Brexit and Its Impact on UK's Economy, Trade, and Judicial Proceedings

This article discusses the impact of Brexit on the UK's economy, trade, and judicial proceedings. It covers the transition period, changes after the withdrawal, and the position after the end of the transition period. The article also highlights the negotiations made during the transition period and the uncertainties predicted to arise in the UK's economy after its exit from the European Union.

Business Law and
Ethics

Table of Contents
INTRODUCTION ........................................................................................................................3
MAIN BODY ..................................................................................................................................5
CONCLUSION ...............................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Abdicating from the European Union , has been affected United Kingdom in pieces, the
whole scenario has turned out to be financially draining. On June 23, 2016 the entire affairs of
voting for adieu has been named as Brexit , which is a fuse of two words Britain and Exit, it took
altogether four years to complete the procedure after the initiation of the votes. Commencement
of a new trade agreement between UK and EU maintains the levy cost free status. After the
operation in course of referendum , called by the conservative party they were terrified with the
running free movement of the refugees , The precise fee of European Unions has also affected
the small business of UK. Contradicting the matter with the highly intellects and other veteran
residents of the kingdom, the immigrants naive workers were eventually happy with the free
trade they have with the EU. Due to the wrangling characteristics there happen to cocreation of
soft and hard Brexit (Buckledee,2018).
The lawmakers, jurist and the positive voters of Brexit were in the favour of the Hard Brexit ,
which means The UK move out from the EU amalgamating customs and the sphere of single
market that approves the members of the states to act as a Trading Association, this syndicate
formed can pursue its own trade and can deals with other countries. However, The prominent
supports of the Soft Brexit stands with the Brexitters who wants to maintain the trade strands
with European union, the council persons who are stalwarts abider's who believes the the country
should a second referendum.

The constitution has been rattled and the share of load of the criticism have been put on the
parliamentary sovereignty which is considered as a fleeting objects, explaining it in an
uncomplicated terms , which says' That the supremacy of Parliament is the most vital element of
the Constitution, forming the association of parliament the paramount of the legal supremacy
which makes the commanding jurisdiction attainable, the characteristics of the predominance of
the parliamentary sovereignty includes the originating or ending of any law, the court of law
cannot countermand the legislation of the parliament, Moreover the parliament can also not
such laws to the bench which are conflicting and which later cannot be withdrawal by the
parliament .
For Britain the interrelationship with the EU believes to be the most cardinal source as it hods
the key to the foreign investments, trade and commerce, it helped UK to predefines positions
more fervent in the global financial globe. Accepting to the agreement is the principle role, if
under any circumstances the union declines to asset or the two accomplices have difference of
opinion then land of queen got itself a No-Deal Brexit as a consequence it is predicted to
vandalize the economy of the United Kingdom, like , the EU can start collecting the check ,
which the delay the delivery at the ports.
It is difficult to set out and set forth that how crucial is the parliamentary sovereignty is
necessary, which is simplified by the statement of Former Prime Minister, John Major' which
says' If you are in need of undiluted sovereignty, move to North Korea'
(Sidaway,Bachmann,2021).
MAIN BODY
On 29th of March 2017, the United Kingdom officially informed the European Council to
leave the European Union and as per the withdrawal agreement a two year period has been began
between the EU and the UK to discuss the departure of the UK from the EU. At several times the
British parliament denied the agreement of withdrawal due to the changes in the Government of
UK, then the diplomat from both the sides alter the agreement, and after that on 17th of October
2019 the newly conditions were agreed by the EU and on 23rd of January 2020 it was also
approved by the British Parliament. After this, the transition period would start between them,
the transition period or according to the UK “implementation period” is a period in which the

