Rahmat Ullah Shah Jalal (Sakib) , Dept. of Chemistry . Comilla University

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Serial Number Content Page Number
1. Introduction
2. What is Brexit?
3. What is the European Union and why did
Britain vote to leave?
4. The Referendum
5.
The Story of Brexit so far
6.
Reasons for Brexit
7.
Impacts of BREXIT on UK
8.
Main Facts on the Brexit Process
9. What is the Brexit deal?
10. Why did Parliament reject the Brexit
deal?
11.
Could the UK leave with no deal?
12.
Advantage and disadvantage of Britain
being in the EU
13.
How Brexit can affect Bangladesh
14. The impact of Brexit on the least
developed countries.
15. Conclusion
16. Reference

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Introduction
A portmanteau of the words “Britain” and “exit,” Brexit is shorthand for Britain’s split from the
European Union, changing its relationship to the bloc on trade, security and migration.
Britain has been debating the pros and cons of membership in a European community of nations
almost from the moment the idea was broached. It held its first referendum on membership in
what was then called the European Economic Community in 1975, less than three years after it
joined, when 67 percent of voters supported staying in the bloc.
In 2013, Prime Minister David Cameron promised a national referendum on European Union
membership with the idea of settling the question once and for all. The options it offered were
broad and vague — Remain or Leave — and Mr. Cameron was convinced that Remain would
win handily.
Britons voted on June 23, 2016, as a refugee crisis made migration a subject of political rage
across Europe and amid accusations that the Leave campaign had relied on lies and broken
election laws. An ill-defined Brexit won 52 percent of the vote.
Notonlydidthat not settle the debate,butitalsosavedforanotherdaythe tangledquestionof what
shouldcome next.Afternearlythree yearsof debate andnegotiation,thatremainsunanswered.

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What is Brexit?
Brexit comes from merging the words "Britain" and "exit" and refers to the country's exit from
the European Union.
The term has been widely used ever since the idea of a referendum on the UK leaving the trading
bloc was put forward.
More than 30 million people voted in the June 2016 referendum with a turnout of 71.8 per cent.
Leave won by 52 per cent to 48 per cent.
People now talk about “soft” and “hard” Brexit in reference to how close the UK will be to the
EU post separation.
A soft Brexit means Britain will keep strong economic ties with the EU, with a hard Brexit
meaning the UK leaves the single market entirely.
What is the European Union and why did Britain vote to leave?
The European Union is an economic and political partnership. There are currently 28 member’s
states including the United Kingdom.
It began as a trade group of six nations in the 1950s.
The UK first applied to join what was then the European Economic Community in 1961 and
finally became a member in 1973.
Now called the European Union, it has grown to include former Soviet bloc states and has at its
heart a “single market” allowing goods and people to move freely.

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It has its own parliament, central bank and the euro currency used by 19 countries, though some
members including Britain opted to keep their own money.
Eurocrats have been pushing for ever closer political and financial union, which could include a
European Army separate from the Nato alliance.
Those in favour of leaving said Britain was being held back by EU red tape with too many rules
on business.
They also campaigned on the issue of sovereignty and said they wanted Britain to take back full
control of its borders.
Beyond the question of ceasing to be a member of the EU, what Brexit actually means in practice
has been the subject of intense debate ever since.
The Referendum
"Leave" won the June 2016 referendum with 51.9% of the ballot, or 17.4 million votes;
"Remain" received 48.1%, or 16.1 million. Turnout was 72.2%. The results were tallied on a
U.K.-wide basis, but the overall figures conceal stark regional differences: 53.4% of English
voters supported Brexit, compared to just 38.0% of Scottish voters. Because England accounts
for the vast majority of the U.K.'s population, support there swayed the result in Brexit's favor. If
the vote had been conducted only in Wales (where "Leave" also won), Scotland and Northern
Ireland, Brexit would have received less than 45% of the vote.

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The Story of Brexit so far
 Feb 2016: Prime minister says UK should be allowed to vote on EU membership
 Jun 2016: The day when adults in the UK voted to leave the EU
 Mar 2017: The UK officially announces it is on its way out of the EU
 Nov 2018: EU approves withdrawal agreement
 Dec 2018: Theresa May wins vote to keep her job
 Jan 2019: 432 MPs vote against Theresa May's Brexit deal
 Feb 2019: Will Britain's exit from the EU be delayed until May?
 Mar 2019: Theresa's May deal is rejected AGAIN
 Mar 2019: Prime minister says she'll quit if deal is approved
 April 10, 2019: A new deadline of October 31 was approved but if a plan is approved
prior to that date, the extension would be terminated.
 May 24, 2019: Prime Minister Theresa May announces her resignation.
 September 4, 2019: Parliament rejects the Prime Minister’s call for new elections but did
pass a bill forcing the Prime Minister to ask the E.U. to delay BREXIT until January if
there is no exit agreement.
 September 10, 2019: Parliament is suspended (prorogation) for 5 weeks until October 14.
On September 24th the Supreme Court of the United Kingdom deemed the Order in
Council ordering the prorogation "null and of no effect".
Reasonsfor Brexit
 Immigration:
The main reason for Britain's exit form EU is the problem of immigration. Any EU citizen can
work in any member nation of EU. Approximately, 1 million people migrated to Britain in large
number.
 Loss of Employment And Employment Opportunities:
As due to immigration of low skilled people who will work for less salary, Britain's citizens lost
their employment and also resulted in reduction of salaries for British people.
 Sovereignty:

