Financial Reporting: Impact of Brexit on UK Labour Market

This report examines the multifaceted impact of Brexit on the UK labour market, encompassing both positive and negative consequences. It begins with an introduction to Brexit and its implications, followed by a detailed analysis of academic writing and a reflective statement utilizing the Gibbs model for self-evaluation. The report explores the impact on labor supply and demand, recruitment policies, and the movement of skilled workers. A self-evaluation checklist and a personal SWOT analysis are included to assess the author's skills and knowledge. Primary research methods, specifically an online survey, are proposed to gather data. The evaluation of sources highlights the criteria for selecting reliable evidence, and a personal development plan outlines strategies for skill enhancement. The report concludes with a summary of findings and recommendations, offering a comprehensive overview of Brexit's influence on the UK's labour market and related financial reporting considerations.

Financial Reporting

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
Section 1..........................................................................................................................................3
Academic writing.........................................................................................................................3
Reflective statement.....................................................................................................................4
Section 2..........................................................................................................................................5
Self-evaluation checklist..............................................................................................................5
Personal SWOT analysis.............................................................................................................6
Primary research methods............................................................................................................6
Evaluation of sources...................................................................................................................7
Personal development plan..........................................................................................................7
Conclusion.......................................................................................................................................9
References......................................................................................................................................10

INTRODUCTION
Brexit means exit of Britain from European Union. It is an important referendum result
which took place on 23rd June 2016 in which UK has been exit from EU. It has positive as well
as negative impacts on different operations of an organization. The current research study is
based on determining impact of Brexit on demand and supply of labours in UK economy.
Regarding this, it will analyse the background information using literature review (Bianchetti
and et.al, 2016). Along with this, it will also focus on positive impact of Brexit on employment.
Including this, research will comprise the negative impact of Brexit on demand and supply of
labour market of UK. In addition, research study will also discuss the reflective statement which
will play important role in conducting self-evaluation. Including this, plan for personal
development will also be including in the following paragraphs of the report.
SECTION 1
Academic writing
A referendum can be defined as a vote in which everyone who are in voting age can take
part in deciding that whether UK needs to leave European Union or no (The economic impact of
‘Brexit’, 2016). In which total voting was 30 million and 52% were in the favour of Brexit and
48% were in against. These activity has direct impact on UK economy and reduce the value of
pound. But on the other hand this decision will be effective for long term performance of the UK
economy. There were some organizations which have said that Brexit can increases the total
cost. Including this, cost of the government borrowing will also be high but share price of the
stock market will be covered in future (Brexit the economic implications, 2016). There are some
hard and soft mean of Brexit in which hard includes that UK refusing to compromise on issues
like the free movement of people. But on the other hand, soft means Brexit might follow a
similar path to Norway which is a member of the single market and has to accept the free
movement of people as a result (Pisani-Ferry and et.al, 2016).
Brexit has direct impact on immigration, trade manufacturing, exchange rate, inflation,
GDP, trade, Tariffs, labour force, wages, public finances and regulations, etc. Britain wanted to
retail full access to the single market which helps in making the free movement for the skilled
and experienced worker. But there are some specific policies for low skilled workers and all
those organization which does not prefer high skilled workers (Franklin, 2016). On the other
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hand, it also increase the attraction of highly skilled workers. Therefore, this movement has
direct impact on overall labour movement in UK economy but it is beneficial for all those
companies which require skilled and experienced employees (Dorling, 2016).
Therefore, it has direct impact on recruitment and selection policies for the organization.
Along with this, it also affect the labour force of those organization which are using the
international employees. It can increase the decrease the recruitment and selection of local and
global employees. Migration policy also have negative impact on overall performance and labour
market of UK. This exit can increase the overall freedom of the full time and part time workers
but on the other hand it can raise the total cost of the labour (Koutrakos, 2016). Therefore, Brexit
has direct and indirect impact on the overall performance and recruitment and selection of
employees. So, after Brexit organization needs to changes their process and policies of the
recruitment and selection.
Reflective statement
Gibbs model of self-reflection is one of the appropriate tool for analysing the personal
learnings, knowledge and skills. This model is also known as reflective cycle which comprises
different stages such as description, feelings, evaluation, analysis, and conclusion and action
plan. After implementing Gibbs model I have realised that Brexit has direct impact on different
HR aspects of organizations of UK (Dhingra, Ottaviano, Sampson and Van Reenen, 2016). I
have learned the new knowledge about the process of Brexit and reasons behind this referendum
result. After completing this research I have realized that what happened at the time of exit of
UK from EU. Along with this, I have also learned that Brexit has positive as well as negative
impact on UK labour market. I have learned that Britain was not agreed to the free movement of
the highly skilled labours. So, it can affect the project performance of every organization. As per
my learnings Brexit is not beneficial for the labour market for short run but on the other hand for
long term basis it will be beneficial for organizations of UK economy (Brugge and et.al, 2016).
