Analyzing UK's Independence: Impact on Business Law Post-Brexit

This essay examines the implications of Brexit on the United Kingdom's business law and assesses whether the newly achieved independence is genuine or merely an illusion. It delves into the transition period following the UK's departure from the European Union, highlighting the shift from adhering to EU laws to formulating its own legislation. The essay explores both the benefits and drawbacks of Brexit, including regaining control over borders and water areas, establishing independent monetary policies and judiciary, and the challenges of new trade restrictions and loss of free trade agreements with EU countries. It also touches upon the social and psychological impacts on UK citizens, the economic consequences for both the UK and the EU, and ultimately concludes that the long-term effects of Brexit remain uncertain, presenting both opportunities and challenges for the United Kingdom.

Individual Essay

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Whether the newly achieved independence of united Kingdom is actual or merely an illusion
to UK...........................................................................................................................................1
CONCLUSION................................................................................................................................3
References:.......................................................................................................................................4

INTRODUCTION
The business law defines to rules and procedure which is required by every organization
to follow so that business cab be run efficiently. By authorised bodies the laws are regularised.
There are several acts in UK which helps in governing business law some of them involve
Employment Act, 1996, Equality act, 2010 etc. To follow employment and business law each
organisation is bounded as they are basically formed for the welfare of employees and company
as whole. To benefit the employment laws the employees are required to fulfil their duties. These
law provides maximum working hours of employees, overtime provisions, minimum pay to
employees etc. Further, in earlier UK was governed with European Union but after Brexit, the
UK is not bounded to follow the laws of European Union (Buesa, and et.al., 2020). Now, UK has
formed its own laws which has to be followed by UK people that are formulated by UK
government. After the completion of transition period between United Kingdom and European
Union this all commenced. The essay is based on the EU and UK along with its transition period.
Further, the essay will discusses whether there is Independence for the UK in real sense after
separation from the EU or merely an illusion for the world. Further, several laws are discussed
that is affected due to Brexit process for United Kingdom.
MAIN BODY
Whether the newly achieved independence of united Kingdom is actual or merely an illusion to
UK.
The Brexit term comprises of two terms British and Exit that defines to the end of
existence of legal laws between European Union and United Kingdom. This primarily refers to
that UK is not delimited to precede with rules and regulations of EU. With this, UK has become
an independent country along with several benefits & drawbacks are related to Brexit procedure
in UK. Previously the UK, was liable to follow the rules and laws and bounded to Judiciary
made by EU. But, now both Countries are not required to follow of such laws as done in past
(Christiansen, and Fromage, 2019).
The transition period refers to period which is also called as implementation period in UK
terms. On 31st January 2020 Brexit period started when UK left the EU. But in this, both
European Union and United Kingdom signed an agreement which specifies certain conditions
that is to be followed by the UK. During transition period in accordance to this agreement, UK
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remained only the member of single market and union of customs. UK, stills follows the rules of
EU during the period of implementation. The UK is not required to follow the rules of EU after
completion of this period rather than this the UK will formulate its own law formed by
parliament of UK. On 31st December 2020 there was end of transition period and after that UK
become now an independent and democratic country (Greer, and Löblová, 2020). The new
trade restrictions were created by the Brexit between UK and rest of Europe along with limits the
ability of British Citizens to move as freely around the EU. The negotiators for the UK and EU
reached a deal on the two parties new relationship on 24 December 2020 in which EU and UK
have set out the terms of this deals in three agreements- Trade and cooperation agreement, the
information security agreement, the Nuclear cooperation agreement.
During the transition period, agreement comprises of matters such as money, border
conflicts, future relations between United Kingdom and European Union. The children of UK are
also affected with Brexit due to the reason of educational and social life of people that is suffered
by discontinuance of legal relations among countries. The people social life of people is also
affected as many of people have to relocate due to discontinuance between countries. The