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Britain ruled many countries overall the Globe by making those countries as British colonies in
19 & 20 centuries. Even though there are no colonies and colonialism of Britain at present it
thought that the prestige of being sovereign power will be lost if it is under the leadership of all
EU member nations
 Syria and Iran Economic Crisis :
One of the reasons for BREXIT is that the Britain does not handle well the economic crisis of
Syria and Iran.
 Increased Terrorism and Low Economic Growth:
Increase of terroristactivitiesandattacksoverall the EU membernationshasresultedinslowdownof
industrial growth.BeingamembernationinEU,Britaincannot take itsowndecisionsregardingany
importantproblems;itcannotchange some lawsetc. withoutthe majorityinEU Parliament.Sothis
limiteditsscope of functioningtowardswhatisneededinBritain,bythe BritishParliament.Itresultedin
a slowdowninBritain'seconomy.
Impacts of BREXIT on UK
 Impact on Economy
 Impact of Brexit could lead into lower GDP of 2.2% in 2030 or hopefully into higher
GDP of 1.6%.
 Leaving the EU also affected Foreign Direct Investment, immigration and economic
regulation in UK.
 One in every ten UK jobs are linked to the trade with the EU. Therefore Brexit affected
their jobs directly or indirectly.
 Impact On Trade
 Trading freely with the EU allows UK businesses to grow, Being able to trade freely with
the EU helps UK businesses grow and create jobs .Therefore, leaving EU puts all this at
risk.

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 Four out of five UK small businesses say,, access to EU markets is important to their
future growth, in case of UK leaving EU, these small business might suffer losses.
 The pound fell dramatically after the Brexit vote at the end of June. It then declined to a
three-yéar low against the euro following Theresa May's negotiations by the end of
March taking its fall from a pre-referendum rate of over 1.30 euros to a low of 1.09
euros in October.
 Impact on Society
 Being in European Union means lower prices for UK families, because it's cheaper to
trade and there's more choice. Since UK left the EU, the cost of imports could rise by at
least £11 billion leaving UK families out of pocket as prices rise.
 Independent experts estimate the benefits of being in the EU are worth £3,000 a year to
the average UK household - due to lower prices and more jobs, trade and investment.
These were all lost as UK left the EU.
Main Facts on the Brexit Process
Britain could break from the UK by 2019, but being the first time in history that Article 50 of the
Lisbon Treaty—the necessary catalyst to Brexit—will be invoked, and given the complexity the
deals being unraveled, an extension wouldn’t be surprising. At a glance, this is what an un-
interrupted Brexit process could look like.

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What is the Brexit deal?
The deal consisted of a binding withdrawal agreement - which set out the terms for the "divorce"
process - and a non-binding political declaration on the nature of the future relationship between
the UK and EU.
The withdrawal agreement covered a range of things including:
 the rights of EU citizens in the UK and British citizens in the EU
 how much money the UK was to pay the EU (widely thought to be £39bn)
 the backstop for the Irish border
Why did Parliament rejectthe Brexit deal?
The main sticking point for many Conservative and DUP MPs was the backstop.
Currently, there are no border posts, physical barriers or checks on people or goods crossing the
border between Northern Ireland and the Republic of Ireland. The backstop is designed to ensure
that continues after the UK leaves the EU.
It comes into effect only if a comprehensive free trade deal is not quickly agreed between the UK
and EU. It would keep the UK effectively inside the EU's customs union but with Northern
Ireland also conforming to some rules of the single market.
Critics say a different status for Northern Ireland could threaten the existence of the United
Kingdom and fear that the backstop could become permanent. But supporters say it is necessary
to maintain peace in Northern Ireland.
Could the UK leave with no deal?
Prime Minister Boris Johnson wants the EU to remove the backstop from the deal. He wants
"alternative arrangements" and technological solutions instead. But the EU has so far refused to
change the backstop. Mr. Johnson has said the UK must leave on 31 October, even if that is
without a deal.