UK withdrawal its name from the member of the European Union but remains a member of the
Customs Union, the transition period was started immediately when the UK decided to left the
EU on 31st of January 2020, the need arose of the transition period by the UK to form the new
relationship and to carry out the business without the rules of the EU, The transition period is last
for 11 months. But, it doesn't mean that everything is change between them it was decided in the
transition period that no commissioner's, minister's were attend the meeting of European Council
(Hantzsche,Kara, Young,2019).
What Stayed the same after withdrawal – Until the end of the transition period the EU
considering the UK is a part of the economic corporations, and the EU treats the UK as member
of the customs union and also the UK can do trade with European Counties before the ending of
the transition period, and the jurisdiction of UK is also entertained in the EU throughout the
transition period.
Changes after the withdrawal – the relation between the UK and the EU would be
determined by the new agreement an dafter the transition period the Britain left the customs
union. The UK followed the EU rules through the EU Withdrawal act 2018 at the end of the
transition period but it is up to the period when the Government of UK changes the laws. The
free movement between the UK and the EU has ended the travellers have to show the passport at
the border and the other services such as electronic services, telecommunication, broadcasting is
taxable.
The Britain build new agreements with the countries outside the EU, but the Northern
Ireland ready to do trade with UK, and the Scotland who suggested the second referendum is
also with the UK. Brexit totally changes the relationship between the UK and the EU countries
and its weakened the position of London in a global finance (Chopin,and Lequesne,2021).
. The Brexit was supported by a definite voters in 2016 referendum, but it got the large support
from the low wages and low skilled countries whose economy got affected.
Position after the end of the transition period – The members of the EU has its own
laws and procedures, the lawyers who personifying their clients outside the border of EU & UK
they have to take care of the central law that where the proceedings were proposed to check
whether the proceedings were started before the end of the transition period (McCay,2020).
After completion of long transition period. The UK has finally pulled itself off from the
European Union and created its own sovereign status. Its withdrawal has disturbed the relation

with the European union and established issues relating to trade and cross borders agreement.
Border disputes was the worst which caused disruption in business right after its completion of
transition period. Government and business corporations impacted more due to new policies
which were framed in order to trade with European union which led to confusion and delays
while trading.
Covid had also impacted the trade flow due to complete lock down which resulted in travelling
restriction and complete shut down of human activities which made business firms to face
difficult times in doing business. During transition period several negotiations were being made
between UK and European Union to form new partnership, emphasizing more on free trade
market and this certainly created legal battle which is still remain standing even after completion
of transition period. On 24 December 2020 final negotiation on an agreement which laid down
new rules and regulations and formed partnership in relation to new trade agreements.
The rules relating to maritime and aviation security will not apply in UK at end of the transition
period . The other negotiation made during transition period are :
 Exercise duties
 Inland waterways
 Food law
 Rail Transport
 Road transport etc.
The European Parliament also give its assent to the new framework on EU-UK Trade and
Corporation Agreement with effect from date 27 April 2021 in order to reduce further disruption
that is going on in trade and business (O'Rourke,2019).
As the trade impacted badly as to import and export with the European union at the end of the
transition period, the concerns were keep rising as to how the business will continue. The
existing situation was worst and there are other changes standing ahead. The government's duty
was to do more to curb the situation in control and to ensure support in business area. On 31st
December 2020, transition period was determined with effect of withdrawing agreement between
UK and European Union,with this the European law will not be recognised in UK. Further UK-
EU have created their single market access as per European Union – United Kingdom Trade and
Corporation Agreement for Financial Services. Now UK financial service can no longer use
European single market to do business and offer their services in European Union.

The Brexit process indeed impacted on the economy of the UK as the EU was largest trading
partner with UK. There are other several uncertainties predicted which are expected to arise in
economy of the UK after its exit from the European Union.
CONCLUSION
After the Brexit the economy of the Britain got reduced by four to nine percent, and the
dreams of the youth of the Britain got suspicious. The proceedings in the court got expensive and
uncertain because the EU members of the state depend upon the central law of each EU members
in which the proceedings initiated. Th UK has faced and still facing the consequences of the
Brexit in each and every sectors whether its economy, trade, judicial proceedings. After leaving
the EU the Britain got also suffered to get security the UK loose all the principles adopted in
relation to justice and it forced the Britain to leave the European Union.

REFERENCES
Books and Journals
Buckledee, S., 2018. The language of Brexit: How Britain talked its way out of the European
Union. Bloomsbury Publishing.
Chopin, T. and Lequesne, C., 2021. Disintegration reversed: Brexit and the cohesiveness of the
EU27. Journal of Contemporary European Studies, 29(3), pp.419-431.
Hantzsche, A., Kara, A. and Young, G., 2019. The economic effects of the UK government's
proposed Brexit deal. The World Economy, 42(1), pp.5-20.
McCay, L., 2020. How will Brexit affect patient care and medical research?. bmj, 371.
O'Rourke, K., 2019. A short history of Brexit: From Brentry to backstop. Penguin UK.
Sidaway, J.D. and Bachmann, V., 2021. Critical Review: Post-Brexit
geopolitics. Geoforum, 127, pp.67-70.