Before this research I was thinking that Brexit will be a wrong decisions for the UK economy but
after conducting this investigation I feel that that it is a right decisions which will help in growth
and development of the UK economy.
Evaluation of the research has reflected that gaining knowledge about such an
economical move of EU and UK was one of the best experience (Angeli, Piano and Arroyo,
2016). Including this, I have got lots of new knowledge and skills about the exit process of UK
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from EU and its positive and negative impact on overall economic and performance on both UK
And EU. But, on the other hand conducting research on this subject was not a good experience
because I has used the advance search option for collecting appropriate information about the
research subject. Along with this, understanding the research problem is also one of the major
problem for me (Lang, 2014).
Analysis of the collected information has reflected that Brexit will help UK economy in
attracting skilled and experience labours. Overall, reflective statement has also concluded that
Brexit has direct and indirect and positive and negative impact on overall labour market of UK
economy. For managing these impacts in effective manner UK economy or all organizations of
this nation needs to take appropriate action such as changes in recruitment and selection policies
(Farrell, 2015). Including this, changes in HR policies and practices will also be considered as
important action which needs to be taken by the different organization of UK. Therefore,
reflective statement has reflected that all this research has increased the overall skills and
knowledge in effective manner. Along with this, for managing such situations organizations of
UK needs to improve HR policies and practices (Miller and Rollnick, 2012).
SECTION 2
Self-evaluation checklist
Self-evaluation checklist has reflected that for analysing such kind of circumstances and
conducting this type of research an author must have different skills and knowledge such as
appropriate communication skills, research skills, evaluation and analytical knowledge, technical
knowledge for operating computer system and other instruments, leadership and motivational
skills and appropriate knowledge of professional English language (Choy and Oo, 2012).
Reflective statement has reflected that I did not have appropriate knowledge and skills
about the causes and impact of Brexit. Along with this, I did not have appropriate knowledge
about the research and analytical skills. But, after completing this investigation I have got
appropriate knowledge about the critical analysis of the different aspect. Including this, I have
got some specific knowledge about the research skills such as how to select evidence for
literature and background study on specific subject. But, self-evaluation has reflected that I am
not capable enough to evaluation and technical knowledge of computer and internet, So, I needs
to increase such type of skills by developing appropriate personal development plan
(Macroeconomics and Brexit in the boardroom, 2016).
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Personal SWOT analysis
Strength:
 I have strong knowledge and skills about understanding the research problem.
 I am capable enough to understand the economic activities and concepts in effective
manner.
 Strong theoretical knowledge of research methodology.
 Capable enough to understand the research subject.
Weaknesses:
 Lack of time and cost is considered as major weakness.
 Inappropriate analytical skills.
 Lack of knowledge of technical requirements and communication.
 Inappropriate evaluation skill.
Opportunities:
 To develop appropriate plan to manage time and cost.
 To develop appropriate analytical skills and knowledge.
 To improve technical knowledge and analytical skills.
 To increase my evaluation knowledge.
Threats:
 Changes in rules and regulations of government affect the overall analysis of the
situation.
 HR policies and procedures of the organization can also reduce the chances of
understanding the circumstances in effective manner.
Primary research methods
Primary research methods can be defined as such kind of tools and techniques which play
important role in gathering new and fresh information about the research subject in effective
manner. These method will be effective for understanding the causes and reasons behind the
Brexit as well as it will also be effective for understanding the entire process and collecting fresh
and new information about the subject. New and fresh data plays important role in understanding
the current situation and circumstances in effective manner (Angeli, Piano and Arroyo, 2016).
There are different methods such as interview, focus group, observation and survey methodology
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for conducting primary research. But, on the other hand, these cannot be used by researchers for
this subject. Survey methodology is the best way to determine the opinion of individuals about
Brexit. So, author has decided to conduct online survey of economic experts of UK. It is an
effective tool for collected primary data as well as it will also help in reducing the total time of
data collection. For collecting primary information author will use questionnaire and it will
include open and close ended questions about the research subject. Therefore, it will be effective
for understanding the research subject and resolving the overall research problem in effective
manner (Miller and Rollnick, 2012).
