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1. Module - Principles and Applications of Macroeconomi

Added on - 19 Jul 2022

In this essay, the impact of Brexit on trade, international relations,security, governance, other countries has been discussed. How Brexit has created voids of ueasiness and unhappiness amongst the britishers and shook the very foundation of economy of different countries and how few countries are taking this as an oppurtunity.

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1
Module - Principles and Applications of Macroeconomics
Program - BA (Hons) Business and Management
Module Code - ECO 4012
Module Leader - Zainab Atta
Topic
“Economic Policy analysis, the possible positive and negative effects of BREXIT on standards
of living in the UK.”
Student Name:
2
Contents
Introduction:....................................................................................................................................3
Brexit Process and Agreement:........................................................................................................3
Trade:...........................................................................................................................................4
Security:.......................................................................................................................................4
Governance:.................................................................................................................................4
Economic Analysis of Brexit on UK:..............................................................................................4
Possible Positive and Negative Effects of Brexit on UK:...............................................................5
The cost of membership:..............................................................................................................5
Trade:...........................................................................................................................................5
An economic investment:.............................................................................................................6
Sovereignty:.................................................................................................................................6
Immigration:.................................................................................................................................7
Jobs:.............................................................................................................................................7
Safeguarding:...............................................................................................................................8
How Brexit Affected Different Regions in UK:..............................................................................8
Ireland:.........................................................................................................................................8
London, United Kingdom:...........................................................................................................9
Scotland:.......................................................................................................................................9
Conclusion:..................................................................................................................................9
References......................................................................................................................................10
3
Introduction:
The UK has been a member of an economic and political union since 1973 and a 'British
withdrawal' has been known as 'Brexit.' All changed after the UK voted to leave the European
Union on June 23, 2016. The voters concluded that free trade gains were insufficient to outweigh
freedom of movement costs. In comparison to the remaining 16,1 million, there are 17,4 million
supporters.
Exiting the UK from the European Union is a major change in economic ties between the United
Kingdom and the Eurozone. However, it will reopen the door to direct trade talks with non-EU
nations by close collaboration and communication with its immediate neighbours (Lee et al.,
2018)
However, an inevitable discussion with the Brexit project even among the government officials
has been triggered by the inherently predetermined economic forecasts. Any proponents of
Brexit immediately rejected early government analyses as a more partial review to undermine
Brexit. The United Kingdom has now been harmed by Brexit. The economy collapsed, with a
number of businesses moving to the EU.
Brexit's economic impact cannot be quantified, but researchers use various approaches, strategies
and data to consider how Brexit can influence economies and alert politicians of its potential
impact. In this report, we highlight the strength of the existing data and the findings that
determine the extent of the Brexit impact.
The present paper seeks to explain the observations of different economists, why they draw
different conclusions about the economic impact of Brexit on the UK economy. (Busch et al.,
2016.)
Brexit Process and Agreement:
It was a difficult job to leave the EU. On 29 March 2017, former Prime Minister of the United
Kingdom Theresa May submitted a notification of withdrawal of Article 50 to the EU. She has
concluded an EU exit deal detailing their shared ties, but a split Parliament has opposed it. Boris
Johnson, replacing Theresa May, took over as UK Prime Minister in July 2019. The Johnson
Conservative Party secured a majority after a Royal Referendum on December 12, 2019. As a
result, he could secure Parliament's approval of the Withdrawal Agreement that he negotiated
with the EU.
The Agreement Act secured the requisite parliamentary Royal Assent on January 23, 2020, which
means the Queen officially wishes to sign the bill into law.
4
The United Kingdom officially joined the European Union on January 31, 2020, but there was a
modification on December 31, 2020. The EU-UK Trade and Cooperation Convention was signed
on 24 December 2020.
The Trade and Cooperation Agreement, which went into effect on January 1, 2021, has three
major pillars: trade, cooperation, and governance.
Trade:
The UK is no longer a part of the EU's customs union or single market. Instead, it has a trade
agreement that includes zero taxes and zero quotas on goods traded as long as the correct origin
rules are followed.
Security:
Despite the fact that EU regulation no longer applies to the UK, it will continue to collaborate
with the EU on law enforcement and criminal justice matters.
Governance:
To ensure that the agreement is correctly enforced and understood, the agreement formed a Joint
Partnership Council. This covers conflict resolution, civil compliance, and retribution laws, if
necessary.
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In Conclusion, the impact of Brexit on the UK's economy, labour market, and general standard of living is significant. Foreign goods are now more expensive in the UK for both consumers and producers as a result of the sudden decline in the exchange rate. Due to the inexpensive foreign market items that were produced as a result. UK manufacturers faced difficulties. people the rising import prices both directly and indirectly impact.