Impact of Brexit on UK's Business Law and Ethics: Benefits and Drawbacks

This report discusses the impact of Brexit on UK's business law and ethics, including the benefits and drawbacks of leaving the EU. It also examines the sovereignty, migration, and economic issues faced by the country.

Individual Essay

Table of Contents
INTRODUCTION................................................................................................................................2
MAIN BODY.......................................................................................................................................2
Benefits of leaving EU-...................................................................................................................3
CONCLUSION....................................................................................................................................4
REFERENCES.....................................................................................................................................5
INTRODUCTION
Business law is a set of certain rules and regulations which holds the business dealings of
the corporations. This is associated with duties, rights, liabilities, trade and commerce and
commercial transactions of a company (Bisciari, 2019). This legislation governs give-and-take
process between two individuals in lucrative matters concerns of a market establishment. The
following essay will discuss about the separation of Britain from European Union which is termed
as 'Brexit' which means 'Britain exit'. Further the report will also attempt to ascertain the fact that
whether the ne found independence of UK is real or it is just an illusion.
MAIN BODY
European Union is a body consists of 27 countries which act as the members of the union in
dealing with political and economic aspects. The union is a consolidated trade and pecuniary body
which exclude border regulations among the member countries. This ensures free movement of
people and commercial activities between them which initially helps in globalisation of companies
of the country. There are free sales of any factory-made in any member country to another country
and no taxes are being charged for the same. Service providers are free to run their businesses in all
states who are the members of EU.
In 1973 UK became a member of EU that denaturised in 2016 when UK decided to exit the union.
There are several reasons behind this decision. The question of sovereignty was a main scourge. EU
started centralising the power and through this it used to take decisions on its own without
consulting the UK as a member state (Bloom, et.al., 2019). The free and unrestricted migration of
refugees and immigrants was another threat for UK because the free flow movement of people is
allowed in the member countries. They think that the people of developing countries will take more
employment benefits than the citizens of UK. The small and medium scale businesses found hard to
pay the fees imposed by the European Union. UK felt it as a unnecessary control of EU. The
regulations of EU became a burden for UK as majorly the decisions were taken by EU in respect of

commercial dealings. Patent and copyright, rules and regulations in terms of trade, sales,
manufacturing, etc (Brown, 2019).
Benefits of leaving EU-
Now after leaving EU, UK has total control over their borders which restricts the unnecessary
migration of the immigrants and refugees. There might be chances that immigrant criminal get an
effortless entry in UK when it was a member of EU. UK retained their sovereignty in terms of
power and authority which are now in their own custody which ensures its ability as the decision
making authority. The centralisation of powers of EU in almost every matter of commercial
operations has come to an end. Now the whole and sole dominance is in the hands of UK itself. The
amount of fees paid by UK to EU will now remain in their country which is creating trouble to the
small scale business units as they have limited capital to divest in their businesses. A democratic
control has been established over the laws and legislative body who make laws. UK got the
immunity from all the rules and regulations of the European Union because as a member state it has
to follow the particular modulations created by the EU (Minford, 2019). UK regained its control
over the tariff and VAT rates and now favourable taxes can be imposed on the workforce of the
country. Better job possibility for the citizens of UK without the interference of the individuals from
other member countries. The major reason behind this is that UK was bound by the treaty in which
they cannot act as an autonomous body in the cases of employment opportunities for their citizens.
It got a broad level of market admittance which will initially helps in maintaining a better monetary
system in the market. Britain's main focus was its international image which was diminishing
because of EU. Irrespective of the fact that it is an independent country then also it is called as a
member state of EU. The union is overshadowing its influence in the outside world.
Drawbacks of exiting EU-
Besides all the benefits, UK also faced certain disadvantages after exiting EU.
Majorly it affected the economic system of the country. The economic growth of a state describes
the level of opportunities they had in commercial sector (Pollard, 2021). It ensures a proper
monetary flow in the economy which has a direct effect on the import and export of the country.
Because of the separation, the prices of imports got increased. It also affected the job opportunities
of the individuals who are the citizens of UK. Reason was the same. Like, if UK is not allowing any
country's citizens and referring them as immigrants, then why would that or some other member
country will not do the same? Now the jobs were not easily available to the young job seekers. It
also affected trade in a broad manner because now UK needs to talk over again for the new
agreements with the countries who are not the member of EU as they have lost the trade with all the
EU associated countries.

Earlier when UK was a member state of EU, London was a base for financial entities and it
was the first choice to carry their business operations because the license policy was not much
complicated and was an easy accession to trade across the whole EU. Also the European business
entities use to do a large amount of investments in both the sectors that is public and private sectors.
For instance, if the concerned individuals are in a group then it would be easy for us to fight against
any odd, the member countries of European Union are on the same footing at present where it
provides security to all the countries from the outside enmity by sharing the military and
intelligence resources which provides protection to the nations who are not much capable to face
the aggression of the other powerful countries (Rosamond, 2019). EU itself is a powerful name and
that will help in building the impact on those countries who are not its member state. There was an
open-ended admittance for UK in the European market which provides easy access to trade and
business possibilities in a much broader aspect. Free flow commercial activities within EU
decreased the amount of bureaucracy and compulsory adherence to the rules and other formalities.
The EU provides lowest prices of commodities and many other services which is expedited
by it. International banks in Britain want to wind up their banking operations from London as they
are insecure about the after-effect of Brexit which is uncertain. There are number of British citizens
living in other countries which are also the members of EU, they could get affected in terms of
business operations, services, sales, trading, etc. US always wanted UK as a powerful member of
European Union in terms of politics, economy and military. This impact could be lost by Britain in
the outside world (Simionescu, 2018). In the era of globalisation, alienation is not possible because
there are certain challenges like change in climate conditions, environmental change of state, etc.
which cannot be covered as an isolated state.
CONCLUSION
From the following report it can be concluded that the measure of BREXIT impacted the
United Kingdom in both the negative and positive ways at the same time. It can be seen that the
transition period of the country has stranded very difficult for it. Moreover, it also entails the
drawbacks mainly which has been subjected by the citizens of the country with respect to job
opportunities as well as their overall growth. The following report also summarises the fact that the
measure of Brexit has played some real consequences over the economy of the country, by which it
can be ascertained that there lies more negative impacts than that of the positive ones by the
measure of BREXIT over the country.

REFERENCES
Bisciari, P., 2019. A survey of the long-term impact of Brexit on the UK and the EU27 economies.
Bloom, N., et.al., 2019. The impact of Brexit on UK firms (No. w26218). National Bureau of
Economic Research.
Brown, S.A., 2019. Brexit, the UK and Europe: Why, how and what next?. Journal of European
Integration, 41(1), pp.123-129.
Minford, P., 2019. The effects of Brexit on the UK economy(No. E2019/1). Cardiff Economics
Working Papers.
Pollard, J.S., 2021. Brexit and the wider UK economy. Geoforum, 125, pp.197-198.
Rosamond, B., 2019. Brexit and the politics of UK growth models. New political economy, 24(3),
pp.408-421.
Simionescu, M., 2018. The impact of Brexit on the UK inwards FDI. Economics, management and
sustainability, 3(1), pp.6-20.