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Brexit Definition. What is 'Brexit' Brexit is an abbreviation for "British exit," referring to the UK's decision in a June 23, 2016 referendum to leave the European Union (EU). The vote's result surprised pollsters and roiled global markets, causing the British pound to fall to its lowest level against the dollar in 30 years. Prime Minister David Cameron, who called the referendum and campaigned for Britain to remain in the EU, resigned on July 13. Home Secretary Theresa May, who had replaced Cameron as leader of the Conservative party a couple of days earlier, then succeeded him as Prime Minister. "Leave" won the 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 across the UK, but the overall result conceals stark regional differences: 53.4% of English voters supported Brexit, compared to just 38.0% of Scottish voters.

BREAKING DOWN 'Brexit' British exports by destination, 2015 (total = $428 billion) Italy France. Brexit – what would happen if Britain left the EU? | Politics. David Cameron’s electoral triumph has brought the prospect of a British withdrawal from the EU one step closer. The prime minister has vowed to reshape Britain’s ties with Europe before putting EU membership to a vote by 2017. But what would “Brexit” - a British exit from the 28-nation EU - look like? Eurosceptics argue that withdrawal would reverse immigration, save the taxpayer billions and free Britain from an economic burden. Europhiles counter that it would lead to deep economic uncertainty and cost thousands, possibly even millions, of jobs. Our writers have drawn on the best available expertise to assess what Brexit would mean for growth, jobs, trade, immigration and Britain’s position in the world.

Starting with the estimates that leaving would be a net loss to the UK economy, one analysis often cited is from researchers at the National Institute of Economic and Social Research in 2004. Overall, the authors state: But a large dose of caution is needed. He concluded: Katie Allen. Brexit: Complete coverage of Great Britain's vote to leave the European Union. ‘Brexit’: Britain’s Decision to Leave the E.U. Brexit: David Cameron to quit after UK votes to leave EU. Prime Minister David Cameron is to step down by October after the UK voted to leave the European Union. Speaking outside 10 Downing Street, he said "fresh leadership" was needed. The PM had urged the country to vote Remain but was defeated by 52% to 48% despite London, Scotland and Northern Ireland backing staying in.

UKIP leader Nigel Farage hailed it as the UK's "independence day", while Boris Johnson said the result would not mean "pulling up the drawbridge". Scottish First Minister Nicola Sturgeon said she was "absolutely determined" to keep Scotland in the EU so a second Scottish independence referendum was now "highly likely". German chancellor Angela Merkel expressed "great regret" at the outcome, and EU chiefs said they expected the UK to begin negotiations to leave "as soon as possible, however painful that process may be". He said voters had "searched in their hearts" and the UK now had a "glorious opportunity" to pass its own laws, set its own taxes and control its own borders. Brexit: Racist abuse in UK growing since vote to leave EU ...

Anti-immigrant leaflets saying "Leave the EU - no more Polish vermin" were put on cars near a school, local police said, the day after the country voted to leave the European Union. On Sunday, the Polish Social and Cultural Association in Hammersmith, west London, was allegedly vandalized with a racist slogan. Conservative politician and lawyer Baroness Sayeeda Warsi, who quit the "Leave" campaign shortly before the vote, told Sky News that organizations working with race crime victims had seen a rise in reports of abuse since the Brexit vote.

"I've spent most of the weekend talking to organizations, individuals and activists who work in the area of race hate crime, who monitor hate crime and they have shown some really disturbing early results from people being stopped in the street and saying look, we voted Leave, it's time for you to leave," she said. "They're saying this to individuals and families who have been here for three, four, five generations. Police investigate hate crimes. Brexit: EU leaders demand quick UK exit. European Commission President Jean-Claude Juncker has said he'd like to get started on it "immediately. " "Britons decided that they want to leave the European Union, so it doesn't make any sense to wait until October to try to negotiate the terms of their departure," Juncker said Friday, referring to British Prime Minister David Cameron's announcement that he would step down -- but not before a new leader could be installed in October.

However, German Chancellor Angela Merkel suggested there's no hurry. "What's important is that Great Britain has not put into motion this proposal, and also the agreement isn't finished," she said Saturday. "Great Britain continues to be a full member of the EU with all rights and responsibilities. I also spoke to the British Prime Minister about that and he confirms the same. "We were sad yesterday that the vote went that way. In an interview with German broadcaster ARD, Juncker said he, too, was deeply saddened by the UK's 52%-48% vote. Two nations weigh in. Boris Johnson 'supports freedom of movement' in Brexit. Sky News understands the Foreign Secretary Boris Johnson has privately told at least four EU ambassadors that he supports freedom of movement - despite the Government's hard stance on Brexit. The high-ranking diplomats were speaking under the Chatham House rule, which allows their comments to be reported, but not directly attributed.

One ambassador said: "(Boris Johnson) told us he was personally in favour of it, but he said that Britain had been more affected by free movement of people than other EU member states. " :: PM - I was right to hold off on EU citizens Another said the Foreign Secretary was even more forthcoming, saying: "He did say he was personally in favour of free movement, as it corresponds to his own beliefs.

But he said it wasn't government policy. " Corroborating the remarks, an ambassador for a third country said that he was "shocked" by the Government's shambolic diplomacy. "It is stupid to say that freedom of movement is a fundamental right.