Brexit's Impact on UK and EU Economies: A Comprehensive Analysis

Desklib provides solved assignments and past papers to help students understand complex topics.

Introduction
There are both positive as well as negative aspects of brexit that has to be faced by both UK
and EU. Brexit has led to several uncertainties that have affected the trade and commerce of
the organisations operating in both the countries. The impacts on migration due to brexit have
resulted in reduced labour force. Brexit also has an impact on the rights of the citizens.
Brexit leading to uncertainties
The decision of UK leaving the markets of EU has led to several uncertainties in several
factors that affect the country in different ways. Despite of the fact that there are several
economical opportunities for UK, the ramifications due to Brexit can cause fatal damages in
the trade and commerce business organisations. There is a direct impact of Brexit in the
international ventures of the organisation of UK (Willett et al., 2019). Furthermore, the
immigration has led to further reduction of labours from the markets of UK that can
catastrophically damage the UK trade and commerce. The rights of citizen have also been
shattered due to the impact of Brexit.
Impacts of Brexit in trade
Being the first country to depart from the land of EU, Britain shall be affected with new trade
laws as well as legislations. The previous laws shall be excluded, as both the countries shall
be indulged with their new import and export business including the additional charges that
has been imparted due to Brexit. Apart from this, there are several joint ventures of
organisation operating in both the countries. Brexit shall shatter their trade and commerce
leading to uncertain situations. However, coalitions of effective business groups have
announced that any kind of deal shall allow in minimising the trade barriers and include a
flexible immigration system.
Migration
There are several migrants of Europe that comprises the majority of the immigrants in UK
constitutes the majority of the labour force and highly contributes in the development of the
overall economy of the country. Due to Brexit there is an extremely high rate of immigration
that is resulting in trade barrier. In addition to this, the rate of unemployment has also been
affected due to Brexit as most of the skilled labour force belonged to EU (Cornwall.gov.uk
1

2019). This has resulted the hospitality, construction, technological as well as healthcare
organisation to strive towards finding labour.
Rights of citizens
In the past years, millions of people have settled from UK to Europe and vice versa, that
makes them immigrants as well. However, both the sides declared that they want to save the
rights of the citizens. A rough average of 1.2 million Brits settled in EU whereas around 3
million Europeans have settled in UK (Rogers et al., 2018). They have their respective jobs,
life, as well as families in the country that makes it indispensable for them to stay at their
respective location otherwise their lives can be shattered. Therefore, both the parties have
ensures broad rights for the citizens including lifetime access to health care as well as
pensions.
Conclusion
Brexit has a diverse variety of impacts on the development of UK as well as EU. There are
several uncertainties with the development of the countries in the future as both are greatly
affected due to the same reason. In order to eradicate the challenges due to Brexit Cornwall
has provided several pieces of information that shall make people ready for the impact of
Brexit in the future.
2

Reference list
Cornwall.gov.uk. (2019). Brexit - Cornwall Council. [online] Available at:
https://www.cornwall.gov.uk/council-and-democracy/brexit/ [Accessed 13 May 2019].
Rogers, D., Rogers, B., Lewis, J. and Lewis, E., 2018. The UK pharmaceutical industry
braces for Brexit, be it mild, severe, or doomsday. Medical Writing, 27, pp.41-45.
Willett, J., Tidy, R., Tregidga, G. and Passmore, P., 2019. Why did Cornwall vote for Brexit?
Assessing the implications for EU structural funding programmes. Environment and
Planning C: Politics and Space, p.2399654419825654.
3