Evaluation of sources
For background study author has used the literature review and regarding this researcher
has chosen different sources and evidences. Researcher has selected evidences on the basis of
inclusion and exclusion criteria. Researcher has used only those sources which are based on
Brexit as well as focuses on the impact of Brexit on overall UK economy. Including this,
inclusion criteria has also focused on those research articles which have used the professional
English language. Including this, all those research sources which have published after 2012
have included by researcher (Dhingra, Ottaviano, Sampson and Van Reenen, 2016). On the other
hand, author has excluded all those research articles which have not used professional language
and not based on professional English language. Along with this, author has not used those
research papers which have published before 2012 because these type of research study is now
valuable for the current research. Therefore, evaluation of the sources has reflected that author
has chosen most reliable and valid sources of evidence which have helped in analysing the
current situation and overall problem of the research (Lang, 2014).
Personal development plan
As per the above discussion I needs to focus on improving different skills and knowledge
such as evaluation skill, communication skill, analytical skills, computer knowledge or technical
skills. Personal development plan for improving these skills are discussed as under:
Table 1: Personal development plan
Skills or objective Benefits Action Time
Evaluation skills It will be effective for
understanding the
Workshop and
reading books and
One – two months
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situation and research
problem in effective
manner. It will also
help in developing
appropriate result for
the research problem.
journals
Analytical skills It will be effective for
determining positive
and negative impacts
of different activities
on organizations.
Along with this, it
will also help in
understanding all
aspects of a subject
(Brugge and et.al,
2016).
Reading and
workshop
Two months
Communication skills Appropriate skill to
make communication
with sample unit at
the time of
conducting survey.
Training and
development
One month
Computer knowledge
and technical skills
It will be effective for
developing report and
helpful in using the
different tools which
is also beneficial for
reducing the total
time and cost of the
research (Farrell,
2015).
Supervision and
coaching
Two months s
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CONCLUSION
The current research project has concluded that Brexit is one of the important movement
for UK and EU and it can negative impact on UK economy for short term but it will be
beneficial for long term aspect. Along with which, it has direct and indirect and positive and
negative impact on overall performance and different aspects such as recruitment and selection
process of UK organizations, organizational management and HR practices and policies, etc.
therefore, Brexit will be beneficial for attracting skilled and experienced employees but it is not a
good decision for low level skilled personnel. Self-evaluation and reflective statement has
reflected that there are lots of knowledge and skills which needs to be improved in coming future
for conducting similar research subject. For improving these skills I have developed a personal
development plan which has included appropriate activities, action and time limit by which I can
improve the required skills and knowledge.
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REFERENCES
Books and Journals
Pisani-Ferry, J. and et.al, . Europe after Brexit: A proposal for a continental partnership. Bruegel,
August, http://bruegel. Org/2016/08/europe-after-brexit-a-proposal-for-a-continental-
partnership.
Franklin, C., 2016. Lessons From The Conservative Party: A Hard Brexit And New Fiscal
Policies. The Market Mogul.
Dorling, D., 2016. Brexit: the decision of a divided country.
Koutrakos, P., 2016. Brexit and International Treaty-making. European law review, (1), pp.1-2.
Dhingra, S., Ottaviano, G., Sampson, T. and Van Reenen, J., 2016. Brexit: the impact on UK
trade and living standards. Centre for Economic Performance, LSE.
Brugge, G. S. and et.al, 2016, June. Britain and Europe: The political economy of ‘Brexit’in
trade and finance Workshop at the University of York, 14 June 2016. In Workshop at the
University of York.
Angeli, P., Piano, S. and Arroyo, V., 2016. Brexit from current guideline
recommendations?. Gut, 65(11), pp.1919-1919.
Lang, A. T., 2014. The consequences of Brexit: some complications from international law. LSE
Law: Policy Briefing Paper, (3).
Bianchetti, M. and et.al, 2016. Brexit or Bremain? Evidence from bubble analysis.
Farrell, T. S., 2015. Reflective language teaching: From research to practice. Bloomsbury
Publishing.
Miller, W. R. and Rollnick, S., 2012. Motivational interviewing: Helping people change.
Guilford press.
Choy, S. C. and Oo, P. S., 2012. Reflective Thinking and Teaching Practices: A Precursor for
Incorporating Critical Thinking into the Classroom?. Online Submission, 5(1), pp.167-
182.
Online
The economic impact of ‘Brexit’. 2016. [Online]. Available through:
<https://woodfordfunds.com/economic-impact-brexit-report/>. [Accessed on 20th
November 2016].
Macroeconomics and Brexit in the boardroom. 2016. [Online]. Available through: <
https://home.kpmg.com/uk/en/home/insights/2016/05/brexit-the-economic-
implications.html>. [Accessed on 20th November 2016].
Brexit the economic implications. 2016. [Online]. Available through: <
https://assets.kpmg.com/content/dam/kpmg/pdf/2016/05/BrexitReportMay16.pdf>.
[Accessed on 20th November 2016].
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