THE BREXIT UNFOLDED

The word “Brexit” has been the talk of the town since the last two years, Brexit is the blending
of the words “Britain” and “exit”, united kingdom decided of leaving the European Union after
the June 2016 referendum in which it asked its people whether they want to leave the EU or
they want to remain as a part of it, 51.9 percent of the voters opted for leaving the European
Union, As the result of the referendum UK government formally decided to leave in March
2017.

Why did the UK wanted to leave EU?

First of all, we need to know what is European union and its significance, EU is an economic and
political union of 28 European countries which allows free trade and free movement of people
to live and work in whichever country they want. The people in United Kingdom felt that their
resources were being excessively exploited by the people of other countries of the union and
due to free movement of people in the whole European Union the locals were the once who
were deprived of the jobs in the UK.

Deal or no deal?
As the process of splitting started Theresa May had to trigger a special plan called article 50, it
was the formal way of saying UK leaving the European Union. The splitting deal or agreements
were due to be finalized by 29 march 2019,but, the deadline was delayed until October 2019
because MP’s did not approve May’s withdrawal deal, Now, all this gave rise to two terms Deal
or No deal ,where deal had two options hard deal and soft deal or HARD BREXIT and SOFT
BREXIT, A hard Brexit is another way to say a clean break from Europe. That means Britain
giving up membership of the EU's single market, an arrangement that enables the country to
trade freely with its European partners without restrictions of tariffs, soft Brexit would keep the
UK closely aligned with the EU. The UK could gain special access to the single market but might
have to, in return, compromise on immigration agreements. It aims to minimise the impact on
trade and businesses by essentially staying in the customs union.

In a no-deal scenario, the UK would immediately leave the

European Union (EU) with no agreement about the "divorce" process. Overnight, the UK would
leave the single market and customs union - arrangements designed to help trade between EU
members by eliminating checks and tariffs (taxes on imports). No deal also means immediately
leaving EU institutions such as the European Court of Justice and Europol, its law enforcement
body. Membership of dozens of EU bodies that govern rules on everything from medicines to
trade marks would end. And the UK would no longer contribute to the EU budget - currently
about £9bn a year.

WHY NO BREXIT TILL NOW -

Britain had been due to leave the EU on March 2019, however after UK MPs rejected the
withdrawal deal MRs May had agreed with Brussels – EU leaders agreed to a six-month
extension to the exit process until October 31,2019, the UK can leave the EU before this date if
a withdrawal agreement is ratified. The UK government says it is focused on getting a new deal
agreed at an EU summit on 17 October.

If the sides fail to reach a deal, Mr. Johnson could be forced to seek a third Brexit extension.
That's because MPs have passed a law - known as the Benn Act - that requires Mr. Johnson to
ask for a Brexit delay by 19 October. This will push the deadline back from 31 October, to 31
January 2020.MPs say the law is necessary in order to prevent a no-deal Brexit. The PM will not
have to write a letter if MPs approve a Brexit deal, or vote in favor of leaving with no deal. Mr.
Johnson still insists the UK will leave at the end of October. It is unclear how this will happen if
the law does require him to ask for an extension.

CONSEQUENCES OF A NO DEAL BREXIT!

There has been a series of ups and downs in this Brexit row, but the deal has not been agreed
upon, Mr. Johnson has states that the Brexit is going to be done soon even if the situation
demands a no deal Brexit, what can be the consequences of no deal Brexit? Let’s see –

Trade -

The UK would revert to World Trade Organization rules on trade. While Britain would no longer
be bound by EU rules, it would have to face the EU's external tariffs. The price of imported
goods in shops for Britons could go up as a result.

Some British-made products may be rejected by the EU as new authorization and certification
might be required.

Manufacturers could move their operations to the EU to avoid delays in components coming
across the border.
PEOPLE - The UK would be free to set its own controls on immigration by EU nationals and the
bloc could do the same for Britons. There could be long delays at borders if passport and
customs checks are heightened. 

LAWS - Relevant EU laws would be transferred over so there would be no black holes in
Britain's lawbook.

Britain would no longer have to adhere to the rulings of the European Court of Justice but it
would be bound to the European Court of Human Rights, a non-EU body.

MONEY - The Government would not have to pay the annual £13 billion contribution to the
EU budget. However, Britain would lose out on some EU subsidies - the Common Agricultural
Policy gives £3 billion to farmers.

It is likely that both the EU and the UK will have to honor financial commitments under the
2019 budget.

The Irish border - The issue of the border between Northern Ireland and the Republic would
remain unresolved. While physical infrastructure has been vetoed, the border would become
an external frontier for the EU in the event of a no-deal Brexit. There would be pressure to
enforce customs and immigration controls.

But the UK Government has said it would aim to avoid a hard border and, for a temporary
period, there would be no new tariffs on goods crossing the border from Ireland into Northern
Ireland

Now the only option we are left with is to wait till 31st of October and see if there can be a deal
between the two parties or will the UK leave the EU without a deal?

By – Kunal Luthra

MBA (general) 2.1

Roll no 307