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Brexit

Definition

Brexit is an abbreviation for "British Exit," referring to the UK's decision in a June 23, 2016 referendum to leave the European Union (EU).

Analogy

Imagine being part of a book club where everyone has equal say on what book will be read next. But then you decide you'd rather choose your own books without input from others - so you leave the club. That’s essentially what Britain did with Brexit.

Related terms

Referendum: A general vote by an electorate on a single political question which has been referred them for direct decision. The Brexit vote was decided through such means.

Article 50 TEU: Article 50 of Treaty on European Union (TEU) outlines how any member state may decide to withdraw from the Union in accordance with its own constitutional requirements. This was invoked by the UK to initiate Brexit.

Single Market: A type of trade bloc involving more than two countries where goods, services, capital and people move freely as if they were within a single country. The UK's departure from the EU meant leaving this Single Market.