Impact of Brexit on UK Business Law and Ethics

This report discusses the impact of Brexit on UK business law and ethics. It covers the fact whether the independence acquired by the United Kingdom while being separated from EU is a real one or is it just an illusion. The report also covers the impact of Brexit on the UK economy, growth, jobs, and trade. It concludes that the effects are largely dependent on the final deal that is going to take place among the UK and EU that shall determine the operation of different professional entities.

Business Law and
Ethics

Table of Contents
INTRODUCTION ..........................................................................................................................2
MAIN BODY...................................................................................................................................2
Does the new found independence of the United Kingdom is real or just an illusion. ..............2
Impact of Brexit on UK...............................................................................................................4
CONCLUSION ...............................................................................................................................5
REFERNCES:..................................................................................................................................5
INTRODUCTION
The organisations in order to ensure their effectual management, are required to have the
keen understanding of the existing business related laws of the country. But along with the laws
one must also have a knowledge of ethical principles reason being it is believed that no business
can thrive in the long run, in the absence of the ethical approach(Bloom, et. al., 2019). Thus for
the smooth running of the business both the laws as wells as the ethical principles must be
executed in coordination of each other. Both the said concepts works hand in hand. The report is
going to cover the fact whether the independence acquired by the United Kingdom while being
separated from EU is a real one or is it just an illusion.
MAIN BODY
Does the new found independence of the United Kingdom is real or just an illusion.
The term Brexit has been derived by the bunch of two different words which are the
British and exit. The term has been specifically coined for the purpose of addressing the

decision made by the United kingdom of being separated from European Union in year 2016 on
June 23. Further, after which the agreement of the Trade and Cooperation was the one which
manages the relations which take place between the United Kingdom and European
Union(Breckenridge and Feldschreiber, 2019). As as result of this there were also brought
various major changes with respect to the the citizens, organisation as well as the public
authorities of both the countries. The earlier mentioned agreement, majorly is classified in to four
sections. The first section of the agreement specifies the movement of free trade between UK and
European union, while obviating the tariffs and custom duties. The other being the second
section, mentions the frame work of the environmental, social and economical corporations
which also includes of the concerns comprising of transport and social security. The third section
specifies the issues with respect to the internal security which mainly comprises of the concerns
of money laundering and fight against funding for terrorism. The other being the last one, fourth
section mentions the constitution of the system of common governance. Moreover, even after the
UK had formally left the European Union on dated 31 January, 2020, it is difficult to ascertain
the fact that whether there lies the more long term benefits of the said measure or not. But,
mainly for the Brexiters, the act of separation can be seen as a situation of win even though the it
consists of the giving up of various powers as well as control of the domestic affairs(Fernández,
Paz-Saavedra and Coto-Millán, 2020).
Also it is seemed that the institution of the EU has drained certain powers from the parliament of
the UK. Therefore as a result of which, the leaving countries are giving the chance of re-
establishment to the Britain as a more independent country. By this the country will also be able
to maintain there own connections with the rest of the world. But on the hand hand the states
who are opting for the option of continuation would result as a giving up their influence in the
Europe.
Moreover, with respect to the thought that whether the newly attained independence of the
United Kingdom is illusionary or real, there lies the n number of view as well as predictions by
the various economists. As a result of Brexit, there are being created a number of negative
impacts on the country, where one major is with respect to the creation of the uncertainty for the
investors who are looking for the opportunities for investment in the country. As it is impossible
for the country to change its geography in order to make the said aspect more favourable. Other

than this the continental Europe is considered as the major trading trading partner of the Britain,
because of which the country needs to have the access of various goods as well as services along
with their labour forces of the Europe(Minford, 2019). Hence it can be said that both the said
parties which are the countries requires the association of each other in order to pursue various
models.
Impact of Brexit on UK
As a result of the Brexit, which is the exit of Britain from the European Union, has resulted in
both positive as well as negative impact on the United Kingdom. The number of companies has
made a major shift towards the territory of EU, reason being the overall economy of the country
has slowed down. The said measure was taken by the companies in order to establish their new
headquarters. Some of the major impact of the Brexit on the country are as follows -
The very first can be related to the growth, as the country after getting separated from the
EU, has faced a great fall in the overall economic growth of the country. There also
occurred the number of damages out of which most of them are the results of the
uncertainty of the surroundings of the net outcome. Generally as per the statistics, on an
average the country has faced a downfall of 2.4% to 1.6% in the growth of the country in
the year 2019. Other than this the prices of the imports made a rise with the decrease of
the British pounds and it is believed that the same has till date not attained the pre Brexit
rates(Pollard, 2021).
The other major impact was made on the sector of jobs, where the group which was greatly was
of the young workers of the country. Because of this action the n number of jobs are said to be
no longer accessible in the favour of the employee of United Kingdom. This also made a impact
with respect to the availability of the new applicants as because of this measure the reattainment
as well as the new joining has become a difficult task for the employers of the companies. The
other sector being the trade, has affected to an great extent by the measure of Brexit reason
being now the UK is required to negotiate separately with the other states on an individual basis
with respect to enter into new trade agreements, which in general, are approximately comprising
of 45 in number with over seventy states being already in place.
Furthermore, but on seeing from the other side, it can also be proved as an beneficial
decision with respect to the long term effects on the country. The measure of Brexit taken by the
country in because of various aspects stands crucial and needed one for the growth of the

country. Brexit changes the nature of the formal relationship between the United Kingdom and
the European Union while throwing the London's place as global financial centre into the
question. Because of which there takes place a new boundations of trade between the UK and the
rest of the Europe. Other than this as a result of Brexit, the powers of the people of Britain to
have a free movement around EU also gets limited to some extent. But it has been believed by
the number of economists that there lies the number of impacts which are still need to be found
by the country(Rosamond, 2019).
Moreover, other than the limitation there also lies the number of favourable points on the
part of country which takes place as a result of Brexit. The country has attained more freedom
with respect to the constitution of their own rules and regulations as well as deals related to the
trade. Moreover, a hard Brexit is a state where the UK tends to give away the access of the single
market as well as custom unions. But the action of restoration of the sovereignty by the United
Kingdom has not only seemed a win win situation of itself but for the other states as well who
opted to stay in the cluster of European Union. As this also had bucked up a large increase in the
immigration into Britain and created troubles executing needs related to housing and services
but by the measure of hard Brexit the United Kingdom will have and can exert the full control
over its borders.
CONCLUSION
From the following report it can be very well summarised that the measure of Brexit has
made some of the major economic implications on the business of United Kingdom. Also the
said measure has resulted in various economical as well as financial challenges which are now to
be faced the companies of the country. It can have implications in the kind of shortfall of
required labour or the reduction in the access that the major businesses have to the external
market. But these effects are largely dependent on the final deal that is going to take place among
the UK and EU that shall determine the operation of different professional entities.

REFERNCES
Bloom, N., e.al., 2019. The impact of Brexit on UK firms (No. w26218). National Bureau of
Economic Research.
Breckenridge, A. and Feldschreiber, P., 2019. Impact of Brexit on UK and EU drug regulation
and patient access. Clinical Pharmacology & Therapeutics, 105(4), pp.923-925.
Fernández, X.L., Paz-Saavedra, D. and Coto-Millán, P., 2020. The impact of Brexit on bank
efficiency: Evidence from UK and Ireland. Finance Research Letters, 36, p.101338.
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.