E Why The Brexit Has Become Too Painful For Everyone

The United Kingdom’s separation from the European Union popularly monikered as “Brexit” has become so volatile, so chaotic such that the word is no longer befitting of the process. It has become a painful divorce with the parties from either side keen to dictate the terms of separation.

During this turmoil, more than 20 ministers in PM Theresa May’s government have quit their positions since June this year while Northern Ireland’s position regarding Brexit has threatened the very existence of the Union. Yet, Theresa May has continued avidly to defend the deal in parliament as she seeks support from MPs.

What began as an economic engagement between the UK and the EU, has now switched to a volatile political debate. Initially, the biggest question was whether the EU would accept what Britain brought to the negotiating table about the new terms of engagement post-Brexit.

But to get to this stage, PM Theresa May would have to get the vote of approval from UK’s House of Commons or vice versa. This step didn’t seem to be tricky in the beginning. But then fractures within the UK government began to form after May failed to get the 100-majority in the general election held in 2017.

And thus, getting the proposed Brexit deal through the UK Parliament has become the main stumbling block after the EU greenlighted May’s proposed terms, in what she termed as “an agreement in Principle” with the 27-Union members.

The ‘deal’

The deal delivered by May to Parliament and the British people focuses on regaining control of laws, money, and borders, but Labour Party leader Jeremy Corbyn has called it a “botched deal” that will bring self-harm to the British people, which is why MPs have had little choice but to reject it.

Over the entire Brexit negotiations economists have often referred to a ‘no-deal’ as a “hard Brexit”. And judging by the way things are moving, it increasingly looks like this will be the ultimate outcome of the entire process. And even if MPs were to somehow accept May’s proposed deal, it could still turn out to be a bad deal depending on the consequences that follow.

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Disclaimer: The material appearing on this article is based on data and information from sources I believe to be accurate and reliable. However, the material is not guaranteed as to accuracy nor ...

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Gary Anderson 1 year ago Contributor's comment

The British banking system could benefit from Brexit, as it has fewer rules than its EU counterpart. The Pound would benefit, since the alternative was going to be the European State with one currency. British banks are stronger than EU banks, think Deutsche Bank.

But, on the other hand, the UK is smallish. There aren't many people.