An abbreviation for ‘British Exit’, Brexit refers to the UK’s decision to leave the European Union. The EU is an economic and political consortium of 27 European countries. Many factors contributed to the Brexit proposal by the UK - 2008 financial crisis, eurozone economic crisis, fears over migrants and refugees. The UK finally exited the EU on January 31, 2020, with the transition period ending on December 31, 2020. PM Boris Johnson has said the country was readying for a so-called no-deal Brexit on January 1, 2021. Read on to understand what Brexit exactly entails.