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Brexit

Definition

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

Analogy

Imagine being part of a sports team but deciding that you no longer want to play by their rules or strategies. So, you decide to quit and form your own team - that's essentially what Britain did with Brexit.

Related terms

Referendum: A general vote by an entire electorate on a single political question. In this case, it was whether Britain should leave or remain in EU - kind of like asking all players if they want someone off their sports team.

Article 50 TEU: The treaty clause which outlines how an EU country might voluntarily leave the union. It’s like having guidelines on how one can quit from our sports team without causing too much disruption.

Single Market: An association of countries trading with each other without restrictions or tariffs – what Britain had as part of the EU. It's like a sports league where all teams can freely trade players without any penalties or restrictions.