Brexit is the now the talk of the town. It is a portmanteau of “Britain" and "exit,” referring to the impending withdrawal of Britain from the European Union. A June 23, 2016 referendum was held to decide whether to leave or remain in the EU. “Leave” won by 51.9% that was supported by Eurosceptics, those who oppose some policies and criticize the European Union. Secretary Theresa May replaced Prime Minister David Cameron, who resigned after campaigning for Britain to remain in the EU. On March 29, 2017, May invoked Article 50 of the Treaty on European Union that formally began the process of withdrawal scheduled to occur on March 29, 2019. UK has two years to negotiate with the EU to agree the terms of the spilt and outline the future relationship with the union. The Brexit deal was endorsed by PM May at a special meeting on November 25, 2018. It is composed of 2 parts, the Withdrawal agreement and Political Declaration. Withdrawal agreement is a draft that covers the transitional period, the financial settlement of UK to the EU, the Northern Ireland border, and the UK citizens' right. Political Declaration is also a draft that needs to be approved by the leaders of 28 EU countries. It is not a legally binding document. It covers the economic partnership, the future relationship between UK and EU after Brexit, the shared interest and security partnership. What happened to UK economy after the referendum? The primary reason why most people voted for Brexit is to prohibit the European nationals to live and work in UK without a working visa. But what is its impact to UK’s economy? Immediately following the referendum, the decision to leave the EU already has had an effect on UK’s economy. Inflation rose and the pound declined. It’s a “steep decline” that affects not just the different industries in the UK, but also the global markets. Read more...
it is not even racism by the limeys. their middle class feels uncut by skilled and semi-skilled white Eastern Europeans who work harder , are cheaper and more reliable than their British counterparts.
Primary reason for Brexit is actually to reclaim our independence and leave the totalitarian EU empire.
Prehistorical way of voting in the UK: The so-called 'Speaker', the chamber chairman, asks all those present whether they are for or against. It is then up to those present to loudly express their opinion: supporters call 'aye', opponents call 'no'. In some cases this is enough to make a decision: if the speaker judges that the difference between the yes and no voters is sufficiently audible, then the voting is done immediately. Usually, however, that difference is not so clear. If the Speaker can not distinguish the aye camp from the no-camp, the next step in the process is deployed. It is then up to the president to proclaim "Division!". What happens then, most closely resembles a gigantic chair dance. To count exactly how many MPs vote for and against the proposal, each Member of Parliament must pass through the two corridors that border the space, the so-called lobbies. One corridor is the 'aye lobby', the other the 'no lobby'. Striking: if a member of parliament wishes to abstain from voting, he must walk through both corridors. During the event, four 'counters' carefully monitor how many people walk through the corridors. The whole process takes exactly eight minutes. After those eight minutes, the doors of the lobbies will irrevocably be locked. Anyone who is not back in time in the room is excluded. The four counters briefly present their results and announce it loudly to the parliament. Finally, the Speaker repeats the result again. The vote is then complete.
Parliamentary procedure here is bizarre. The voting is strange but its quick and hasn't produced a mistaken count in living memory. In case of Honourable Members becoming over-passionately involved in debates, the government and opposition sides of the house are bound by a red line on the floor. The two red lines are deliberately further apart than two sword-lengths, to prevent dangerous aggression or duelling. Actually, swords are required to be left in the Members' cloakrooms, ribbons for hanging them up being provided, while the Serjeant at Arms is uniquely allowed to carry a sword in the Chamber. Actually, the Gentleman or Lady Usher of the Black Rod, responsible for the management of the Palace of Westminster, where Parliament sits, is also entitled to wear a sword in the House of Commons Chamber but I think he/she can only enter there at the invitation of the Members. Good grief. Its a wonder we ever get anything done.
The Bank of England suggested it might take us about 5 years for the economy to recover to where it is today of we undergo a no-deal Brexit. https://www.bbc.co.uk/news/business-46377309 So the heaviest arguments for and against would seem more political than economic. That's not to devalue political issues, its just that this has always been a political question, not an economic one.
Of course, what the BoE couldn't really model was the impact on the UK economy of Labour winning a General Election brought about by the Brexit issue, and Jeremy Corbyn becoming Prime Minister. This would sink the GBP to record lows against the USD, severely impact business investment and make the UK into another Venezuela.