What is happening in the U.K? A Beginner’s guide

13th December 2018 Social Berry

First of all if you are struggling to keep up with the tensions, news, updates, speeches and general technical jargon surrounding the BREXIT don’t worry, you are not alone! Even the British citizens are somewhat confused on how this will affect them!

In this article we try to break down the fundamentals of what you need to know about BREXIT, which basically is the attempt of the U.K to leave the E.U.

What is meant by this is that the U.K wants to leave the “European single market” which is basically allowing goods and people to move around as if the member states live in one country.

 

  • 23/06/2016 A referendum (vote) takes place in which 52% of the 30 million people in the UK voted for the UK to leave the European Union.

 

  • 29/03/2017 UK Prime Minister Theresa May triggered Article 50 of the Lisbon Treaty, which states that both sides (UK and EU) have 2 years to agree the terms of the “split”.

 

  • A 585 page agreement is drafted as the Brexit deal, which includes how much money the UK owes the EU, what happens to UK citizens living in the EU and what happens to EU citizens living in the UK!

 

  • 10/12/2018  European Court of Justice ruled that the UK could cancel Brexit without the permission of the other 27 EU members, and remain a member of the EU on its existing terms

 

  • 12/12/2018 Theresa May survived a no-confidence vote with 200 votes for to 117 against, meaning that ⅓ of her parliamentary party failed to back her!

 

  • 13/12/2018 Theresa May flies to Brussels for the EU Council, however the EU says it will not renegotiate the deal

 

These past few days have triggered a rollercoaster movement on GBP pairs, including the GBPUSD approaching 18-month lows!

 

Tomorrow is a new day and we are certain the BREXIT saga will continue to be in the highlights section of every major news outlet! What do you think will happen?

 

The trade.Berry team

 

References:

www.bbc.com

www.cnbc.com

www.reuters.com

 

**The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policies or position of trade.Berry.

This content is intended for educational purposes only, and shouldn’t be considered investment advice.

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 Trading CFDs involves high risk of losing money 64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the risk of losing your money.