The Impact Of Brexit On the UK’s Economy
During and after the vote on the United Kingdom’s membership in the European Union, the potential economic consequences of Brexit were a hot topic. There is widespread agreement among economists that Brexit would hurt the UK economy and lead to lower real per capita income over the long run.
It presents difficulties for British higher education and academic research and is expected to lead to a significant decrease in immigration from nations in the European Economic Area (EEA). Employment rates, commerce, investments, imports, exports, and even the vehicles sector were all already showing signs of Brexit’s influence on the UK economy.
What Exactly Is Brexit?
Brexit is an acronym formed from the English words “Britain” and “exit,” and it describes the United Kingdom’s exit from the European Union (EU). Withdrawal from the EU by any Member State is governed by Article 50 of the Treaty on European Union. Any EU member state is free to leave the union if doing so would violate its constitution.
Following notification of this decision, negotiations will begin between the EU and this State to determine the terms of the withdrawal and the nature of their future relationship. After the vote on June 23, 2016, and the notice to the European Council on March 29, 2017, the United Kingdom has begun the exit process.
Although the United Kingdom officially left the European Union on February 1, 2020, the Withdrawal Agreement did not take effect until March 29, 2019, and it ensures that the EU and the United Kingdom will continue to apply the acquis communautaire to their relationship until December 31st, 2020.
What Factors Led To Brexit?
The UK Conservative Party demanded a vote on Brexit in 2015. Supporters of Brexit said EU membership was not delivering the benefits in terms of a thriving economy, security against crime and terrorism, management of immigration, and effective public services. The final tally showed that 51.8% of voters supported Brexit.
