Brexit is a combination of the words Britain and exit as it is said as the formal living of Britain from the European Union. Britain was subjected to the regulations of the EU and had long acted as a sovereign Nation refusing to adapt to economic and immigration policies. The European Union poor handling of the financial crisis and the terrible economic static of Great Britain and help them realize that membership in the European Union was dangerous. For this there was an article 50 a plan for any country that wishes to exit the European Union to do so, it was created as the part of the Treaty of Lisbon and agreement signed up to by all the European States which become law in the entire article 50 process takes about 2 years, and Britain is due to officially leave the EU on March 29,
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In this assignment I will be considering what Brexit is and what impact it has had on financial services as well as financial institutions. On the 23rd June a referendum was held where The European Union was created in an effort to stop the war between neighboring countries. The six founding countries are Belgium, Netherlands, France, Germany, Italy and Luxemburg and in the s they all signed a deal stating that they will pool coal and steel resources, as of this the EU has 28 members. There are 4 Key institutions that work together to run the EU, which are: European Commission — The European commission proposes and enforces, laws, manages EU policies and delegates EU funding European Parliament — European Parliament is invoked in the creation of legislation, supervision as well as budgeting.
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