These are external links and will open in a new window. Over the summer, UK and EU officials will try to agree what the future relationship will eventually look like. A public vote known as a referendum was held in June , when The EU is an economic and political union involving 27 European countries. It allows free trade, which means goods can move between member countries without any checks or extra charges. The EU also allows free movement of people, to live and work in whichever country they choose. The UK joined in when it was known as the European Economic Community and became the first member state to leave. The UK formally left the EU on 31 January and immediately entered into an month transition period. During this period, the UK will continue to follow all of the EU's rules and its trading relationship will remain the same.
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What is the history of the UK’s membership in the EU?
Why did Prime Minister David Cameron try to change the terms of membership?
Never miss a great news story! Get instant notifications from Economic Times Allow Not now. Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. It is categorized under Indirect Tax and came into existence under the Finance Act,
Brexit is an abbreviation for "British exit," referring to the U. Theresa May, who replaced Cameron as leader of the Conservative Party and prime minister, stepped down as party leader voluntarily on June 7, after facing severe pressure to resign and failing three times to get the deal she negotiated with the EU approved by the House of Commons. Johnson, a hardline Brexit supporter, campaigned on a platform to leave the EU by the October deadline "do or die" and said he was prepared to leave the EU without a deal. The main difference from May's deal is that the Irish backstop clause has been replaced with a new arrangement. The revised protocol on Ireland and Northern Ireland is available to read here.
Anyone who does use it usually finds themselves being mocked. The political discourse has been going round in circles for many months now with each group of politicians, from left to right, sticking to the same line. It will be interesting to see if these same words and phrases are still around in October when we are due to leave next.