On June 23, 2016, the United Kingdom held a referendum about whether it would remain in the European Union or withdraw. 51.9% of those who took part voted in favour of leaving the European Union. Brexit refers to this process of the United Kingdom exiting the EU.
The word itself is a portmanteau that combines the words “Britain” and “Exit”.
The word “Grexit” (referring to Greece’s potential exit from the EU) was coined back in 2012 when the country was in the depths of a sovereign debt crisis and was later adapted to refer to Great Britain’s own potential exit.