Glimpses of Brexit and Forthcoming Eventualities

Abstract

Britain's 'Black Friday' is a past. With Brexit becoming official on 24th June, 2016, Great Britain was embroiled in conflict, campaigns, public debates and mass speculation about the future of the United Kingdom (UK) and its relationship with Europe.

This paper attempts to offer glimpses of Brexit with answers to several basic questions such as - What is Brexit and why did Britain leave the European Union? What are the consequences of Brexit and whether it is good or bad for India, which had strong trading ties with Britain considering the fact that it was a gateway to all of Europe?

A month thereafter since the referendum; interestingly, many Britons were in the process of seeking a second referendum or a redo on the voting exercise after going through an experience of what is termed the "buyer's remorse" due to the volatility and uncertainty at the global stock markets and the devaluing of the pound besides prompting several changes, majorly in the area of trade and employment.

Is a second referendum possible or should Britain just go forward and work hard to make Brexit a roaring success, as the Prime Minister, Ms. Theresa May said – Brexit is Brexit and we must respect people's decision.