The Economic Impact of Brexit's Transition Period on the UK

This report analyzes the impact of the Brexit transition period on the United Kingdom's economy and parliamentary sovereignty. It examines the withdrawal agreement, the transition period, and the UK's shift to making its own laws. The report explores the positive and negative impacts of Brexit, including trade, immigration, and the UK's relationship with the EU. It discusses the effects on parliamentary sovereignty, the benefits of regaining control over borders and legislation, and the challenges of negotiating new trade deals. The analysis includes a discussion of the economic volatility, the impact on businesses, and the changes in the UK's parliamentary structure. The conclusion summarizes the key findings, highlighting both the advantages and disadvantages of Brexit and its impact on the UK's economic and political landscape.

INDIVIDUAL
REPORT

Contents
INTRODUCTION...........................................................................................................................................3
MAIN BODY.................................................................................................................................................3
TASK............................................................................................................................................................3
CONCLUSION...............................................................................................................................................6
REFERENCES................................................................................................................................................7

INTRODUCTION
Aim of this essay is to analysis and understand the impact of Brexit transaction period in
the growth and success of UK. Brexit is consider as a withdrawal agreement under which the
United Kingdom setting the terms of the withdrawal of the UK from the EU. After this Brexit
transition period United Kingdom is responsible for making their own law (Considère, 2020). It
will define the period on which both the UK & EU will decided to withdrawal. It is a kind of
agreement in which United Kingdom is no longer consider as an member of EU. But they will
remain member of the customs union & single market. This transition period is immediately start
after the UK left European Union on 31 January, 2020. Through this essay various positive and
negative impact on UK are analysis which are occur because of Brexit Transition period. Other
than this it also include its impact on the Parliamentary sovereignty operations in the UK.
MAIN BODY
TASK
Brexit- It refers to a decision of UK to exit from EU, it will include an effective process
of boards, and law related to citizen registration, and negotiation new trade deals. This process id
started on June 23, 2016 after the referendum passed by 51.9% to 48.1%. While the referendum
is passed because of various cause like immigrations, sovereignty, monetary issues and so on.
Another reason behind it is that citizens of UK will do not have EU identity but have a effective
and strong identity (Li, Liang and Zhang, 2021).
Brexit Transition period- It refers to a period in which both UK and EU will agree to
withdrawal and after this specific time period under it UK will not anymore member of EU but
they will remain the member of single market & custom union. During this time, it will continue
to be subject to EU rules Brexit transition period, 2021. It was analysis that the UK government
will not use the term Transition while they will prefer to use implementation period. The
withdrawal agreement specifies that the transition period will last until 31 December 2020. It is
also analysis that UK is still consider as a part of European Union economic & corporation
security arrangement until to the end of their transactional period. During this time European
Union will continued to treat the UK as its member and also asked their trader partners to do not

stop their trade with UK and treat UK as a member of European Union until the transaction
period will not end.
It was analysis that Brexit has some benefits to UK but also have some negative points
which influence the growth and success of UK. Such as United Kingdom will achieve more
freedom and they are able to govern their own legislation related to trade. Which assist in the
development of their country Brexit, 2021. It was consider as a scenario in which the United
Kingdom will give up with its access to the custom union & single market. As because of it was
analysis that regaining sovereignty will assist those who wants to still stay in European Union.
Example- As per the European Union law, a citizen belong to another nation of EU will have a
right to easily move and live in United Kingdom without any restrictions. This will increases the
immigration into Britain and because of this government will face many difficulties in fulfilling
housing and service need. But because of Brexit, the UK will exercise full control over its
borders. Another benefit of leaving EU for United Kingdom is that they will save the cost as
because UK is now no need to contribute in the budget of EU (McGough, and Berry, 2020).
While it has some drawbacks also as it is analysis when UK will be the part of EU they
will enjoy the benefit of good and effective trade deals with world power and EU. It is analysis
that EU exerts has a string bargaining power as it is the largest economy as a group. So by
leaving, United Kingdom will lose its negotiation power and free trade with other European
countries. It is also analysis that after leaving EU, United Kingdom will try their best to recreate
trade deals with other countries but they will not receive any favorable results. Other negative
impact of Brexit is that it will also cause volatility and affects the operations of business which
are operating within the UK. It was analysis that because of its products & services of UK are
subjected to tariffs and also it was analysis that the raw material cost will also increase (Ndomo,
2020).
Parliament’s sovereignty refers to the principle of the UK constitution. It will assist in
making the parliament the supreme legal authority in the UK, which have the power to create
and end any law. Parliament sovereignty is the most important part of the UK constitution. It was
analysis that it will also impact the operations of parliamentary sovereignty in the UK Effect of
Brexit on Parliamentary Sovereignty, 2021. Parliamentary sovereignty will cause for problems

