Analyzing Brexit's Impact on UK Business Law and Economic Independence

This essay examines the impact of Brexit on the business law of the United Kingdom, considering the Corporate Governance Code, Insolvency Act 1986, and EU directives. It discusses the implications of Brexit on corporate governance and finance, including equity and debt finance. The report analyzes the pre- and post-Brexit periods, focusing on the transition period and its effects on British corporate regions. It covers the UK's relationship with the European Economic Area (EEA), the role of parliamentary sovereignty, and the Factortame Case. The transition period's regulations, trade relations, and legal mandates are also explored, along with changes in employment law, minimum wages, gender pay gaps, and pension contributions. The essay concludes that the UK has undergone significant changes in employment laws, customs duties, competition law, and intellectual property law, emphasizing the importance of maintaining sovereignty while navigating negotiations with the EU. Desklib offers similar solved assignments and past papers for students.

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Table of Contents
INTRODUCTION ..........................................................................................................................2
.........................................................................................................................................................3
TASK ..............................................................................................................................................4
“The United Kingdom (UK) has left the European Union (EU) and will once again be free to
make its own laws, post the Brexit Transition period. Some argue that the UK’s parliamentary
sovereignty was indeed undermined by the EU and that the UK has finally got back its
independence.” ................................................................................................................................4
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8
Books and Journals..........................................................................................................................8
INTRODUCTION
The complete body of law which is advocating the Company law or Business law of the
United Kingdom examining the Corporate Governance Code, within the company act consists of
the regulation of Insolvency Act,1986 and other various directives in relation to the European
Union, the precedents given by the court of law is also used to assemble and establish the
industries. The divisions of business law can be segregated mainly into two sections,
The Corporate Governance and the Corporate Finance. The governance will intercede the rights
and obligatory duties of the stakeholders, employees, creditors for funds and the board of
directors, whereas the Finance will heed the money making process of the integrated bodies, the

process which will consists of Equity Finance, which is associated with the traditional method of
providing the shares to build up the deep pockets of business, and Debt Finance, it is a manner
for assimilating loans, at the price of fixed annual interest rate for the repayment. The recent
events of Brexit mechanism which is going to have a enormous impact on the British trade and
commerce, leaving the European union has imprinted almost every sector of the country and
somehow diminishing he constitutional validity. The Fundamental extent to which an business
can be assorted to the scale of the union. The analogue of the directives of the UK , will comes in
force and bring about a complete sovereignty (Sastry,2020). This report will indicate the pre and
post period of Brexit , the transition period of Brexit , and the impacts which is growing the roots
of the British corporate region (Teague,and Donaghey,2018).
TASK
“The United Kingdom (UK) has left the European Union (EU) and will
once again be free to make its own laws, post the Brexit Transition period.
Some argue that the UK’s parliamentary sovereignty was indeed
undermined by the EU and that the UK has finally got back its
independence.”
- In the post- Brexit time spectrum Britain will be eventually be joining hands with
the European Economic Area (EEA), it will laid down more dictated regulations which will
happen to be obligated on Britain as well as the members of the EEA states (Crafts,2022). The
passing of the plebiscite poll does shook many pillars, in the running days of referendum , it was
said' by looking at the vulnerability dribbling in the establishments of the components, that
breaking this bondage has affected United Kingdom and crumbled it Monetarily, Politically,
Constitutionally and Economically. At this particular stage it would not be a surprise to say that
constitution has disintegrated. The role of parliamentary sovereignty adjoining with the justice
system will eventually save the day for the United Kingdom. In the landmark of Factortame
Case, Acts of Parliament of the UK repudiate the legislation of European Union, and way before
the above mentioned case The ECJ held in the Costa v Enel, A law of nation seemingly

inappropriate must be abrogated if it found to be antagonistic to the directives of the Common
Law (Liddle,and Shutt,2019).
Mentioning the transition period of 11 months where UK is supposed to encircle the
regulations prescribed by the European Union, The Transition Duration also know as the
implication period of time. During the transition Britain will supposedly remain in the directives
of the union and the single ,market, furthermore to it this transition period will include :
 Accommodating the travel services back and forth from the union, it even comprises the
licences and the passports for the pets.
 Encompasses the freedom of movement, an individual has a right to work and live in the
European Union and it goes both ways.
 The trade and commerce append between both the EU and The UK, it will pick up the
threads without any charges
this ideology behind the concept of the transition period is for giving some sort of
relaxation to the establishments of negotiations between both of them. There is most certainly a
certainly a check list of the do's needed to be done during this period, which contains an
unchained trade dealing between UK and EU it will be most certainly the pivotal for Britain for
precisely continuing the trade and commerce without any levy (No Tariffs). The custom duty tax
mean the imposed prices on the imported goods. However, the mediation presented in the trade
dispense,UK will have no problem with bringing up the correspondence with other countries like
US and Australia. There are many other characteristics in the forthcoming association between
the UK-EU, which comprehends:
 The mandates of legal imposition, in regard to security of data sharing.
 Safeguarding the aeronautical grade.
 Admittance into the fishing reservoir.
 Granting the delivery of electricity and gas.
 Authorization and pronouncement of drugs and other medical facilities.
Under synchronization of this period, the bearings of Northern Ireland will bicker from
the remaining parts of the UK, A broad scope of European Union single market will assess and
in addition to that the aided rules and value added tax in relation with the EU will be continue to