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Advantage and disadvantage ofBritain being in the EU
The Brexit process began with the United Kingdom (UK) voting to leave the European Union
(EU) in a 2016 referendum. Since then, there has been heated debate from both the remain and
leave camps about the best scenario for Britain moving forwards.
With speculation playing a part in almost every claim for or against the EU, it’s sometimes
difficult to distinguish between legitimate risks and doom-mongering. As the process of
negotiating a withdrawal agreement nears its end, there is still uncertainty surrounding the UK’s
exit from the EU, and the debate on the pros and cons of Brexit continues.
 Key arguments for remain
1. Foreign affairs
As part of a community of 500 million people, Britain has greater influence over international
matters as a member of the EU.
2. Sovereignty
Britain has proved that it can opt out of some EU policies which it considers counterintuitive,
such as adoption of the euro, the Schengen Agreement and enforced migrant quotas.
3. Security
A union better equips Britain to tackle threats to security, including terrorism and cross-border
crime.
4. Money
European businesses invest billions of pounds in the UK every year, both in the public sector and
private sector.
5. Trade
EU membership gives Britain access to the European single market, which is invaluable for trade
and enables the easy movement of goods, services and people across member states.
6. Business
Free trade within the EU reduces barriers and enables UK companies to grow.

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7. Jobs
Millions of jobs linked to Britain’s membership would be put at risk. Some sectors such as
nursing and manufacturing could experience a slump in skilled labour.
8. Consumer goods
The average person in Britain saves hundreds each year thanks to lower prices of goods and
services facilitated by the EU.
 Key arguments for leave
1. Foreign affairs
EU membership limits Britain’s international influence, ruling out an independent seat at the
World Trade Organisation (WTO).
2. Sovereignty
Britain would have more control of its laws and regulations, without risk of having
counterintuitive policies forcefully imposed.
3. Security
Britain’s domestic security could benefit from full border controls, which it would gain outside
the political union.
4. Money
Britain contributes billions of pounds in membership fees to the EU every year.
5. Trade
Membership of the EU keeps Britain from fully capitalising on trade with other major economies
such as Japan, India and the US.
6. Business
The EU subjects Britain to slow and inflexible bureaucracy, making it more prohibitive for
smaller companies to do business.

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7. Jobs
Improved global trade agreements and more selective immigration could have a positive effect
on the British job market.
8. Consumer goods
The average person in Britain loses hundreds of pounds each year due to EU VAT contributions
and agricultural subsidies policies.
How Brexit can affectBangladesh
In a recent referendum held in the UK (United Kingdom) on June 23, 2016, 52 percent British
people voted to leave the European Union (EU). They claim that they have gained independence
from the EU. While I respect the English's decision to leave the EU, I do not know whether this
notion that the EU was ruling them is right. No one is likely to rule the British people. The EU is
not a ruler, but rather a group of institutions constructed for the betterment of the Europe.
Noticeably, The Prime Minister (PM) of the UK, David Cameron, has declared his adieu after
championing a failed campaign. Theresa May, the new PM, has replaced him. This segregation
from the EU of England may risk the mobilization of trade and commerce carried out by both the
UK and the whole continent as a whole with other countries, as evidenced by the recent sharp
decline in the rate for pound to US dollar and partly in the rate for Euro too. If other member
states follow suit, the EU itself could slowly unravel.
However, though it is true that it will take a good amount of time to officially settle Britain's
withdrawal from the EU after instituting all legal proceedings, I opine that we should be prepared
beforehand to encounter the challenges that are likely to be imposed on us as a consequence of
the Britain's exit from the EU.
First, low pound rates will make imports expensive to the Great Britain, meaning that we are in
trouble, as we have billion dollar exports with the English. They are likely to shrink imports to
compensate for the money spent on purchasing the now more expensive Taka. However, we
have good news also! We can harness the situation by less expensive imports from them.

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More than likely, Britain will be keenly interested in exporting to take advantage of its
undervalued currency and to take control of the situation.
Second, our economy is partly remittance-based. A depressed pound will result in low remittance
sent by our people living in the UK. What is more, immigration status, until the Brexit
negotiations are completed, will be the same as before, but who knows what will become of our
people once the Brexit is officially completed. Thus, the future of our people is somewhat
uncertain.
Third, falling pounds valuation can cause inflation to the UK economy. The bank of England has
a legal obligation to keep the inflation rate as close to 2 percent a year as possible. To this end,
the Bank of England may raise interest rates, making pounds more attractive than before.
Unfortunately, this step will enhance the cost of borrowings also. Thus, as a borrower, this
measure, if adopted, may be a good reason for our headache

