In the hours before the United Kingdom’s formal departure from the European Union, hundreds of politically-minded Britons flocked to the streets and public spaces of London’s Westminster district, the centuries-old home of the country’s legislature.
It has been an often contentious and occasionally fraught three-and-a-half years since a slim majority of voters opted for a future outside the world’s largest political bloc. And on a night when that nation-altering 2016 referendum vote would become a reality, there were far more supporters of Brexit out in public than there were opponents.It has been almost half a century since the United Kingdom signed up to join other major European nations in a precursor to the EU, and the decision to begin unpicking the political, legal and constitutional threads that have bound this island nation to the European continent for so many years has proved painful for many on both sides of the English Channel.
Boris Johnson, the prime minister who effectively surfed to power on a wave of populist resentment about British membership of the EU, broadcast a message late Friday calling the formal act of separation “an astonishing moment of hope.”He acknowledged that there would be those who felt “a sense of anxiety and loss,” but insisted that Britain’s exit from Europe was “not an end but a beginning.”
In one sense this precise moment of parting occurs only on paper, since the U.K. will continue to abide by the EU’s rules and regulations for the next 11 months during an implementation period agreed with the EU to give businesses and citizens time to adjust to as-yet uncertain new circumstances.
What could this mean for businesses in the UK and EU and what could this mean for United Kingdom's trading activities?
https://www.cnbc.com/2020/01/31/brexit-is-happening-what-happens-next.html
2 comments:
In the aftermath of Brexit, the UK's economy is going to go through a change. As far as businesses are concerned, many firms based in the UK are likely to transfer to other EU countries such as Germany. Several firms are already scheduled to make this change and others are likely to follow. In my opinion trade within the UK will become more difficult as countries in the EU may look to other EU members to make up for their trade with the UK. Whatever happens, the UK's economy is going to be impacted heavily.
I think it the aftermath of Brexit will be a mixed bag, especially since we don't know what way negotiations will go. If everything goes perfectly (which it won't) the expectation would be for the UK to slowly build a strong enough economy that benefits from re-negotiated trade deals with the EU without the burden of having to fund EU expenses. I believe that the renegotiation of trade deals will be the toughest part of Brexit yet, especially if Boris Johnson continues to lack compromise.
Post a Comment