Brexit: Impact, Merits and Demerits on UK's Parliamentary Sovereignty and Independence

Business Law and
Ethics

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK ..............................................................................................................................................3
“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.” ...........................................................................................................................3
Impact of Brexit..........................................................................................................................3
Merits of Brexit...........................................................................................................................4
Demerits of Brexit.......................................................................................................................5
Case related to Brexit..................................................................................................................6
CONCLUSION ...............................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
The treaty of European Union has regulated the process of withdrawal of member state of
the country. Brexit is an abbreviation of two different words Britain and exit which implies its
meaning in relation to the process of withdrawal of United Kingdom (UK) from European Union
(EU). The country of United Kingdom was separated from the European Union enabling it to
make its own laws and be free from the imposition of European Union. In simpler words, it
means that United Kingdom has exited its way from the European Union in order to have its own
way in making of laws and rules, for independence of the country(Bongardt 2020). Due to the
separation or withdrawal of the country of UK from EU, there was a transition period until the
end of 2020, where there was negotiations on additional arrangements among them. The
applicability of rules of business, trade and travel will continue to be the same during the
transition period. This report will cover the condition of the country of UK after the Brexit
period, from withdrawal of the country from EU and the sovereignty with independence of the
country which is determined by separation from EU.
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.”
Impact of Brexit
The separation of United Kingdom (UK) from the European Union (EU) has enabled the
country to be free from the dominance of the union,for freedom and independence of its own
laws in the country. This has led to an era of a period of transition which is Brexit Transition
period. This period has majorly impacted the country with legal limitations on it at the same time
(Carmichael 2020). There will also be removal of a strong external source of EU from UK,
limiting the enforcement of Parliament dominance. There was major impact on the currency of
UK which witnessed its downfall in that period. This downfall in the currency led to uncertainty