Parliament rejected the withdrawal agreement on three occasions.
On 29 March 2019, the UK and EU agreed to a six-month extension of the Article 50 period.
The UK Parliament finally approved the withdrawal agreement on 23 January 2020.
The UK left the EU at 2300 GMT on 31 January 2020.
The Impact of Brexit
The impact of Brexit on the UK is still being debated. Some economists predict that Brexit will have a negative impact on the UK's economy, while others believe that it will have a positive impact.
Brexit has also had a significant impact on the UK's political landscape. The Conservative Party, which led the campaign for Brexit, has been weakened by the process.
The Labour Party, which opposed Brexit, has been strengthened by the process.
Conclusion
Brexit is a complex and controversial issue. It is too early to say what the long-term impact of Brexit will be.
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