Significance of Brexit for British People

MACROECONOMIC

Table of contents
Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................4
Critically analyze the significance of Brexit for British people..................................................4
Advantage and disadvantage of Brexit .....................................................................................5
Key challenges faced by government to implement Brexit........................................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Brexit is the name given to UK when the country leave European Union (EU) and that is
why, it is a combination of Britain and exit. Europe is the biggest export market for Britain and it
is a biggest source of foreign investment, leaving EU might be consider a biggest challenge for
UK, but in 31st January 2021, UK finally leaves EU and it is termed as a Brexit (Perez and
Olivie, 2020). During Brexit, there are two main key stakeholders i.e. countries who plays a big
role such that EU is the remainers, whereas UK is leavers. They both have different views about
Brexit, such that UK negotiate to leave EU customs union and single marketed. For that, British
parliament voted against it three times. Under Withdrawal Agreement, the Office for Budget
Responsibility’s estimate that £32.9 billion has to pay by UK as a financial settlement on 31st
January 2021. On the other side, views of EU is reflected from the below diagram shows that
majority of the voters are in favour of Brexit (EU views of EU and potential Brexit, 2016).
Source: Spring 2016 Global Attitude Survey
There are various stakeholder groups that are impacted by the policy decisions that are
made between the UK and EU and the reforms pertaining to the Brexit policy. These
stakeholders can be in the form of the ones who are participating in the decision- making process

or the ones who are impacted but has no say in the country level affairs and their issue of their
welfare. Some major stakeholders can be UK government, the remainers who have voted or
opted to stay back in EU, or the leavers who have voted out of the European Union, the
neighbourhood Scottish and Irish countries, EU parliament, the negotiators, various councils,
civil servants, large industries, banks, businesses and the British people who are the major
sufferers of this policy and its after-effects. The Queens royal family who is interested in the
prosperity of the country is also one of the stakeholders who have been participating in the
affairs related to the Brexit. The government of the countries like the Poland. Ireland, Spain are
also the stakeholders as they are trying to safeguard their citizens as well as the borders. The UK
government is trying to determine the economic equality, improve the efficiency of the economy,
curb the immigration and develop growth prospects by defining the effective trade and
commercial relations with the EU.
The present study will help to understand about Brexit and its importance for the
countries, Also, study will analyse the significance of Brexit for British people and mention
advantages and disadvantages of Brexit. Apart from this, it highlights the key challenges the
government might face to implement Brexit and then recommended some ways to overcome it.
MAIN BODY
Critically analyze the significance of Brexit for British people
The British people voted to leave EU due to some reasons such that economics, people of
UK think that Europe as a whole has decayed economically. That is why, people voted to Brexit
with an hope that it might help to increase the economy condition of the country up to some
level. However, it has been critically analyzed that the economic condition is deteriorate after
leaving EU. Such that the export dropped by 19% and import fells by 21.6% which affect the
UK, that is why, most of the people think their vote wasted (Drosos and Antoniou, 2020). In
addition to this, it is also analyzed that remaining in EU would also make Britain follow the
European’s lead. So, British people did not think that Europe would throw up trade against
Britain.
While voting, British also consider sovereignty as a second reason for Brexit. There is a
growing distrust of financial trade and defense organization who created World War II. That is