brexit terms every uk citizen should now for 2017

Brexit Terms Every UK Citizen Should Know

Linkilaw Brexit, Business News

With 2016 finally in the books, citizens of the UK are rather in a “what’s next?” state of mind going into the new year. Between the Brexit vote, the passing of the Snoopers’ charter, and its apparent defeat in EU court. Let’s also not forget the Americans unprecedented election of Donald Trump as their next president.

There will be a lot more political talk in the year to come, and it’s best to hit the ground running by sharpening up your knowledge of the lingo if you have a dog in the fight. And that’s pretty much everyone who works in the UK!

Brexit has been a confusing affair for many Brits, which is evident by the many questions they’re asking as James Moore explains for The Independent.

And one of the most confusing aspects are all these fancy terms many UK citizens probably haven’t heard much about before. So we’re going to sharpen your lingo so you know understand the key Brexit terms every UK citizen should know for 2017.

Brexit Terms Every UK Citizen Should Know For 2017

Single Market – The EU’s business hub in which there are no taxes, quotas, or tariffs. It is easily the most appealing part of being a member of the EU. It’s also one of the easiest Brexit terms every UK citizen should know for 2017 to remember!

Four Freedoms – The centrepiece of the EU is the right for movement of goods, people, capital, and services among the 28 member states. The movement of people, namely immigrants, is one of the chief reasons the Brexit vote passed.

Between 2001 and 2011, the UK population increased by about 4.1 million, but the foreign-born population increased by 3.1 million. This has resulted in overcrowding in England, twice that of Germany and 3-½ times that of France.

World Trade Organisation (WTO) – The 162-member global commerce international trade organisation. If the UK does not do a transitional Brexit deal or negotiate one within two years, it will default to WTO rules and need to establish tariffs and trading rules with the EU and everybody else.

This is going to be one of the toughest deals for the UK as Alberto Mucci writes for Politico. The WTO is one of the most well-known Brexit terms every UK citizen should know for 2017.

Great Repeal Bill – A piece of legislation that the prime minister announced that would see all current EU law that affects UK law transposed into domestic law. From there, Parliament could weed out the laws it doesn’t like, although this might turn into the biggest task in history.

Hard Brexit – A term that describes an exit where the UK completely leaves the Single Market and the EU, as well as the customs union.

Soft Brexit – A scenario where the UK would stay closely tied to the EU and a member of the Single Market and the four freedoms, but would likely be political suicide for Theresa May, who is under pressure to reduce immigration to the UK.

Free Trade Deal – Assuming it’s not a Soft Brexit, the UK will have to sort out a new free trade deal with the 28-member EU after its departure. This could take years.

As Steve Baker from The Financial Times writes, securing a free trade agreement is a big key to the UK’s economic prosperity post-Brexit.

Article 50 – The official mechanism created in the Lisbon Treaty of 2009 by which a country can leave the EU. Prime Minister Theresa May has vowed to enact it by March 2017 and begin proceedings for the UK to officially leave the EU.

Final Words: Brexit Terms Every UK Citizen Should Know For 2017

So there you have it, Brexit terms every UK citizen should know for 2017!

Make sure you keep this blog post handy as a reference so you can turn to it if there is a term you hear that you don’t understand.

Keep your wits and your lingo sharp, and get up to date on the Brexit terms every UK citizen should know for 2017.

If you have any legal concerns about Brexit and how it could potentially affect your business then get in touch with us today.

It’s hard for us to give you a definitive answer on every legal ramification because of Brexit but we’ll do our best to make sure you’re prepared legally.

Get a free quote from a lawyer by clicking the image below.

CTA horizontal - Advice from Lawyer

Comments

comments