Is UK's Independence Real or an Illusion? Business Law and Ethics View

This report examines the reality of the United Kingdom's independence following its exit from the European Union (Brexit), focusing on business law and ethics. It assesses whether the newfound independence is genuine or merely an illusion, considering the Trade and Cooperation Agreement that now governs relations between the UK and the EU. The report details Brexit's impact on the UK, including its effects on economic growth, job opportunities, and trade relationships. It highlights the economic slowdown and the shift of companies towards the EU, while also acknowledging potential long-term benefits such as the freedom to create new trade deals and regulations. The analysis concludes that Brexit presents both challenges and opportunities for businesses in the UK, with the ultimate outcome dependent on the final agreements between the UK and the EU.

Business law and
ethics

Table of Contents
INTRODUCTION ..........................................................................................................................2
TASK ..............................................................................................................................................2
Does the independence that has been newly found by UK real or is it just an illusion:.............2
Brexit's impact on United Kingdom:...........................................................................................3
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................6
INTRODUCTION
The company or organization must have a knowledge of the business laws that are
provided by the government so that business can be managed effectively. But it is also essential
for a business to follow ethical principles in order to prosper and run for a longer duration. Both
law and ethics are essential concepts of a business which is why they work hand in hand by also
complimenting each other in the management of a business. Ethical principles of a business are
based on what is right and what is wrong(Bloom and et. al., 2019). This report will cover in
detail the question of fact that whether after getting a separation from European Union the
independence that has been acquired by UK is in real existence or if its just an illusion.

TASK
Does the independence that has been newly found by UK real or is it just an illusion:
The name Brexit has been formed after mixing the words which are British and exit. This
term came into formation to mark the United Kingdom's decision that was taken by it on 23rd
June 2016 to get separated from the European Union. After this event the relations that stand
between UK and European Union are solely based on the Trade and Cooperation Agreement.
This has brought a major change for the both the countries and its citizens, companies or
businesses and also for its public authorities. The agreement that was concluded between them
has four sectional bifurcations in which the first one is related to the free trade where all the
tariffs and custom duties must be eliminated between the UK and EU. The second section relates
to specification given in the framework regarding the social, economical and environmental
corporations (De Ville and Siles-Brügge, 2019) . This also addresses the social security and
transportation related aspects. The third section in it includes the internal security related
concerns which mainly relate to the aspects that address the fight against the terrorism funding
and money laundering. And last but not the least section makes specifications relating to the
establishment of a governance system which must be common for both. European Union was
formally left by UK on 31st January 2020 but even after passage of so much time it is still unclear
to conclude whether this will have long term advantages or disadvantages. Also regarding the
sovereignty it is a win situation for the Brexit people even if it includes giving up on the
domestic affairs certain control measures and powers. It is also seen that EU as an institution has
carried out draining of powers from UK's parliament. So for those who are leaving, it is also
providing a chance to Britain so that it can work towards re establishing itself like a country
which is independent while also remaining connected with the rest of the countries in world. On
the other hand those countries who have decided to remain in it would begin to give up their
influence on the Europe(Hantzsche and Young, 2019).
With respect to the concern that whether this independence is real or just an illusion,
there are various economics who have given different ideas and predictions on it. The economy
of Britain suffers negative impacts directly because of the measure of Brexit as it creates a
situation of uncertainty for the investors who are interested to invest in the country. This happens
because of the fact that it is in a manner impossible for the country to make changes in its
geographical region to make this aspect favourable for it. Further, the main partner in trading

