Prime Minister Theresa May is leading Britain out of the EU
What is Brexit?
The people of Britain voted for a British exit, or Brexit, from the EU in a historic referendum on Thursday June 23.
The outcome prompted jubilant celebrations among Eurosceptics around the the Continent and sent shockwaves through the global economy.
After the declaration of the result, the pound fell to its lowest level since 1985 and David Cameron resigned as Prime Minister.
Prime Minister Theresa May triggered Article 50 – the step that starts the timer on two years of Brexit talks – in late March 2017.
The Conservatives lost their majority in a snap general election on June 8 2017, leaving Britain with a hung parliament.
Theresa May is now clinging on to power by trying to form a minority goverment with support from Northern Irish party the DUP.
Hard Brexiteers fear that the DUP will use their position as kingmakers to push for a softer Brexit as well as putting Northern Ireland at the centre of talks.
Despite the political chaos, EU exit talks will begin on Monday June 19.
EU citizens and an exit bill at the top of the agenda for the talks. Under Article 50, Britain is scheduled to finally leave the EU by the end of March 2019.
Mrs May has said she plans to leave the EU's single market to regain control over immigration and end the supremacy of EU laws.
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After yesterday's referendum, here is a look at what will happen immediately following the historic vote for Britain to leave the EU.
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Brexit: What to expect next
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The Prime Minister is also pushing for a 'bold' EU free trade deal, while the UK is expected to come out out of the customs union in its current form.
Mrs May was given the power to trigger Article 50 when the Queen has signed off on the Brexit bill earlier this month.
MPs overwhelming voted to pass the Brexit bill and rejected changes made by Europhile peers in the House of Lords.
It came after the Supreme Court upheld a High Court ruling that there must be a Parliamentary vote before triggering Article 50.
MPs and peers will be given another vote on the final EU deal after two years of Brexit talks come to an end.
On the day of Brexit, the Great Repeal Bill will come into force and end the supremacy of EU law over Britain's own legislation.
In March Brexit Secretary David Davis unveiled a White Paper for the Great Repeal Bill that will overturn the European Communities Act.
SNP leader Nicola Sturgeon is calling for a second Scottish independence referendum because most Scots voted to remain in the EU.
Spain's Government has also called for joint control of Gibraltar and Sinn Fein has demanded a vote to unite Ireland and Northern Ireland.
Last year Jeremy Corbyn won a leadership contest against MP Owen Smith, who had pledged to block Brexit if there was not another public vote.
Soon after the Bexit victory, Brexiteer Nigel Farage announced that he was stepping down in order get his "life back".
His successor Paul Nuttall resigned as Ukip's leader after the party was wiped out in the General Election.
Pro-Brexit Ukip leader Nigel Farage has called for June 23 to be a bank holiday
What does Brexit mean for the economy?
The Brexit victory sent economic shockwaves through global markets and Britain lost its top AAA credit rating.
But the Bank of England cut interest rates and took other emergency steps to stop the UK from slipping into a recession
There is ongoing uncertainty over what will happen once Britain leaves the EU because it needs to make new trade agreements with the rest of the world.
Mrs May wants to take Britain out of the EU's single market in order to end the free movement of EU workers that goes with it.
If that happens, Europhiles worry that foreign companies will be less likely to invest here and could relocate their headquarters to the Continent.
But Brexiteers argue that EU countries have every incentive keep trading with the UK, which is a large importer of goods and services.
US President Donald Trump has said that Britain is at the "front of the queue" for a US trade deal.
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Prime Minister David Cameron with his wife Samantha leave 10 Downing Street for the last time after speaking to the press to visit Buckingham Palace to formally tender his resignation to the Queen on July 13, 2016
Neil Woodford, head of investment at Woodford Investment Management, said he could see why the Brexit vote had been seen as an 'existential shock' to the economy.
But he said: "The reality is very different in my view. I don’t think there’s going to be a recession in the UK." WILL OUR ECONOMY RECOVER?
The Brexit vote has led to higher import costs but it was good news for exporters who had struggled with the high value of the pound.
When Britain leaves the EU, it will no longer have to contribute billions of pounds a year towards the European Union's budget.
During the referendum campaign, Eurosceptics slammed a Confederation of British Industry claim that Brexit would cause a £100billion “shock” to the UK economy.
The Treasury was also accused of “doom and gloom” after predicting that a Brexit would cost households £4,300 a year by 3030, leaving Britain worse off for decades.
David Cameron resigned as Prime Minister and later stepped down as MP after losing the EU referendum
What will happen to immigration when Britain leaves the EU?
Brexiteers have argued that post-Brexit Britain will be free to take back control of its borders in order to curb immigration and boost security.
The UK will no longer have to accept ‘free movement of people’ from Europe because it is preparing to leave the EU's single market.
EU leaders have made it clear that Britain would be forced to allow the free movement of EU workers if stayed in the internal market.
The Prime Minister advocates a clean break from the EU and rejects any watered-down departure deal that leaves the UK "half in and half out" of the EU.
But she has rejected the Brexit campaign's pledge to introduce an ‘Australian-style points system’ to manage immigration and fill skill shortages here.
Pro-EU campaigners believe that Brexit will hit the British economy, which relies on the free movement of EU migrant workers such as health professionals.
Brexit sent political shockwaves around Europe
Some Europhiles have also said that Brexit will compromise the UK’s ability to fight cross-border crime and terrorism in Europe.
During the so-called Project Fear campaign, Mr Cameron even suggested that ISIS leader Abu Bakr al-Baghdadi “would be happy” when Britain leaves.
What will happen to Britain's place in the world?
Brexit campaigners believe that British voters have taken a once-in-a-lifetime opportunity to restore Britain's sovereignty.
Eurosceptics see EU institutions as inherently undemocratic and argue that laws affecting the UK should not be decided by bureaucrats in Brussels.
Brexit figurehead and Foreign Secretary Boris Johnson argues that the EU has greatly eroded the public’s ability to elect politicians to pass laws that matter to them.
In his Brexit victory speech, the former London mayor said that the British people will now be able to “settle their own destiny” outside the EU.
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He said: “It’s about the very principles of our democracy. The rights of all of us to elect and remove the people who make the key decisions in their lives.”
But Europhiles argue that the UK will now wield less power on the international stage because it will not be in the room when key decisions are made.
There are also fears that British workers, expats and travellers will lose the right to live and work abroad when the UK leaves the bloc.
EU chiefs have defended the integrity of the European bloc and pushed for more defence co-operation amid fears that Brexit could tear Europe apart.
Eurosceptic populist parties across the Continent have delightedly seized on Brexit to further their own campaigns for independence.