Brexit refers to Britain's withdrawal from the European Union, which 52% of British voters chose to do in a June 2016 referendum. Theresa May became the new Prime Minister and set up departments to oversee Brexit negotiations. Reasons for Brexit included concerns over EU interference in the economy and high unemployment in the EU. Potential gains were seen as less regulation, budget savings, and new trade deals, while losses could include tariffs, loss of single market access, and investment drops. Brexit may impact the UK through changes to trade, foreign investment, immigration policy, and economic regulation.

1. BREXIT
• Brexit is an abbreviation of “British Exit” that refers to Britain’s
withdrawal from the European Union.
• As promised by PM David Cameroon, a referendum was held on
Thursday, June 23.
• 52% of the British voters chose to leave the European Union.
• Britain has got a new Prime Minister Theresa May.
• Article 50 of the Treaty of European Union.
• The Govt will enact a Great Repeal Bill which will end the primacy
of EU law in UK.
• Theresa May set up a Govt dept headed by David Davis along with
Liam Fox as international trade secretary and Boris Johnson as
foreign secretary to take responsibility of the Brexit.

2. Reasons for BREXIT
• The interference of EU affecting the health of the
UK economy
• The level of unemployment in the EU was
extremely high .
• Britain could negotiate new trade policies and
agreements with EU and other emerging
countries.
• It would free itself from the complex laws and
regulations set up by the EU
• Leaving the EU would cut the contributions to the
EU budget.

3. GAINS
• Less Regulation
• Savings on European Union
Contribution
• Ability to strike new trade
deals
• Skills based migration policy
LOSSES
• Possible tariffs on exports to
EU
• Loss of access to single
market
• Drop in the investments

4. IMPACT FOR BREXIT
• One in every 10 UK jobs are linked to the trade
with the EU
• Leaving the EU could affect the FDI,
Immigration and economic regulation in UK
• The Sterling pound value fell against all major
currencies.
• The EU is UK’s major trading partner
accounting for 45% of exports and 53% of
imports in 2014.