with respect to Britain is the continental Europe, thus Britain wishes to have good relations so
that it can have easy access to the European goods and services while also with its labour market.
Thus, both the countries require and need each other so that they can pursue the different
association models (McCombie and Spreafico, 2018) .
Brexit's impact on United Kingdom:
The country of United Kingdom has suffered a major impact due to the measure of Brexit
which has led to the economic slowdown in the country. Due to this concern, a dynamic shift is
seen from the part of several companies and organizations where they have shifted towards the
European Union territory so that their headquarters can be established there. Following are the
major impact of Brexit in differential aspects that are:
The first aspect in this relates to the growth factor wherein it can be seen as one of the
major disadvantage of getting separated from EU is that a great number of damages have
happened to the economic growth of the country. In this most of it is the result of the final
outcomes surrounding uncertainty. The growth of the country has decreased on an average from
2.4% to 1.6% in the year 2019(Pollard, 2021) . Moreover due to the decrease in the British
pound the import prices have increased and due to this it has still not achieved its position of pre
Brexit high.
The other factor is the Jobs factor, the young workers in Britain have been majorly
affected due to the decision that has been taken with respect to Brexit. Job opportunities in
various sectors are no longer available in the favour of UK's workers after the measure of Brexit.
The employers are also facing difficulty because the availability of applicants and workers has
also become a difficult job for them.
Another factor which saw the major impact is Trade because of Brexit, the country of
United Kingdom is now required to carry out negotiations with the other states which are outside
the ambit of the European Union because of the agreements based on new trade which therefore
includes around more than 45 trade agreements with around 70 countries present there.
Moreover looking at the Brexit from an different angle the long term effects of it can
prove to be positive for the country while impacting it. And thus the decision with respect to
certain aspects in Brexit lie very essential for the country. Brexit has changed the face and nature
of formal relations between the United Kingdom and European Union because of which question
has been rose regarding London's place at the global financial centre. Through this it tries to

place new limitations on the trade that is carried out between UK and the rest of Europe. This
also creates and establishes limitations to a certain extent for the citizens ability in Britain to
freely move around the European Union(Portes, 2022). But the experts believe that these are
only certain important effects that the Brexit has on very aspects and with regard to its full
impact it is yet to be found by the country by unfolding it step by step.
Other than this, Brexit also offers major benefits like due to this the country of United
Kingdom has achieved more freedom when we make comparisons with respect to free decisions
on creating new deals and making regulations on trade. Whereas a hard Brexit can be known as
the situation where the access to the single market and on custom unions is given away by UK.
But UK's action of regaining its sovereignty not only seems to be of great benefit for itself but
also for other states who are still in the European Union. This has also led to increase in
immigration to Britain and created a tough situation for the fulfilment of the house and service
needs but due to the Hard Brexit measure UK can exercise full control over its borders.
The drawbacks with respect to Brexit are when UK was part of EU it benefited due to
the trade deals that were carried out between the Eu and other states. As EU had strong
bargaining powers due to it being a large economy which is represented as a group. Thus, when
UK got separated from EU it will now loose out on the power of negotiations as well as the free
trade benefits. Also UK now has less chances on carrying out the previous deals in the same
manner with respect to the situation now. Also, Brexit's uncertainty has caused volatility which
also affects the country's business operations (Simionescu, Streimikiene and Strielkowski, 2020).
CONCLUSION
It can be summarized from this report with respect to the operations of businesses in UK,
Brexit has major economic effects on it. Due to Brexit businesses faced major challenges in the
economic and financial field. Thus, it has bad implications because it causes labour shortages
and has also reduced the access to the external markets for the major businesses in United
Kingdom. But these can still be turned into favour because they are still dependent on the final
deal that shall take place between UK and EU which will determine how the trade will work and
how professional business entities will operate in the market.

REFERENCES
Bloom, N., and et. al., 2019. The impact of Brexit on UK firms (No. w26218). National Bureau of
Economic Research.
De Ville, F. and Siles-Brügge, G., 2019. The impact of Brexit on EU trade policy. Politics and
governance, 7(3), pp.7-18.
Hantzsche, A. and Young, G., 2019. The Economic Impact of Prime Minister Johnson's New
Brexit Deal. National Institute Economic Review, 250, pp.F34-F37.
McCombie, J.S. and Spreafico, M.R., 2018. Brexit and its possible implications for the UK
economy and its regions: A post‐Keynesian perspective. Papers in Regional
Science, 97(1), pp.133-149.
Pollard, J.S., 2021. Brexit and the wider UK economy. Geoforum, 125, pp.197-198.
Portes, J., 2022. Immigration and the UK Economy after Brexit. Oxford Review of Economic
Policy, 38(1), pp.82-96.
Simionescu, M., Streimikiene, D. and Strielkowski, W., 2020. What does Google Trends tell us
about the impact of Brexit on the unemployment rate in the UK?. Sustainability, 12(3),
p.1011.