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 The Impact Of Brexit On The LeastDevelopedCountries
The United Kingdom vote in June 2016 to leave the European Union will have major
implications for developing economies, according to a report from the Overseas Development
Institute (ODI). Least developed countries (LDCs) will be particularly affected, mostly via
reduced exports and lower aid values. Aid and trade preferences are two of the main international
support measures (ISMs) available to LDCs.
Although LDCs will be impacted differently depending on how (and if) the UK leaves the EU,
the effect will mostly be negative, via trade, financial markets and investment, aid, migration and
remittances, and global collaboration. The ODI conservatively estimates that the 10%
devaluation of the pound in the first week after Brexit, together with a downturn in the British
economy, could cost LDCs $500 million in lost exports. In addition the devaluation will in effect
reduce total British aid to all developing countries by $1.9 billion, with LDCs probably among
the worst affected. “If the pound continues to fall, the effects could increase,” says the report.
Around half of Britain’s £12.2 billion aid budget is allocable to LDCs. By mid-July the
sterling/dollar exchange rate had fallen by 12%.
The UK accounts for around 5% of LDC exports, although export dependency varies
significantly by country. LDCs that export a lot to the UK will be most affected, including
Bangladesh, which sends 10% of exports to the UK, and Cambodia, which sends around 7% of

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its exports to the UK. The devaluation effect could even be compounded by increased
protectionism or deterioration in Europe and Britain’s trade relations with the rest of the world.
LDCs also rely heavily on the larger EU market, the single biggest in the world. If the EU is
negatively impacted by Brexit, these countries will suffer and import less from the rest of the
World. Bangladesh sends half of its exports – mostly garments – to Europe including the UK.
Ethiopia, Malawi and Uganda send nearly a third of their exports to Europe. Tanzania, Sierra
Leone and Rwanda export less to the EU but will still be affected.
An additional channel for the Brexit effect is via investment – both portfolio and direct. Whilst
the impact of a downturn in financial markets immediately after the vote appeared negative for
developing countries and LDCs, the subsequent stock-market rebound suggests that the near-
term fallout could be limited. Estimating the impact of further financial volatility is extremely
difficult, and in any case LDCs tend not to be major recipients of portfolio flows. A greater long-
term impact may be felt in the form of lower foreign direct investment (FDI). Zambia, according
to the ODI report, is a particularly large LDC recipient of British FDI.
Another of the outcomes of the Brexit vote may be lower remittances, which will affect the
country’s most dependent on the UK such as Afghanistan, Angola, Cambodia, Haiti, Mali,
Uganda and Somalia. Not only may Brexit lead to restrictions on immigration, but sterling
remittances will be worth less following devaluation.
A final area of uncertainty for LDCs surrounds UK trade policy following the vote to leave
Europe. The ODI, like a number of other commentators, envisages two main scenarios: either
that Britain pursues a UK-EU customs union, or that the UK pursues an autonomous trade
policy. The first scenario would be less disruptive, and in principle there need be no impact on
trade preferences. The UK could continue to offer duty free access along the lines of Everything
But Arms (EBA) and under the same conditions as under current Economic Partnership
Agreements (EPAs) between the EU and African, Caribbean and Pacific countries (ACP).
An autonomous UK trade policy might present further problems. Some proponents of leaving the
EU have suggested that Britain would reduce tariffs to either very low levels or to zero as part of
a series of new trade deals with other countries. In this case the LDCs benefitting from EBA and
the ACP-EPAs would lose their preferential margins. Preference-dependent LDCs may struggle
to compete with more efficient or cheaper middle-income countries. This further underlines the
need for LDCs to focus on building productive capacity and on generating greater efficiencies
among exporters. LDCs also need to diversify and engage in economic transformation that
makes them less dependent on European and UK aid, trade, remittances and investment.
Overall, the case of Brexit may only be the latest in a number of international economic shocks
that LDCs are forced to confront as large economies experience slow growth and voters begin to
question the benefits of economic internationalization. Whilst ISMs are an important source of
help for the LDCs, they depend on continued stability and prosperity in the biggest economies.
Global political and economic events often have a much greater impact than aid and trade
concessions granted by the international community.

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Conclusion:
Post-Brexit, probably UK will have less “global soft power”, it previously used for promoting
progressive changes and tackling global issues e.g. climatic changes, humanitarian aid reforms,
and corruption. It is presumed that post Brexit UK will be even more influential because of
shifting focus from the EU to the global arena. Generally, the impact of UK on EU policies was
progressive as it was strong supporter of adoption of an open and liberal trading system,
elimination of agricultural subsidies and provision of efficient, poverty-focused humanitarian
aid and exit of UK will be diminution of an influential voice from the EU. Overall, Brexit threats
are far greater as compared to the opportunities. The UK government faces a massive task of
effective implementation of the peoples' decision and preparation for future outside the EU. A
feasible future strategy is required to limit the impending detrimental effects of Brexit on
development and making full use of the available opportunities. Finally, the outcome of the
Brexit referendum is a stark warning to those stake holders, who have benefited from
globalization and technological advancement over the last couple of decades, that these
progressive benefits should be equally shared with communities and citizens of both rich and
poor countries otherwise bear the future consequences
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