Brexit—British+Exit, has gained global attention since June 23, 2016, when a national referendum was held. More than 30 million people voted, and 51.9% agreed on leaving the European Union (EU). This outcome was due to the public’s severe hostility toward migration caused by the Syrian refugee crisis caused by civil war. The United Kingdom (UK) was supposed to leave the EU on March 29, 2019 when it invoked Article 50 of the EU’s Lisbon Treaty. The article states “Any member state may decide to withdraw from the union in accordance with its own constitutional requirements.” This uphold the right of any member state to withdraw from the EU. Although the withdrawal deal that both UK prime minister (PM) Theresa May and EU agreed, it has been rejected three times by the UK parliament in house votes. Therefore, the Brexit process has been extended six- months until October 31, 2019.
In 2019, the UK parliament had rejected Brexit deal three times—January 15, March 12, and March 29. In the latest voting—March 29, the outcome was 286 of Members of Parliament (MP) favored the deal but 344 opposed. Currently, the prime minister is planning for another referendum and preparing to get approval from the UK parliament. This approval procedure is expected to be held in the first week of June. Moreover, Mrs. May is also trying to put the Withdrawal Agreement Bill to Parliament as an alternative way to pass the deal through MPs vote and get into the official UK law. Because the deal has not been disclosed to the public, the content is unknown. However, the PM said that it is consists of enhanced the worker’s rights, environmental protections, and guarantees on the Northern Irish border matter. If the Bill gets approved by the parliament, Brexit could happen before the planned date of October 31, 2019.
Considering the progress, the United Kingdom still has two options which are leaving the EU or canceling the Brexit. However, predicting the outcome is uncertain since there are many variables that can occur. On December 10, 2018, the European Court of Justice allowed the UK to cancel the withdrawal process without the permission of the other 27 EU members and remain as a member. If the UK finalizes to end the forty-six-year relationship with the EU, there will be serious economic turbulence. According to the Bank of England, the economic loss since the national referendum is worth about £800 million ($1 billion) per week, or £4.7 million ($6 million) per hour. UK depends heavily on exports to the European area, and since the country uses English, which is universal language, it has allowed the UK to attain dominant finance market position compared to other EU countries. Though, ever since the referendum, many businesses in the UK have decided relocation to other countries. According to Adam Marshall, Director General of the British Chambers of Commerce, “It is clear that political inaction has already had economic consequences, with many firms hitting the brakes on investment and recruitment decisions as a result of ongoing uncertainty.” As Mrs. May announced that she will resign her UK prime minister position on June 7, it seems imperative to stabilize the Brexit process.
Written by Jieon Kum | Staff Writer
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