Evaluating Brexit's Impact on UK Business Law, Trade & Ethics

This report provides a detailed analysis of the impact of Brexit on UK business law and ethics, examining the UK's position before and after leaving the European Union. It discusses the arguments for and against Brexit, including its effects on currency, production rates, free movement, future trading, and education. The report also references the case law R (Miller) v Secretary of State for Exiting the European Union. While Brexit allows the UK to establish its own laws, it also presents challenges such as monetary crises and investor uncertainty. The report concludes that regaining sovereignty is a positive aspect, but the UK must navigate numerous compromises and challenges in the post-Brexit landscape. Desklib provides a platform for students to access similar solved assignments and study resources.

Business law and
Ethics

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Position of UK before Brexit: ....................................................................................................3
Position of UK after Brexit:........................................................................................................4
Arguments in support of Brexit...................................................................................................5
Arguments against the Brexit......................................................................................................6
Case Law.....................................................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business law is a set of rules which control and responsible for dealing between
individuals or association of persons like company which indulged in commercial activities. It
can be made by national or international enactments, convention or agreements. It also called as
mercantile law or commercial law which provide the legal right and duties individual or
company. The term brexit is a combination of two words British and exit which means leaving
the European union by the united country by ended its business relationships (Barnard 2022).
On 23 June 2016 Britain decided to leave European union. By strucking out the provision of free
movement of trade. Transition period is a 11 month time period of brexit in which UK has to
follow the laws of EU and permit the leaders to do a transaction. This report discuss in detail the
situation of UK before after brexit and effect of brexit on UK.
TASK
Brexit makes major changes in economic and political activities of states. For that they
sign in trade corporation which mention about free trade entry variations in tariff rate along with
fishing benefit and security issues. But before brexit situation is different.
Position of UK before Brexit:
 As the benefit of member of EU is that it provide single market to its member nation for
trading with other members nations which furnish different types of goods and services
which saves the tax of traders which increase their profit.
 Due to easy move people of EU can study in any member nation. UK enjoy the same
right of employment, taxes and social security as citizens of EU avails. While trading
with other nations UK use euro so, the fluctuation in currency not effect the revenue of
country (Chamorro-Courtland 2019).
 EU enjoy economic, Social and political rights which provide in charter of fundamental
rights. And enjoy protection of personal data under privacy law.

 EU focus on protecting Consumer rights which makes them secured against wrong
practices of seller and due to strict standard of EU regarding quality of product so,
decrease the chance of getting inferior quality of goods.
 EU called as world largest exporter of goods and services of which UK also enjoy the
status of world class exporters. Its secure from pitfall of globalisation as the one of goal
of EU is to support small firms and have a check and control system on giant companies
to pay taxes.
 Due to free movement EU have premier position in global market. EU expand awareness
about environment while manufacturing of products they consider that product not harm
the environment.
 UK provides various scholarships or donation for promoting education, eradicating
poverty, conserving natural resources etc.
Position of UK after Brexit:
Brexit makes several changes in economic, political and social condition of UK. Following are
the impact of brexit:
 Falling of Currency
The currency of UK become weak which create fear in investors regarding future and new
investors are not interested to invest their money in UK market. Up and down in currency
resulted in decrease of exports. And FDI also slow not interested in purchasing fixed income
assets.
 Low production rate
As UK import part of vehicle from other countries before brexit they no need to pay tariff rate.
But after it they have to pay which increase the manufacturing cost of product and make it
unprofitable which decrease the sale of product because of decrease of demand. like the bar
graph of auto industry decline up-to 46%(approx.) in 2017 due to of unpredictability of tariffs
(Freedman and Loutzenhiser 2022).
 Prevention on free movement and immigration
As the citizen of EU access the right to free movement or reside in UK without any restrictions.
This right is not use by citizen of EU from January 2021. Now people have limited Cross-border
movement and personal rights. The advantageous attention which was given to EU in

immigration is no longer avails by EU nationals as UK is going to implementing new
immigration law.
 Future trading and resolution of disputes
UK and EU enter into an agreements regarding future transactions between them. Regarding
fishing rights, import and exports of goods and ensuring fair competition in the market.
Associated partnership council formed for proper implementation regulations regarding trade by
adopting arbitration and settlement mechanism. And started autonomous trad dealing policy.
 Effect education, science and education
UK made an agreement with EU on scientific group action in which UK contribute for 7 years
in atomic energy arrangement. UK not remain the member of student program of Eu for taking
new steps towards international education.
Arguments in support of Brexit
 The reason of Brexit is to regain the sovereignty of UK to become an independent state
so that they can make their own laws for trade, social issues etc. For it new norms made
by keeping the interest of persons on priorities and securing the democratic accountability
of the institutions. Immigration procedure started and with this free movement get ended
and again takes the control of the borders. In this major focused is on skilled labours and
the best planetary talent, with more emphasis on English language necessitate (Nemeczek
and Pitz 2018) The UK permitted thousands of skill labours as the country needs to aid
the domestic working class market. It helps in rebuilding after pandemic from
professional to labour class.
 UK regaining democratic power over lawmaking authorities. Being the member of EU
the power of making and scrutiny of law is in the hand of UK which are sometime
against the wish of UK. Brexit give that freedom again to UK Parliament.
 Now the judicial system of UK become Independent and freely apply the law of land and
they have their sitting in UK courts.
 As per new rules people of EU sentenced to prison more than a year will not be permitted
to come in the UK . It helps in decreasing crime in the country as per new rules if they
are not protected by the agreement of withdrawal of other foreign criminal.

