What's Next After Brexit?

In general, 'Brexit' is a term that is now widely used as a shorthand way of expressing the UK leaving the EU-a portmanteau of the words "Britain" and "Exit". In fact, it is in the same way as Greek's exit from the euro which is dubbed as Grexit in the past. So, Brexit is shorthand for Britain's split from the EU, changing its relationship to the bloc on trade, security and migration. It is, prima facie, evident that Brexit resembles a simple word, but the effect of that word is not so simple in the current global economy. Its effect could be huge and long-lasting. Hence it is important to review and critically evaluate about what, when & why of Brexit is going to be taken place. As of now, Britain has been debating the pros and cons of membership in a European community of nations almost from the moment the idea is raised. It held its first referendum on membership in what was then called the European Economic Community in 1975, less than three years after it joined, when 67 percent of voters supported staying in the bloc. Later on, in 2013, the Prime Minister David Cameron promised a national referendum on European Union membership with the idea of settling the question once and for all. Consequently, the options it offered are broad and vague- 'Remain or Leave'. At that time, Mr. Cameron was convinced that the remain would win handily. In this respect, British voted on June 23, 2016, as a refugee crisis made migration a subject of political rage across Europe and amid allegations that the Leave campaign had relied on lies and broken election laws. Overall, an ill-defined Brexit won approximately 52 percent of the vote. However, it not only resolve the debate, but also saved for another day the tangled question of what should come next. After nearly three years of debate and negotiation, it still remains unanswered and quite puzzle. Hence Brexit has become the most recent debatable financial issue that could be a paradigm shift particularly in UK's economy.