The UK and Brexit: the picture today

, by Nadia Kashif

All the versions of this article: [English] [italiano]

The UK and Brexit: the picture today
Credit: Tumisu, Pixabay.

The aftermath of Brexit in 2022

In June 2016, British people decided to leave the European Union after a referendum which saw 51% of the UK population in favour of, and 48% against, Brexit. It took four years to complete the exit from the EU and on 31st December 2020, the agreement was finalised.

According to this result, the prognosis of joining the European Union did not fulfil the required economic, trade, and immigration expectations. Those who were in favour of Brexit believe that joining the EU has caused an influx of immigrants, creating an employment shortage. On the other hand, those in favour of staying in the EU saw immigration as a positive sign for the economy. Most immigrants were young, eager workers, necessary in every thriving economy.

Current issues

Trade and investment have been key issues in the Brexit debate and conjecture. After Brexit, the UK can no longer enjoy the EU single market and financial service benefits in which there are no tariffs and barriers on imports and exports between the member states. The situation is more complex for Northern Ireland and the Republic of Ireland. The Republic of Ireland is an EU member. Although there is no border between Northern Ireland and the Republic of Ireland, there are some customs and regulatory formalities that the two have to follow post-Brexit. A customs border would burden around 9,300 commuters to go through customs every day on their way to and from work and school. The next big question is the status of Scotland. Scotland voted against Brexit, and is calling for another referendum on independence from the UK, with the intention to re-apply to join the EU.

Free movement between the residents of the EU and the UK has ended, and citizens of both areas have to carry the essential travel documents. This has not just affected the travel industry, but also the job market. The EU is a big job market for UK workers and vice versa. Now job seekers from the UK are finding it hard to get a job in the EU. Skilled and semi-skilled workers the UK was getting from the EU is becoming difficult. Many big companies for example, Barclay’s, Goldman Sachs, JP Morgan, Morgan Stanley, and Bank of America, have moved their offices from London to the EU creating a depressive environment for economic growth. [1]

In a world that is moving towards globalisation, Brexit can be seen as an anti-globalisation slogan! Brexit has given a voice to the right-wing, anti-immigration, and anti-EU parties, particularly in France and Germany. Many stakeholders fear a domino effect post-Brexit. There are some weak economies within the EU that need support from the EU, and stronger economies are supporting them to come out of their economic bankruptcy. Most of the EU citizens support EU unity and look forward to it as a path towards prosperity and a growing future.

Still, a lot is unresolved and uncertain, and speculations and postulations continue about the future for a post-Brexit UK and EU.

Footnotes

[1GLA Economics, Greater London Authority. “The Economic Impact of Brexit on London," Pages 28-29.

Your comments

pre-moderation

Warning, your message will only be displayed after it has been checked and approved.

Who are you?

To show your avatar with your message, register it first on gravatar.com (free et painless) and don’t forget to indicate your Email addresse here.

Enter your comment here

This form accepts SPIP shortcuts {{bold}} {italic} -*list [text->url] <quote> <code> and HTML code <q> <del> <ins>. To create paragraphs, just leave empty lines.

Follow the comments: RSS 2.0 | Atom