Brexit and its Impact on India – IAS Synopsis


What is Brexit?

  • The short form of Britain (UK) Exiting the European Union (EU).
  • In 2016, Brexit was announced in Britain after the referendum for leaving the European Union. England and Wales within UK were largely in favor of Brexit, while Scotland and Northern Ireland wanted to remain within EU.
  • After the referendum, the UK and EU provisionally agreed to settle financial, strategic and political issues over a transition period of 21 months.
  • After some delays and heavy political maneuvring in UK politics, The withdrawal agreement was ratified by the UK on 23 January 2020 and by the EU on 30 January; it came into force on 31 January 2020




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