apply in the area of Northern Ireland. Revocation of the European Communities Act,1972 such
representation will consummate the treaties of EU in the law of The United Kingdom. The
principles operating of this enactment will secure and avoid the gaps so that it would not crop up
in the domestic laws of the Britain, The Data Protection Act was regulated in order to expound
the fields of GDPR which are way too unprotected to deal within the national laws.
There are some followed up changes in the Business law of the country, consist of the off paying
roll working in the private sectors, in the average and mammoth corporation the contract bases
workers will be emerged to be given the status of the employee, they will be directly occupied by
the obligations of the employee like paying of income tax and insurance contributions. The
business sphere of small industries will be excluded from this practice. The latter changed made
will be rolled around in the payments at the time of termination, disbursement up to the amount
of 30,000 pound sterling is allowed, but amount exceeding the mentioned money will be a cause
of national insurance contribution of the manager and not the employee.
The ordinances including in the turnaround of The Employment Law, such as,
 Enlargement in the wages, the minium wages and living wages escalated, an scope of
modernization and development for the workers, The division of small companies try
to coup up this upcoming welfarism rule.
 Ruling out the payment crack between the genders, through the Equality act, 20 and
the Gender Pay Gap Regulations 2017, the bandwidth of employees have informative
about these directives and filed a complain regarding the money imbalance on the basis
of gender which is opted to be entirely discriminatory.
 Benefaction to the pensioners, the qualifications of the employer and employee to put
allowance in the pension scheme will hike up to 3% of the managers and 5% for the
workers
The latest advances in the mandates under The Legal System, are as prescribed :
United Kingdom composed of three separate jurisdictions, including England and Wales,
Scotland and The Northern Ireland, as three of the entities have their individual legal system,
there is overlapping differences between them , as Scotland is based on the uncodified law and
common law and England and Wales and Northern Ireland is based wholly on the Common Law

 There is no hindrances placed on the foreign investments, the investments be it
does metic or international will be governed by the same regulations under the
Enterprise Act 2002 of the United kingdom. Government has empowered to
interfere in the transactions looking as threat or against the public interest.
 Barrier blockage on export and import of arms, ammunition and combined
services and techniques (Egan,2020).
 Ban on the instruments used for within country suppression and or let occur
lethal events.
 Financial deterrent on the individual, against the governmental bodies,
boycotting any other accompanying groups or pressure groups or terrorist
groups.
 Restriction on the goods or raw material from the prohibitory section.
CONCLUSION
So far, United Kingdom has undergone respective changes in the field of duly taxes on the
employments laws, customs duties , competition law , contract law, the perspectives of business
law , intellectual property law, agreements related to the, market and finance, the sector of e-
commerce, data protection and product liability (Saleem,2019,). The primitive agenda of
attaining the parliamentary sovereignty impaired with the government ruling over the astonished
governmental procedures the article by white paper assuring taking control of the laws entirely,
was nothing but a mere fleek by the United Kingdom. In the end of the getting back the soul
back sovereignty with perseverating their dignity is and will be a enormous deal of The United
Kingdom, the negotiation and other deal between the UK-EU is dealt with patience so far , but
when its coming to the literal meaning of Brexit, which is British Exit, UK is definitely not
beating around the bush and levelled its workings in all the sectors so far so good.

REFERENCES
Books and Journals
Crafts, N., 2022. Brexit and control of subsidies. Oxford Review of Economic Policy,38(1),
pp.154-164.
Egan, M., 2020. Brexit and the single market. In The European Union after Brexit(pp. 57-79).
Manchester University Press.
Liddle, J. and Shutt, J. eds., 2019.The North East After Brexit: Impact and Policy. Emerald
Group Publishing.
Saleem, M., 2019, June. Brexit impact on cyber security of United Kingdom. In 2019
International Conference on Cyber Security and Protection of Digital Services (Cyber
Security) (pp. 1-6). IEEE.
Sastry, V.V.L.N., 2020. BREXIT-and Its Impact on India’s Export Business. Idea Publishing.
Teague, P. and Donaghey, J., 2018. Brexit: EU social policy and the UK employment model.
Industrial Relations Journal, 49(5-6), pp.512-533.