Brexit means Britain leaving the European Union. The British coined the term as a kind of slang term for the situation. The word started to become popular during the 2015 British election campaign. In his campaign, Conservative Party leader David Cameron promised a referendum on the EU.
In other words, Britons could choose to leave or stay in the European Union. Subsequently, the Conservatives won the election and Cameron kept his word.
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There was a referendum on June 23, 2016 and to the surprise of many people, the majority voted for Britain to leave the EU. So-called Brexists are people in favor of leaving the EU.
Indeed, it was a very close vote. The Brexists took 51.9% of the vote, compared to 48.1% who voted to remain.
Consequences
Many people who voted to leave the EU on Thursday woke up on Friday morning in shock. They watched in shock as the pound plummeted, stock markets plummeted and Prime Minister David Cameron resigned.
Furthermore, the Financial Times reported that many banks were planning to move their operations from London to some city in the EU.
The world's leading credit rating agencies have downgraded Britain's sovereign rating to 'negative'.
Many people lamented how they voted. In other words, they said they would have voted to remain had they known the consequences.