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

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