 National of EU are not allowed for travelling without ID card. It helps in enhance the
security of border by identifying fraud IDs on border.
 Recession of an agreement of water control and Fisheries Act which build UK as
autonomous coastal nation which enhance the possibility to coastal people of UK.
 End of preferential position of EU traveller and which assure that people who born
outside the UK wants to settle down in UK for that fee pay to the system for reasonable
time period of time for getting benefits of it.
 Reintroduction of iconic passwords with using highly advance technology along with
carbon footprint. And re use of crown stamp which shows the heritage of UK of which
they are crazy.
 For strengthening of country's economy UK apply new tariff rate which remove
administrative and unnecessary tariff burden on products.
Arguments against the Brexit
 Elimination of protection against equal pay, secure work place and maternity leave as
European union focus on equal benefits to women and minority of population. They will
not enjoy the protection against discrimination in the international court (Test 2021).
 Sifting of banking head quarter to their countries causes the decrease of European tax
revenue in UK market because of separation it loose the advantage of euro as most
valuable currency. And united states not interested to deal with unpredictable economy.
 Ending the membership affects foreign direct investment in UK as European union and
member nations covers 25% of the world's GDP. EU continuously growing and making
relations with other nations which increase the grip on global market.
 Earlier Britain follows EU's laws and norms have right to access the single market which
they cannot access after brexit. It is a price against sovereignty which UK has to pay.
 Standards of safety regarding health, animal right and food might be effected. As earlier
UK enjoy the status of world strict standards of goods and people having trust on such
standard which leads to demand of European products at international markets as they
consider as world best product which will be affected.

 Brexit cause the migration of people to their country as before it free movement allow so
people move to member states for work or studies now the situation not remain same and
they have to apply for work visa or seek citizenship.
Case Law
Famous case related to Brexit R (Miller) v Secretary of State for Exiting the European Union.
In the present case high court passed order in favour of secretary of state which was challenged
in supreme court and pass an order that secretary of state has no power as per crown's
prerogative to issue notice as per Article 50 of treaty of European union for withdrawal from EU
by UK (Voss and Bouthinon-Dumas 2020). By 8:3 majority supreme court decide that high court
decision of authorisation by parliament of UK needed to acknowledgement of article 50.
CONCLUSION
This report conclude that brexit make free to UK in laid down their laws as per the need of
country but it was not for them they have to face lot of challenges which come into their path and

many compromises have to made because the security which UK enjoy as a member bloc will
not remain in future. Like they are facing monetary crisis, investors are not interested in
investment because of fluctuation in currency etc. But it has positive impact also it increase
security on border which prevent terrorism, illegal migration, and they regain their sovereignty
which is a plus point because no country can grow with so many boundation or restrictions.
Liberty is essential for proper functioning of any states.

REFERENCES
Books and Journals
Barnard, C., 2022. Taking back control? Rule by law (s) and the executive in the post-Brexit
world. Oxford Review of Economic Policy, 38(1), pp.11-26.
Chamorro-Courtland, C., 2019. Brexit scenarios: the future of clearing in Europe. Colum. J. Eur.
L., 25, p.169.
Freedman, J. and Loutzenhiser, G., 2022. Tax policy in the UK post-Brexit. Oxford Review of
Economic Policy, 38(1), pp.188-204.
Nemeczek, H. and Pitz, S., 2018. Cross-Border Business of UK Credit Institutions and
Investment Firms with German Clients in light of Brexit, MiFIR and MiFID
II. European Business Law Review, 29(3).
Test, R., 2021. An Unwelcome Development in the UK Corporate. BUSINESS LAW
INTERNATIONAL, 22(2).
Voss, W.G. and Bouthinon-Dumas, H., 2020. GDPR Compliance in Light of Heavier Sanctions
to Come—at Least in Theory (Oxford Business Law Blog, 29 October 2020).
https://www. law. ox. ac. uk/business-law-blog/blog/2020/10/gdpr-compliance-light-
heavier-sanctions-come-least-theory. Oxford Business Law Blog.