Brexit is a commonly used term for the United Kingdom’s withdrawal from the European Union. Following a highly controversial and divisive 2016 referendum vote to leave, the UK government started the withdrawal procedure on 29 March 2017, putting the UK on course to leave the EU by 31 March 2019 at the latest.
Theresa May, who became Prime Minister after the referendum, has promised a bill to repeal the European Communities Act and incorporate existing EU laws into UK domestic law. In January 2017, she announced a 12-point plan of negotiating objectives and confirmed that the UK government would not seek continued membership in the single market. The terms of withdrawal have not yet been negotiated and in the meantime, the UK remains a full member of the European Union.
The UK joined the European Communities (EC), a predecessor of the EU, in 1973, and confirmed its membership in a 1975 referendum. In the 1970s and 1980s, withdrawal from the EEC was advocated mainly by some Labour Party and trade union figures. From the 1990s, withdrawal from the EU was advocated mainly by some Conservatives and by the newly founded UK Independence Party (UKIP).
Get My Market is watching events and will provide reports and news about how Brexit will affect the UK market, how it will impact High Net Worth Investors and Households as the UK begins the long road to breaking with the European Union.