The Impact of Brexit on the UK Economy and Society

The report examines the consequences of Brexit on various aspects of British society, including employment rates, educational sector, small business enterprise, standard of living, culture, income level, occupation, and trade. It concludes that Brexit has had a significant impact on these areas, with some experiencing positive effects while others have been negatively affected.

Brexit

Table of Contents
Brexit................................................................................................................................................1
INTRODUCTION...........................................................................................................................1
Brexit................................................................................................................................................1
Conclusion.......................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Brexit refers to the prospective withdrawal of the united kingdom from the European Union. The
present report is going to discuss the social and economic effect of the Brexit within the country.
In addition to this, how companies responded toward these changes has been also included in this
report.
Brexit
Brexit refers to the prospective withdrawal of the united kingdom from the European
Union. On the 23 June 2016 Thursday taken the decision of leaving UK from the European
union. In this procedure, England voted for Brexit by 53.4% to 46.6 %. While this brexit
happened within the country then new prime minister announced. Major, Brexit influence the
economic and social factor within the country. Due to this affect, most of the business entity has
been influenced in large manner (Stokes, Wilson and Wilson, 2010). In the context of economy,
rate of employment and labour market has been affected in large manner due to this Brexit. Most
of the migrants looking for the job so rate of employment has been increased. According to the
statistics, the UK unemployment rate is likely to increase to 6.5% due to recession. In the 2015
march, the annual net migration from Europe has more than doubled since 2012.Immigration
from the EU is currently boosting the workforce by approximate 0.5% a year. The trade and
manufacturing activities within the EU has been also increased due to this Brexit happening.
After brexit, interest rates has cut to the lowest level. More than 10000 finance jobs has moved
away from the Britain (Storey and Greene, 2010). UK is the biggest contributor of European
Union. With UK pulling out from EU have adverse effects on the economic conditions of other
European countries. For example, Germany will have to face major loss in terms of jobs,
economic conditions and trade. There can be huge job loss can be observed in Germany after
Brexit. A survey conducted by GFX states that 41% of people belive that economic condition of
Germany will be degrade after Brexit (Nuremberg, 2016).
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Restaurant chain has hired many British staff members. After Brexit, small business enterprise
has been also enhanced because rate of employment has increase. Due to increase number of
small business enterprise, economic condition of the country has been enhanced. On another
major impact on the market is related to the demand and supply of product and services. The
demand of product and services of customer has been change because their choice, preferences,
taste, education, living standard has been also changed.
In the context of social factor of the country, it is also influenced in large manner as due
to this standard of living has been increased within the country. Due to came the migrants within
the country, living standard of people, culture, income level, occupation has been also enhanced.
In addition to this Educational sector has been also influenced due to the Brexit as various new
educational institutes has been developed within the country. Due to this the awareness about the
education has been also generates among the people of UK (Storey, 2016). As educational sector
has been increased within the country which directly effect the employment rate within the
country. Due to this Brexit situation in the country, individual have opportunity to enhance their
personality and professionalism because they have opportunity to do job because there has
enhanced the rate of employment within the country.
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Illustration 1: Brexit brings the upward trend in the German consumer climate to a halt
(Source: Nuremberg, 2016)

Conclusion
From this report it has been concluded that Brexit enhance the rate of employment,
education, small business enterprise, standard of living etc within the country.
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REFERENCES
Books and Journals
Stokes, D., Wilson, N. and Wilson, N., 2010. Small business management and entrepreneurship.
Cengage Learning EMEA.
Storey, D.J. and Greene, F.J., 2010. Small business and entrepreneurship. Financial
Times/Prentice Hall.
Storey, D.J., 2016. Understanding the small business sector. Routledge.
Online
Nuremberg, 2016. Brexit brings the upward trend in the German consumer climate to a halt .
[Online]. Available through:<http://www.gfk.com/insights/press-release/brexit-brings-
the-upward-trend-in-the-german-consumer-climate-to-a-halt/>
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