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For decades, the United Kingdom has had an ambivalent and sometimes contentious
relationship with the European Union. London has kept its distance from EU
authority by negotiating opt-outs from some of its central policies, including the
common euro currency and the border-free Schengen Area. Advocates of a British
exit, or Brexit, from the union argued that by reclaiming its national sovereignty, the
UK would be better able to manage immigration, free itself from onerous
regulations, and spark more dynamic growth.
The victory of the Leave campaign in a June 2016 referendum on the UK’s future in
the bloc led to the resignation of Prime Minister David Cameron. Under his
successor, Prime Minister Theresa May, the UK has spent years trying to negotiate
a new relationship with the EU. With British leaders now committing to leave the
EU single market by October 2019, the country could face the loss of preferential
access to its largest trading partner, the disruption of its large financial sector, and
even the breakup of the UK itself. Meanwhile, some fear the Brexit process could
accelerate nationalist movements from Scotland to Hungary, which would have
unpredictable consequences for the EU.