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Trading and Investment Terminology

Brexit

Brexit is an contraction for "British exit," referring to the United Kingdom's choice in a June 23, 2016 referendum to exit the European Union (EU).

 

The poll's outcome defied expectations and troubled markets worldwide, making the British Pound tumble to its most minimal level against the dollar in 30 years.

 

Previous United Kingdom Prime Minister David Cameron, who called the referendum and crusaded for the United Kingdom to stay in the European Union, declared his resignation the next day.

 

Theresa May, who became leader of the Conservative Party and PM after Cameron, willingly left the position of party leader on June 7, 2019 after getting a lot of pressure to leave and failing 3 times to get the arrangement she negotiated with the European Union agreed upon by the House of Commons.

 

The next month, Boris Johnson, a previous London Mayor and foreign minister, was chosen prime minister of United Kingdom.

 

Boris Johnson, a staunch Brexit supporter, campaigned on a stage to leave the European Union by the October deadline "sink or swim" and stated that he was ready to leave the European Union without a arrangement.

 

United Kingdom and European Union arbitrators concurred on a new divorce arrangement on October 17, 2019.

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