I've heard a lot about "Brexit"; however, I don't understand what it really is. Could you please tell me about the concept of the term?
Answer from a Native speaker
"Brexit" is an abbreviation of the words "British" and "exit" coined to refer to the U.K.'s decision to withdraw from the European Union after voting to do so in a June 2016 referendum. "Brexit" caught on as shorthand for the proposal that Britain split from the European Union and change its relationship to the system on trade, security, and migration. Ex: Now that Brexit has happened can we stop talking about it? Ex: I can't believe Brexit happened. Ex: Brexit was a bad decision for the UK.