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Brexit and the European Union: Explained

6 Pages 1490 Words June 2019

In June 2016, a public referendum was held in Britain by former Prime Minister David Cameron. The PM had offered the British the opportunity to voice their opinions on the “Brexit” matter_ merging both the words “Britain” and “Exit”, the term represents the United Kingdom’s withdrawal from the European Union.
The European Union (EU), founded on the 1st of November 1993, is a distinctive political and economic partnership between 28 countries. It was instigated after World War II with the ambition of setting policy, promoting interdependence together with the collective interest of its members, boosting the economic recovery of Europe as well as encouraging peace to make the prospect of a future war in Europe impossible. Ever since the 1950’s, the European integration project has expanded to include other economic sectors: A customs union (member states of the customs union do not put tariffs or taxes on one another’s goods, and have to put the same tax on the goods of any country that is neither an EU or customs union member, such as the USA. being a member of this union does not require a country to be part of the EU) , a single market with its four freedoms (in which capital, goods, services, and freedom of movement amongst the 22 European countries and the 4 non-EU nations participating in the Schengen area allows individuals to travel to any country that is part of the EU without passport checks), a common trade policy, a common agricultural policy, many aspects of social and environmental policy, and a common currency (the euro) specific to the19 member states that are part of the Eurozone. As for the UK, it joined the modern-day EU in 1973. Seeking economic benefits and bigger political influence. Although Britain became part of the EU, it still opted out of the Eurozone, choosing to have its own currency (the pound), as well as the Schengen Area. Therefore, EU citizens wanting to visit the UK would have to go...

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