1. Brexit: Here are 5 things you want to know about it

Brexit: Here are 5 things you want to know about it

Brexit is an abbreviation of 'British exit' that mirrors the term Grexit. It refers to the possibility that Britain will withdraw from the European Union.

By: | Published: June 13, 2016 2:32 PM
Momentum is growing behind the EU exit campaign, which wants to end central control by Brussels and give Britain the freedom to manage its own affairs. (Photo: Reuters) Momentum is growing behind the EU exit campaign, which wants to end central control by Brussels and give Britain the freedom to manage its own affairs. (Photo: Reuters)

1) What is Brexit?

Brexit is an abbreviation of ‘British exit’ that mirrors the term Grexit. It refers to the possibility that Britain will withdraw from the European Union. The UK is set to hold an in/out referendum this month on whether there should be a British exit, or Brexit, from EU. Momentum is growing behind the EU exit campaign, which wants to end central control by Brussels and give Britain the freedom to manage its own affairs.

2) When is the EU referendum?

An in/out referendum will take place on Thursday June 23.

3) What is a refrendum?

A referendum is basically a vote in which everyone (or nearly everyone) of voting age can take part, normally giving a “Yes” or “No” answer to a question. Whichever side gets more than half of all votes cast is considered to have won.

4) What analysts are saying:

Britain leaving the European Union would strip the bloc of a nuclear-armed global player and prove “disastrous” for its presence on the world stage, analysts say. According to analysts, any such division within the bloc would likely be seized upon by Russia, whose ties with the EU have been badly damaged by the Ukraine conflict. Analysts said losing a UN Security Council permanent member and NATO lynchpin like Britain would likely diminish the EU’s influence and respect around the world, while also making it more inward-looking.

David Cameron also said that pensions and the publicly funded National Health Service could face cuts if Britons vote to leave the European Union. With less than two weeks until the vote, Cameron warned that annual pension increases, free television licences and bus passes could all be cut to make up for a “black hole” in the public finances.

5) What Angela Merkel has to say:

German Chancellor Angela Merkel said, she hopes that Britain will vote to remain in the European Union in the June 23 referendum.

Britain and Germany have traditionally been allies in the EU on matters such as free trade. “From my point of view, Great Britain remaining in the European Union is the best and most desirable thing for us all,” Merkel said.

(With inputs from AFP & Reuters)

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