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- Meaning: Brexit (a portmanteau – a blend of words in which parts of multiple
words are combined into a new word, as in smog, coined by blending smoke and
fog, or motel, from motor and hotel) of "British exit") was the withdrawal of the
United Kingdom (UK) from the European Union (EU) at 23:00 GMT on 31
January 2020 (00:00 1 February CET).
- Reasons:
+ Economics
Opponents of the EU argued that it is a dysfunctional economic entity. The EU
failed to address the economic problems that had been developing since 2008… for
example, 20% unemployment in southern Europe.
The argument for remaining in the EU was that the alternative was economic
disaster. However, staying in a stagnated organization to solve British problems
seemed shortsighted and made little sense to opponents. They believed that
remaining in the European Union would make Britain follow Europe’s lead.
The European Union didn’t create the existing financial relationships. Britain’s
financial role goes back almost two centuries. The EU is a system that aligns with
financial reality. It does not create it.
Many who oppose the EU believe these institutions no longer serve a purpose. Not
only that, these organizations take control away from individual nations. Mistrust
and fear of losing control made Brexit a reasonable solution to them.
But for the supporters of the EU, such organizations are self-evidently valuable.
They may need to be tweaked but not abandoned.
The immigration crisis in Europe was a trigger. Some EU leaders argued that
aiding the refugees was a moral obligation. But EU opponents saw immigration as
a national issue, as it affected the internal life of the country. Steering clear of this
issue was an important driver for the “leave” vote.
+ Political Elitism
Finally, the political leadership of Britain faced a profound loss. The “leave” voters
rejected both the Conservative and Labour parties. Both parties had endorsed
remaining with the EU and saw many of their members go into opposition on the
issue.
Most “leave” supporters believed that the financial industry’s recklessness and
incompetence had created a disaster for many. Besides, they saw no benefit to
themselves in the success of the financial industry… even though it wasn’t true.
It’s vital to understand that Brexit was a vote against the British elite. Voters
thought politicians, business leaders, and intellectuals had lost their right to control
the system. Voters thought the elite had contempt for their values—for their
nationalism and interests.
(forbes.com)