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Brexit (Impact of Brexit (Economic Impacts (UK's growth to be stunted…
Brexit
Impact of Brexit
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Border between two Irelands: Return of hard border between UK and Ireland and scare of violence. This is because Brexit alters Good Friday Agreement of 1998
Scotland under Nicola Sturgeon had voted to Remain in EU. After Brexit, she has called for a 'phased return' to independent Scotland.
Economic Impacts
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Britain would have to abide by strict EU rules as three-quarters of exports are to EU. For the rest, it would have to abide by WTO rules
Paul Krugman (nobel laureate) declared that claims that after Brexit, non-EU exports would increase is wrong
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Impact on EU
Voting patterns in Council of EU would change. UK was a liberal economy. More voice for protectionist members
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Gibraltar voted for Remain. After Brexit, Spain renewed calls for joint Spanish-British control of the peninsula. For the time being, Gibraltar has opted to remain with Britain
CANZUK: UK should instead become part of Canada, Australia, New Zealand. Criticized as post-imperial nostalgia
How EU was formed
1951: Treaty of Paris led to creation of European Coal and Steel Community. It regulated industrial creation under a centralized authority
(Add six to it) 1957: Treaty of Rome led to creation of European Economic Community and Euratom. EEC aimed to economically integrate the countries.
(Add ten to it) 1967: European Community was formed. It was the combination of EEC (aka common market), Euratom and ECSC. It was formed to ensure equal participation of all the members
(Add six to it) 1973: UK joined the European Community after ratification to the European Communities Act
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1993: Maastricht Treaty was signed and EEC was renamed as EC. Through this treaty, single currency market i.e. the euro was formed after years of debates regarding improving economic integration
Build up to Brexit
1975 referendum that resulted in 'yes' to UK staying in European Communities that it had joined in 1973
Till signing of Maastricht Treaty 1992, main opposition to EU came from Labour Party. After it, Conservatives led the charge
2010: rise of UKIP and 'People's Pledge', pledge to hold referendum on EU membership of UK
2016, PM Cameron put the question before public and it voted 51% in the favor of exiting EU and hence the term came 'Brexit'.
Cameron resigned and Theresa May became PM. Conservatives had the support of Democratic Unionist Party in the Parliament
After Brexit happened
Theresa May invoked Article 50 of the Treaty of European Union through which UK did not want to remain part of EU Customs Union or the European Single Market.
'Backstop' agreement has been rejected by the UK parliament as that might reignite ethno-nationalist troubles in Ireland as a result of hard-border.
Multiple deals presented by Theresa May's govt have been rejected by the Parliament. She resigned on 24 July 2019. Boris Johnson succeeded her