ALL YOU NEED TO KNOW ABOUT BREXIT

What's happening now?

The UK has voted to leave the European Union. It is scheduled to depart at 11pm UK time on Friday 29 March, 2019. The UK and EU have provisionally agreed on the three "divorce" issues of how much the UK owes the EU, what happens to the Northern Ireland border and what happens to UK citizens living elsewhere in the EU and EU citizens living in the UK. Talks have now moved on to future relations - after agreement was reached on a 21-month "transition" period to smooth the way to post-Brexit relations.

What is the 'transition' period?

It refers to a period of time after 29 March, 2019, to 31 December, 2020, to get everything in place and allow businesses and others to prepare for the moment when the new post-Brexit rules between the UK and the EU begin. It also allows more time for the details of the new relationship to be fully hammered out. Free movement will continue during the transition period, as the EU wanted. The UK will be able to strike its own trade deals - although they won't be able to come into force until 1 January 2021.

So is Brexit definitely happening?

The UK government and the main UK opposition party both say Brexit will happen. There are some groups campaigning for Brexit to be halted, but the focus among the UK's elected politicians has been on what relationship the UK has with the EU after Brexit, rather than whether Brexit will happen at all. Nothing is ever certain, but as things stand Britain is leaving the European Union. There is more detail on the possible hurdles further down this guide, but first let's go back to the basics...

What does Brexit mean?

It is a word that used as a shorthand way of saying the UK leaving the EU - merging the words Britain and exit to get Brexit, in the same way as a possible Greek exit from the euro was dubbed Grexit in the past. 

Why is Britain leaving the European Union?

A referendum - a vote in which everyone (or nearly everyone) of voting age can take part - was held on Thursday 23 June, 2016, to decide whether the UK should leave or remain in the European Union. Leave won by 51.9% to 48.1%. The referendum turnout was 71.8%, with more than 30 million people voting.

What is Article 50?

Article 50 is a plan for any country that wishes to exit the EU to do so. It was created as part of the Treaty of Lisbon - an agreement signed up to by all EU states which became law in 2009. Before that treaty, there was no formal mechanism for a country to leave the EU.

It's short. just five paragraphs which spell out that any EU member state may decide to quit the EU, that it must notify the European Council and negotiate its withdrawal with the EU, that there are two years to reach an agreement - unless everyone agrees to extend it - and that the exiting state cannot take part in EU internal discussions about its departure.

Who is negotiating Britain's exit from the EU?

Theresa May set up a government department, headed by veteran Conservative MP and Leave campaigner David Davis, to take responsibility for Brexit talks. Former defence secretary, Liam Fox, who also campaigned to leave the EU, was given the new job of international trade secretary and Boris Johnson, who was a leader of the official Leave campaign, is foreign secretary. These three are each playing roles in negotiations with the EU and seek out new international agreements, although Mrs May, as prime minister will play the key role. 

What happens if there is no deal with the EU?

Without an agreement on trade, the UK would operate with the EU under World Trade Organisation rules, which could mean customs checks and tariffs on goods as well as longer border check for travellers.

There are also questions about what would happen to Britain's position as global financial centre and the land border between the UK and the Republic of Ireland. There is also concern that Brits living abroad in the EU could lose residency rights and access to free emergency health care. 

What about businesses?

Big business - with a few exceptions - tended to be in favour of Britain staying in the EU because it makes it easier for them to move money, people and products around the world.

Given the crucial role of London as a financial centre, there's interest in how many jobs may be lost to other hubs in the EU. Some UK exporters say they've had increased orders or enquiries because of the fall in the value of the pound. Others are less optimistic, fearing products for the European market may have to be made at plants in the EU. 

What impact will leaving have on the UK's long term political influence in Europe

There are basically two views on what will happen in terms of clout when outside the EU. View one is that the UK projects power and influence in the world, working through organisations such as the EU and that on our own it'll be a much diminished force. 

View two is that unencumbered by the other 27 members, the UK can get on with things and start adopting a much more independent, self-confident, assertive role on the world stage.

Is there a get-out clause for Article 50?

It's complicated. On the face of it, it looks like once we have triggered Article 50 we are locked in, and that is certainly how the European Parliament reads it. 

And there is a view that if we were in this two-year process after triggering Article 50 and we wanted to get out of it, then ultimately that would be a decision for the European Court of Justice.