Name: Fortune Explains: Brexit
Uploaded: 2019-04-04
Duration: 4 min 44 s
Description: A guide to what it is and why it matters.

Understanding Brexit feels a lot like solving a Rubik's cube. There are a lot of moving parts, and just when you think you have it figured out, something new is brought to the table. Let's start from the beginning. [ MUSIC ] This a story that involves two main characters, the EU and the UK. Back in 2016, the United Kingdom voted to break free from the European Union. And the two have been in talks to hash out the terms ever since. Like, how will an independent UK handle trade deals, custom, immigration and other things. But as you can see this kind of split isn't easy. In fact it's been messy. And the leading lady U. K. Prime minister Theresa May. Tasked with ironing out all the brexit [ INAUDIBLE ] details. She's managed to reach a deal with the EU but it failed to gain approval at home more than once. The ayes to the right, 242, the nos to the left 391. So the nos have it, the nos have it. But she got it handed to her. she hasn't given up even after two attempts to remove her from office. So why all the opposition to her Brexit plan? These opponents thought her agreement left the UK tied to the EU in too many ways. They called this a soft Brexit. When what they wanted Wanted was a hard Brexit As you may know, I've don't recognize these terms of hard and soft Brexit. What I think we need to do is to build a new deep and special partnership with the European Union. We want that comprehensive free trade agreement, which enables us to have a seamless and frictionless a border as possible to continue the trade And cue the chaos. Order. Theresa May told lawmakers to hold their nerve and give her more time to negotiate a deal that's acceptable to both sides. Come to order, the Prime Minister. [ NOISE ] [ NOISE ] Every time we've come up to these votes the scuttlebutt has been that, well, maybe this time she'll get it through. Prime Minister Theresa May has delayed the crucial vote on her Brexit plan that was Due to take place tomorrow. For two years, Brexit was expected to start on March 29th, 2019. With the 21- month transtion period, making December 2020 the official date the UK would fly solo. But you can cross those dates off your calendar if you haven't already. Like many things [ UNKNOWN ] are related, things have changed and dates have shifted. Like a lot. The danger now is that Brexit will proceed without any deal at all. My God. Okay, it's happening. Eevrybody stay calm. Everybody stay calm. And nobody wants that. Here are some reasons why. Borders. The border between Northern Island and the Republic of Ireland has been a big sticking point in this whole mess. S, Northern Island would be the only land border between the EU and the UK. And there lies the problem. How would goods moving between the two be checked going forward? Custom post? Fences? Flash back to the troubles, a point in history where a 30 year border conflict caused horrible tension and thousands of deaths So a hard border strikes a sensitive chord from the past, but without a deal, the UK would suddenly fall back on World Trade Organization rules. This means it would have to strike separate trade deals with each country, or give all countries the same terms. Currently, there are no tariffs on trade between EU and UK Changing that could mean goods become more expensive for british businesses and consumers. It can also impact British sales abroad. And to make matters worse all of this will dramatically increase customs paperwork. And that could result in major delays for goods trying to cross the border. [ SOUND ] Summary, it may even lead to shortages of food and other essentials. And what about the people? That is what businesses are made up of, after all, A no deal Brexit would mean figuring out visas, passports and even what taking a flight between the zones with me. What happens to EU citizens living in the UK and vice versa? What about working in- between the two zones? So if you couldn't already tell by now, this is a confusing puzzle that so far nobody has been able to solve. [ MUSIC ]

Fortune Explains: Brexit

Politics

A guide to what it is and why it matters.