31 Mar 2018

BREXIT

Finance feed by:

CA Amarendra Agarwal
B.com (Hons),CA
CA in Practice
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   •    24 Year 4 Month  experience

It is an abbreviation for the term “British exit”, similar to “Grexit” that was used for many years to refer to the possibility of Greece leaving the Eurozone. Brexit refers to the possibility of Britain withdrawing from the European Union (EU). The country will hold a referendum on its EU membership on June 23, 2016.

When David Cameron became the prime minister of Britain in 2010 as head of a Conservative Liberal Democrat coalition, he had to withstand pressure about a Europe vote from the pro-exit UK Independence Party and from restive eurosceptics in his own party. Finally, in 2013 he promised an in-out referendum on EU membership if the Conservatives won the 2015 election. He secured an absolute majority in 2015 and hence the referendum. 

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