European Union offers UK more time to leave the bloc

3 min read
  1. The European Union has agreed to grant Britain a short Brexit delay.It removes the immediate threat of the United Kingdom leaving the EU without a deal by March 29,2019.
  2. EU has told UK Prime Minister that if she gets her Brexit deal passed through the Parliament next week,the UK PM will have until May 22 to wrap up her pact in the parliament by passing necessary legislation and that will be the new Brexit Day.
  3. Alternatively,if UK Prime minister fails to get a Parliament majority third time round,MPs will have until April 12 to come up with a new plan.If a Parliament by majority approves one of those versions,Britain can then agree on a much longer extension with the EU to negotiate and implement that proposal.
  4. Earlier,British Prime Minister had written to European Union to seek an extension to the current Brexit deadline till June 30 after her Brexit deal got rejected for the second time in the UK parliament.
  5. Article 50 of the Treaty of Lisbon gives any EU member state the right to quit unilaterally and outlines the procedure for doing so.It gives the leaving country two years to negotiate an exit deal.UK triggered Article 50 in 2016.
  6. Brexit is a term used to define United Kingdom coming out of EU.During a referendum in 2016,UK voted by a narrow margin in favour of Brexit.
  7. European Union is a political and economic union of 28 member states. A monetary union was established in 1999 and came into full force in 2002 and is composed of 19 EU member states which use the euro currency.The EU and European citizenship were established when the Maastricht Treaty came into force in 1993.