* Date : 2018-12-24
Background and Prospects of Brexit
UK's withdrawal from the EU, or Brexit, is set to take place on March 29th next year. However, controversy over the Brexit agreement is heating up in Britain. The parliamentary vote on the Brexit agreement, originally scheduled for December 11, was postponed until mid-January next year due to the growing possibility of rejection. Prime Minister Theresa May, who had hoped to secure a favorable deal on the Northern Ireland backstop eventually came back empty-handed as well. At this, many Britons including former British Prime Minister Tony Blair is calling for a second referendum on Brexit with opinion polls showing that fewer people are in favor of Brexit. Why is Britain unhappy with the current agreement and are the UK's demands unacceptable for the EU? We discuss the possible scenarios that Brexit can unfold as well as the impact it would have on the European and the global economy.