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Brexit or not? All you need to know about Britain's European Union referendum

If you are unclear about the details of the upcoming referendum, here are some details that will help you make sense of it:

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British Prime Minister David Cameron recently clinched a deal with the European Union (EU) to renegotiate the terms of Britain's membership in the EU. Now, Cameron has also decided on a date for the EU referendum—July 23—where voters will decide whether they want Britain to remain a member of the European Union or not.

If you are unclear about the details of the upcoming referendum, here are some details that will help you make sense of it:

What is a referendum?

A referendum is a vote to form a new law or to reach a decision. Almost everyone of voting age can participate in a referendum to vote for or against the proposal. The decision, in the end, goes to whichever side has the most number of votes.

What is the European Union?

The European Union was formed on November 1, 1973. It is a partnership of 28 countries in Europe who make shared decisions on economics and politics. The decision to form the union was made after the World War II in order to build economic co-operation between the countries. The European Union has one common currency known as the 'euro' which is used by at least 19 countries who are members of the EU. The European Union is treated as one big country where people are free to move around from country to another without much restriction.

Here's a video that will help you learn more about the EU:

Brexit- Why does UK want to leave the EU?

Many in the United Kingdom are of the opinion that the EU has transformed a lot over the years. They think that since several countries have joined the union, the EU's hold over everyday aspects of these countries has increased. Many think that Britain is better off without the EU as it is being constrained by it. Some of the constraints involve imposing many rules on Britain's business and shelling out billions of pounds in the form of EU fees without much gain in return. Although current Prime Minister of Britain David Cameron did not initially want the referendum, he changed his opinion during the general elections in 2014.

European Union Deal

Cameron on Friday clinched a new deal with the European Union that allows Britain to renegotiate its terms of membership with the union. The renegotiations will include changes to child benefits, migrant welfare payments, Eurozone (Britain can keep the pound as an acceptable currency across Eurozone), protection of the city of London, sovereignty, red card for nationals of parliaments and certain limits to free movements (from one EU country to another). You can read the details about the limitations here.

European Union Referendum

David Cameron, after a meeting with the cabinet members, reached a decision for the European Union referendum date— 23 July. Voters of Britain will make the ultimate decision to answer the question 'Should the United Kingdom remain a member of the European Union?' with a 'Yes' or 'No'. The UK Prime Minister wants Britain to stay in the EU and has said that he will try his best to convince Britain to accept the EU deal and stay with the European Union. He will do so using the medium of various campaigns and television debates. According to the latest opinion polls, the people of Britain are evenly divided on the matter. 

Scotland's stand on Brexit

The popular opinion is that Scotland wants to remain in the European Union. The Scottish nationalist leader Nicola Sturgeon on Saturday said that if Britain votes to leave the European Union against the wishes of Scotland then the pressure would rise for a second independence referendum. The Scottish National Party (SNP) leader said that she supports staying in the EU, and polls show that a majority of the 5 million Scots also back that view.

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