various time from both the EU court & also by the UK domestic court at the time of upholding
EU law. It is analysis that as Great Britain will prepare to leave European Union, it was analysis
that sovereignty parliamentary will say that UK will no longer bound to follow the legislation of
EU. The UK will apart itself from other countries and made the parliament supreme legal
authority which is also called as parliamentary sovereignty. It is analysis that by leaving the EU,
The United Kingdom will remove a strong external source which is limited to Parliament’s
supremacy when they join the EU in 1972. They will also create legal limitations on itself but
also at the same time they will gain the unlimited power to change the law. It is analysis that as
because of leaving the EU, United Kingdom will face a greater change in their parliament
structure which is because of continuing in regard of sovereignty and unable tem to achieve
success (Perrone, 2020).
From the above discussion it is analysis that leaving EU will provide some benefits but
also has some negative points but after some time with the help of effective strategies UK is able
to gain various benefits and reduce the negative impact of leaving EU. It is analysis that after
leaving European Union, UK is able to formulated its own laws and achieve freedom. It was
analysis that after Brexit United Kingdom is able parliament will free to make any law and also
save cost as UK is no longer liable to contribute to the budget of EU.

CONCLUSION
From the above discussion on this essay the concept of Brexit is effectively analysis. As
the Brexit transition period will define the time period at which the UK will leave the EU. Form
this report it is analysis that Brexit has both positive and negative impact on United Kingdom.
Such as it will provide freedom to UK and make them to govern their own law and also have a
control on their borders which is not possible when UK is combine with EU. Other than this it
will also have some negative impact as UK is not able to trade with other countries of EU and
also have an impact on the growth of domestic companies. Other than this the concept of
parliamentary sovereignty is effectively analysis in this essay.

REFERENCES
Books and Journals
Considère-Charon, M.C., 2020. Post-Brexit negotiations: A journey full of pitfalls. Politique
etrangere. (2). pp.129-140.
Li, F., Liang, T. and Zhang, H., 2021. Does economic policy uncertainty affect cross-border
M&As?——a data analysis based on Chinese multinational enterprises. International Review of
Financial Analysis. 73. p.101631.
McGough, T. and Berry, J., 2020. Pricing risk and its use in modelling real estate market
yields. Journal of Property Investment & Finance.
Ndomo, Q., 2020. Staying because of all odds: Lived experiences of African student migrants in
Finland. In Expanding Boundaries (pp. 136-151). Routledge.
Perrone, N.M., 2020. Speed, law and the global economy: How economic acceleration
contributes to inequality and precarity. Leiden Journal of International Law. 33(3). pp.557-576.
ONLINE
Brexit transition period, 2021. [Online] Available through <
https://www.instituteforgovernment.org.uk/explainers/brexit-transition-period>
Brexit, 2021. The decision for the United Kingdom to leave the European Union, [Online]
Available through <https://corporatefinanceinstitute.com/resources/knowledge/economics/
brexit/>
Effect of Brexit on Parliamentary Sovereignty, 2021. [Online] Available through <
lawteacher.net/free-law-essays/constitutional-law/brexit-parliamentary-sovereignty-5443.php>