separation created stress in people minds due to which countries are suffering from mental
problems. Now, in formulation of new laws for country UK government is required to puts
efforts and money for having more skilful people (Latici, T., 2019). There is also creation of
burden on both skilled & Unskilled people of country and develops feelings of loneliness in
people minds and specifically UK children's due to imbalance and drastic change which
hampered the roots of United Kingdom. There is also increase of anxiety in people minds of UK.
Moreover, it has taken the symbol of resistance, ignorance and negotiations for people country.
To the UK, there are several benefits of Brexit. Firstly, through exit the UK gained its
control back to borders of UK as earlier the EU was having control in its hand for these border.
The country was enabled in stopping the immigration of criminals in country by its borders
because earlier there was no power in European Union hands. The UK was benefited in gaining
its control back on its water areas (Morris, M., 2020). The Exit also benefits in creation and
formulation of its own money for which now UK has not to depend on European Union for
money matters. In country there is circulation of money along with helps in raising standards of
country people. This also enhances trade between United Kingdom and Non-European Union
countries which is sign for the country development and helping to trade more. Further, there is
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increase of gross domestic product (GDP) of country and United Kingdom is empowered by the
independent Judiciary because earlier to such Separation UK was bounded to follow up decisions
and Judgements of Court of Justice of European Union. Now, in UK there is formulation of own
courts therefore, UK is not bounded by laws in order to follow the courts judgements of United
Kingdom.
There are several drawbacks of Brexit to UK. Its one of the drawback is that negotiation
and free trade among the united kingdom and European union will come to end and before such
Brexit both the countries were free in doing legal & free trade between them. The custom duty
by both of them was not paid when there was the no separation between them. During transition
period, after the separation there exist an agreement of free trade between both of the states.
After the completion of transition period, hence both the countries are now required to pay the
custom duties (Schatz, V.J., 2019). The UK also regrets the assistance they use for receiving
from EU before such separation between the states. The UK citizens have to immigrate to UK
who were residing in European union due to this separation. For the several immigrants this
creates an problem who will to United Kingdom because of such separation. There is also lose of
trade relations from the countries in UK that were in contact with UK only because of EU. The
UK has to face several problems in order to relocate trade and business (Stoupos, and Kiohos,
2021). Further, European union will lose its one sixth share of Foreign capital only after the
separation of United Kingdom and European Union. Therefore, to both the states of United
Kingdom and European Union there were economic losses. Henceforth, it has not been clearly
proved that for UK Brexit is good or not because it has several merits and demerits on such
separation of country citizens. Hence, UK will continue surprising the globe about the
consequences of Brexit (Usherwood, S., 2019).
CONCLUSION
From above essay it is being concluded that for UK transition period was very difficult
along with the benefits of separation is explained between both states. Further, there is
explanation of drawbacks that were faced by the UK citizens. The explanations are also related
to differences faced by people during transition period along with compares pros & cons of
Brexit. The consequences of Brexit is also analysed which is clearly seen all over the globe along
with there is ascertainment of that separation gives the United Kingdom real freedom or not. The
advantages and disadvantages of Brexit is useful for some of the citizens and on other side cab
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be harmful for some citizens as well as organisation. Hence, it cannot be taken as crystal clear
decision on such vital and drastic topic.
References:
Books and Journals
Buesa, and et.al., 2020. Brexit: situation and economic consequences. Economic Bulletin,
(4/2020), pp.1-12.
Christiansen, and Fromage, 2019. Brexit and democracy: The role of parliaments in the UK and
the European Union. Springer.
Greer, and Löblová, 2020. Networks after Brexit. In The European Union after Brexit (pp. 146-
161). Manchester University Press.
Latici, T., 2019. What role in European defence for a post-Brexit United Kingdom?.
Morris, M., 2020. Building a post-Brexit immigration system for the economic recovery.
Schatz, V.J., 2019. The international legal framework for post-Brexit EEZ fisheries access
between the United Kingdom and the European Union. The International Journal of
Marine and Coastal Law, 35(1), pp.133-162.
Stoupos, and Kiohos, 2021. BREXIT referendum’s impact on the financial markets in the
UK. Review of World Economics, 157(1), pp.1-19.
Usherwood, S., 2019. Getting Brexit done, or getting Brexit done right?. Political Insight, 10(4),
pp.32-34.
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