Understanding The Technicalities Of Brexit (now Bregret)

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On 23rd of June, 2016, Britain went through a messy divorce with the European Union. The United Kingdom voted to become the first country to leave the modern EU. The world knows it as Brexit – which is a combination of two simple words – Britain and Exit. Following the Brexit, are now the years of uncertainty of the future that is prevailing over the British empire

The UK is scheduled to leave the EU on Friday, 29th March 2019. Whether both the sides negotiate the exit or not, Brexit is due to happen at 11 PM on that day. Until then both parties have been rallying to write up a deal that eases the process of transition and the aftermath of Brexit. Once the deal is drafted, at least 20 out of the 27 members of EU must approve it. And while this happens, WTD attempts to explain the technicalities of the new divorce.

Quick Look

  • Article 50
  • Bregret
  • Canada Model
  • Divorce Bill
  • EU Customs Rules
  • Good Friday agreement
  • Hard Brexit
  • Soft Brexit
  • Norway Model
  • Red Tape
  • Referendum
  • Transition Period
  • Withdrawal/Repeal Bill
  • Euroscepticism

Article 50: refers to Article 50 of the Treaty of Lisbon, which gives any European Union. (EU) member state the right to quit the EU and outlines the procedure for doing so. On 29th March 2017, Theresa May triggered the Article 50 (for any country that wants to exit EU) of the Lisbon Treaty, formally initiating the Brexit. This followed the start of a two-year time limit for both the sides to negotiate the terms of exit. Until these two years end, Britain will be the part of EU and all rules of EU will apply on the country.

Red Tape: Refers to the rules and regulations that the UK would have to comply with if they remain a part of the EU. These rules, along with the consequent restrictions on business promoted the anti-EU sentiment.

Hard Brexit: The ongoing negotiation between UK and EU can go in two ways. A Hard Brexit or a Soft Brexit. A hard Brexit would probably mean the UK giving up full access to the single market and customs union, breaking away completely from the European Union. This will also create a hard border with Northern Ireland and fuel further tensions with Scotland.

Soft Brexit: A Soft Brexit could mean the UK staying in the EU single market or customs union. Then Britain might have to keep the current rules of free movement of people, goods, services, and capital.

Divorce Bill: A major part of the current Brexit negotiations surrounds the ‘Divorce Bill’. It is the payment that EU is demanding from the UK to cover its commitments for leaving the bloc, pretty much like alimony. There is currently no definite amount that any side have agreed upon, but it would surely mean a huge loss of finances to the UK. EU sides have suggested upto €60 billion. However, PM Theresa May has reportedly offered upto £40billion.

Transition Period: Both UK and EU have agreed to a Transition Period straight after the Brexit that will allow Britain to settle everything before the post-Brexit rules kick in. The transition phase will start from 29 March 2019, to end on 31 December 2020. The UK will establish new trade deals and its future partnership with EU during this period.

During this period the current trading arrangements, rules governing relations between the EU and UK and rulings of the EU court would continue to be in effect. This time period would be used to negotiate the future relationship between the EU and UK.

Withdrawal Bill: is also known as the Great Repeal Bill. It is the bill that would repeal the European Union regulations and replace it with new rules and regulations pertaining only to Britain. This means that Britain will no longer have to follow common EU laws that maintained relations between Britain and EU. The government will decide over a period of time to keep which of the rules and not.

No Deal: If both parties fail to reach an agreement by 21st March, a no deal status is reached. The UK would suddenly crash out of EU overnight, leaving many things in turmoil. The UK would operate under the World Trade Organisation rules which would create customs checks with tariffs on goods. UK citizens living in EU and vice-versa would lose their residency.

Good Friday Agreement: the agreement between the British, Irish government and most of the political parties in Northern Ireland, which outlined how Northern Ireland should be governed.

Norway Model: Under this model Britain would leave the European Union, join the European Free Trade Association (EFTA) and subsequently, become the 31st full member of the European Economic Area (EEA). The members of EEA are given the benefit of full access to the European single market.

Bregret: Just after the Brexit vote, many Britons started feeling that they were wrong to have voted to leave the EU. Bregret or ‘Brexit regret’ is increasing according to surveys and polls conducted. More than 4 million people had signed a petition calling for a second EU referendum in the initial days after the Brexit vote. However, the British government had rejected the prospects of another vote.

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