Brexit is a combination of the terms "British" and "exit" coined to allude to the United Kingdom's vote to leave the European Union in a referendum on June 23, 2016. (EU). Brexit occurred on January 31, 2020, at 11 p.m. Greenwich Mean Time. The result was close: 52 percent opted to leave, while 48 percent chose to stay.The referendum was not legally binding; for Brexit to take effect, Parliament must enact laws permitting it. Prime Minister Theresa May introduced legislation on March 29, 2019, and it was approved on January 15th by a majority of Conservative and Labour MPs, despite strong resistance within their respective parties. After 47 years of membership, Britain will officially leave the EU on January 31, 2020.The withdrawal agreement, which took two years to negotiate, includes a transition period that will last until the end of 2020. This will give businesses and individuals time to adjust to the new relationship between the UK and the EU. During the transition period, both sides will continue to follow the rules of the single market and customs union.
