European Union, UK, Northern Ireland discussed on Money For the Rest of Us


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Lincoln dot com slash David. Get fifty dollars off your first job post linked in dot com slash David terms and conditions apply. Welcome to money for the rest of us. This is a personal finance show on money. How it works? How to invest it and how to live without worrying about it? I'm your host, David Stein. Today's episode to thirty seven it's titled lessons from Brexit. Two and a half years ago. June twenty sixteen episode one thirteen of money for the rest of us. We talked about Brexit was right before the vote. We looked at the economics of immigration, and I haven't said much since then a lot has happened to great time to provide an update given the recent. Vote by the British parliament rejecting the agreed upon Brexit deal. We're going to look at what happens next, and what can we learn from this entire experience that vote in two thousand sixteen fifty two percent of Oaters wanted to leave or voted to leave the European Union? Forty eight percent wanted to stay was highly. Controversial. But that's what the people voted. So then it was sort of how to go about doing that in October two thousand sixteen British Prime Minister, Theresa may laid down these red lines for Brexit. Here is what she wanted to negotiate here, the principles leave the single market and the customs union that essentially the trade the free trade. Aid area of the European Union negotiate new agreements and the free movement of people the right of of any member of the European Union to settle live and work in the UK and the third was to escape the jurisdiction of the European courts. That European law would no longer apply. To the UK. This was going to be a radical break that was an October twenty sixteen in March twenty seventeen may invoked article fifty of the European Union treaty. And that set a two year deadline for Britain to leave to negotiate some type of exit agreement but March twenty nineteen just a couple of months. That's when. The UK had to leave the European Union in November twenty eighteen after five hundred twenty four days in a Goshi -ation Theresa May and the head of the twenty-seven head of state and government for the European Union agreed to a deal it was five hundred and eighty five pages long. Here are some of the key sticking points. According to the guardian, the I was citizen rights citizen rights, the deal would allow three million European citizens in the UK and over a million UK nationals in European Union countries to stay and continue their activities where they're working where they're living, and they would be able to get tainted to stay throughout the transition period. Which could be as far as far away as twenty twenty two. So that was the first point the second was money. How much is this gonna cost the UK in order to exit because they were big contributor? To the budget for the European Union. And the agreement was that they would contribute until twenty twenty roughly thirty nine billion pounds at third and probably the most difficult issue in one. I just wasn't aware of was the Irish border. The Northern Ireland. Which is part of the UK voted fifty six percent voted to remain in the European Union. But they're part of the UK. Meanwhile, the Republic iron Ireland is already part of the European Union, but they're not necessarily part of the United Kingdom. And so if. The UK leaves the European Union. The Republican Ireland stays north Northern Ireland is part of the UK then there's a border. Cutting through the middle of Ireland. There was a border a hard border during what they call the troubles that nineteen sixty eight to nine hundred ninety eight where the border was heavily fortified. People and goods that crossed had you to stop at customs identity checks. It was patrolled by the military and on Good Friday nineteen ninety eight. There was an agreement to essentially erase that border to to start allowing. Citizens from one side to go to the other side. If the Britain leaves there's controversy whether that border should be put back in place, and will will that is they difficulties between the two sides. Suddenly we now have this border. And so there's been this idea of a backstop. Within this overall withdrawal agreement that if the UK in Europe in union can't. Negotiate some type of trade agreement that there would not be a hard border between Northern Ireland and the Republic Ireland that in the interest of maintaining peace there, there wouldn't be a hard border. But then if there's no hard border between. The two Irelands sides than potentially. There would be a border.

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