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Definition of 'Brexit'

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Brexit is the term used to describe the United Kingdom's withdrawal from the European Union. The decision to leave the EU was made by a referendum in 2016, and the UK is currently in the process of negotiating its withdrawal terms.

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The Brexit process has been complex and controversial, and there is still a lot of uncertainty about what the future holds for the UK and the EU. The main issues that need to be resolved include the status of the Irish border, the future trading relationship between the UK and the EU, and the financial settlement that the UK will make to the EU.

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The Brexit process has had a significant impact on the UK economy. The value of the pound has fallen, and there has been a decline in investment and growth. The UK is also facing a shortage of skilled workers, as many EU citizens have left the country since the referendum.

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The Brexit process is not over yet, and there is still a lot of uncertainty about what the future holds. However, it is clear that Brexit has had a major impact on the UK economy, and it is likely to continue to have a significant impact in the years to come.

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