Brexit: Everything you need to know about it in the simplest explanation possible

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The single biggest international/economic/political event happening today, no doubt is the great, big and utterly noisy '' Brexit '
Vote'.

The world, including India is going crazy over it, and we just wanted to make the noise a little bearable for all those who really didn't know what it really was all about. Well, the voting has just about begun in the United Kingdom and the all important result of that vote is tomorrow. So, without further delay, read below a primer on literally everything you wanted to know about it.

READ ALSO: LIVE: BRITAIN IS ABOUT TO VOTE IN THE HISTORIC EU REFERENDUM

What is Brexit
Brexit is an abbreviation for 'British Exit', which refers to a possible British exit from the European Union (EU). It mirrors the term Grexit, which was coined years back refereeing to Greece's exit from the eurozone.

UK Prime Minister David Cameron wants to negotiate a new settlement between Britain and the 27 other members of the EU. There is a proper referendum for this, asking whether people want a Brexit or not. You are eligible to vote if you are a British, Irish or Commonwealth citizen over the age of 18 and you are resident in the UK.

You can also cast your vote if you are a UK national who has lived overseas for less than 15 years.

What is the European Union (EU)
The EU is a bloc of 28 countries, a free-trading zone and biggest economy in the world with GDP of over $18,000bn and a population of more than 500 million.

The states in EU are powerful with German Chancellor Angela Merkel being the bloc's most powerful leader. The EU has scrapped national vetoes on majority of the issues. Those limits to national sovereignty are one of the most contentious issues in the British debate.

Why is Brexit important?
Those who support Brexit argue that they will be relieved off the job-killing regulations a part of EU regulations and have a free Britain to decide its own laws and trading partners.

However, pro EU supporters worry that the exit would weaken both Britain and the EU, with the bloc separating at unimaginable speed.

A 'Brexit' will also affect a lot of issues such as the £13bn that the UK sent to Brussels last year, access to the single market, the survival of the UK itself if Scotland decides to remain a part of the EU. Record levels of EU immigration to the UK are also a huge issue in the vote.

Why is the referendum being held?
In 2013, Cameron promised an in/out referendum on EU membership, if the Conservatives won the 2015 election.

His party did win that too with an absolute majority and this paved the path for the referendum.

David Cameron is hoping to negotiate a new settlement between Britain and the 27 other members of the EU before a promised referendum on the UK's continued participation in a reformed Europe.

What is the referendum question?
Like in every vote, in this one too, voters will have to actually answer a question, which is in effect the vote. The question for this is 'Should the UK remain a member of the EU or leave the EU?'

(Image: Reuters)

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