British Exit i.e., Brexit is the withdrawal of the United Kingdom from the European Union. In June 2016, 52% voted to leave the EU following a UK wide referendum. The UK finally left the EU on 31st January 2020. The main reasons for Brexit were-
(i) EU threatens British sovereignty and prevents radical reforms.
(ii) The Euro has been a disaster and caused the Greek economic crisis.
(iii) UK could have a more rational immigration system outside the EU as the EU allows too many immigrants.
Brexit is a rejection of globalisation. The European Union signified a move from a single market to a single currency, a single banking system and eventually a single political entity. Many persons argue that Brexit goes against the concept of globalisation, i.e., it symbolizes a protest against the economic model that has been in place since 1992.
Many voters feel that globalisation has benefited only a small elite and hanker for a return to the security provided by the nation-States i.e., jobs, living standards, welfare facilities seemed better protected in the nation-States prior to globalisation for e.g., unemployment across the Eurozone is more than 10% and Italy, Greece, etc., are facing economic crisis.
