BREXIT meaning in Governmental ?

Answer:

What is British Exit mean?

Brexit (; a portmanteau 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 CET). The UK is the first and so far only sovereign country to have left the EU, after 47 years of having been a member state of the bloc — the EU and its predecessor the European Communities (EC) including the European Economic Community — since 1 January 1973. Under the terms of the Brexit withdrawal agreement, Northern Ireland continues to participate in the European Single Market in relation to goods, and to be a de facto member of the EU Customs Union.

The European Union and its institutions have developed gradually since their establishment, including 47 years of British membership, and grew to be of significant importance to the UK. Throughout that time Eurosceptic groups had existed, opposing aspects of the Union and its predecessors. Prime Minister Harold Wilson's pro-EC government held a referendum on continued EC membership in 1975 in which voters chose to stay within the bloc with 67.2 per cent of the vote share, but no further referendums were held as the European project steadily grew and became "ever closer" in the subsequent Maastricht Treaty and the Treaty of Lisbon. As part of a campaign pledge to win votes from Eurosceptics, Prime Minister David Cameron promised to hold a referendum if his government was re-elected. His (pro-EU) government subsequently held a second referendum on continued EU membership in 2016 in which voters chose to leave the EU with 51.9 per cent of the vote share. This led to his resignation, replacement by Theresa May, and four years of negotiations with the EU on the terms of departure and future relations. This process was both politically challenging and deeply divisive within the UK, with one deal rejected by the British parliament, general elections held in 2017 and 2019, and two new prime ministers in that time, both Conservative. Under Boris Johnson's majority government, the UK left the EU on 31 January 2020; trade deal negotiations continued within days of the scheduled end of the transition period on 31 December 2020. The UK government postponed the implementation of import controls for goods entering the UK from the EU until 2022 in order to reduce supply issues during the COVID-19 pandemic. Custom controls only applied to British goods entering the EU during this period.

The effects of Brexit will in part be determined by the EU–UK Trade and Cooperation Agreement, which was signed on 30 December 2020, and was provisionally applied from 1 January 2021 when the Brexit transition period ended, before it formally entered into force on 1 May 2021 after ratification processes on both sides were completed. The broad consensus among economists is that it will likely harm the UK's economy and reduce its real per capita income in the long term, and that the referendum itself damaged the economy. It is likely to reduce immigration from European Economic Area (EEA) countries to the UK, and poses challenges for British higher education, academic research and security. Following Brexit, EU law and the Court of Justice of the European Union no longer have supremacy over British laws, except in select areas in relation to Northern Ireland. The European Union (Withdrawal) Act 2018 retains relevant EU law as domestic law, which the UK can now amend or repeal.

reference

Full Form	Category
British Exit	Governmental
Britain Exit	Regional