Brexit: Effects on Business Law and Ethics

Business Law and
Ethics

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
REFERENCES................................................................................................................................1

INTRODUCTION
Business law consists of various rules and regulations which helps in the incorporation of
the business organization(Bisciari,2019). The laws comprises under business laws are required to
be followed by each and every company in order to ensure fair and transparency in the business
operations. The business organizations in terms of establishing an effective and efficient
management need to have a keen understanding of the various business laws related to the
country. But, along with the laws, they must also follow the ethical fundamentals to run the
business. This report will going to cover the effects of the separation of Britain from European
Union and the positive and negative aspects of Brexit.
MAIN BODY
Task
“The United Kingdom (UK) has left the European Union (EU) and will once again be free to
make its own laws, post the Brexit Transition period. Some argue that the UK’s parliamentary
sovereignty was indeed undermined by the EU and that the UK has finally got back its
independence.”
The word Brexit is made up of two different words namely Bre and exit. The word Bre is
used here for British. The other word exit means removal of something. Hence, all together it
means that the removal of the British from the European Union. This removal was difficult for
both the European Union and United Kingdom. This is because both of them have to face its
implications. Moreover, the result of this separation is that it has made United Kingdom an
independent country. This is because earlier UK was wholly dependent on EU for all its
working. For instance, UK has to follow all the rules and Statues that were made by the EU.
Along with this, UK does not have any separate laws that is bind able on the citizens of UK. In
addition to this the judiciary of EU is made applicable on the citizens of UK(Bloom,et.al, 2019).
The implementation period is also known as the transition period of UK. This period is
the process where the UK is formally separating from UK. It is generally the period of almost
one year. This period started on 31st January 2020 and ended on 31st December 2020. But, during
this time period the UK was not the member of EU. During the continuance of this transition
period, both the EU and UK framed can an agreement. According to that agreement, there were
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