One of the biggest news stories of the year was that the EU, which represents one of the largest financial unions in the world, could collapse. Some analysts convinced the media that the first step towards the weakening and collapse of the EU would be Brexit. In the referendum of 23 June 2016, 51.9% of the British electorate voted in favor of leaving. On 29 March 2017 the British Government invoked Article 50 of the Treaty on European Union. This means that the UK will leave on 29 March 2019. In July 2016, a new government department was created specifically for Brexit, called the “Department for Exiting the European Union” (DExEU). The above facts confirm that soon the number of members of the European Union will decrease and only 27 countries will remain. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay The Treaty of Lisbon included Article 50, an agreement signed by all EU states and became law in 2009. Before it, there was no formal mechanism to allow a country to leave the EU. It is quite short - just five paragraphs - and clearly explains that any EU member state can decide to leave the union. It takes two years to complete a deal and leave the union, because governments would need to analyze Britain's financial capabilities to maintain economic stability after Brexit. The post-departure trade deal is likely to be the most complex part of the negotiation because it requires the approval of more than 30 national and regional parliaments across Europe, some of which may want to hold referendums. As Prime Minister May further stated, the UK would remain a member of the European Single Market, a market that ensures the free movement of goods, capital, services and citizens. The market includes the 28 EU member states and three post-Soviet countries, Georgia, Moldova and Ukraine, have been granted access to the "four freedoms" of the single market. Brexit is a long process which may require additional funding. According to various reports, its expenses range from 44 to 88 billion pounds. Although the Brexit Department secretary, David Davis, said: "We will not pay 100 billion euros." The British referendum shows that the majority of British citizens are not satisfied with being members of the European Union. Some politicians think this is because the UK has an imperialistic view of Europe and does not want to be a regular member but to be a leading state in the region. Everyone agrees that Brexit is one of the most important and even vital events in the history of the United Kingdom. However, with this event the connection with other European countries is somehow lost. There is strong agreement among economists in existing economic research that this is likely to reduce the UK's real income per capita in the medium to long term. Studies of the effects that have already materialized since the referendum show annual losses of £404 for the average British family and a loss of 1.3% of UK GDP. Another influence that Brexit could have on Britain is that it may make it difficult for ordinary citizens to travel to European countries, but as long as they have the Shenzhen visa it could not pose any problems. Please note: This is just an example Get a custom paper from our expert writers now. Get a custom essay Even after Brexit, the United Kingdom will remain a democratic and free country that sets an example for every government. It would still have good relations with other European states and would help each other if it were mandatory. An EU meeting for. 2019.