Business Law & Ethics: Analyzing the UK's Independence Post-Brexit

This report examines the reality of the United Kingdom's independence following its exit from the European Union (Brexit), focusing on the implications for business law and ethics. It delves into the impact of Brexit on various aspects of the UK economy, including economic growth, job availability, and international trade. The report considers both the potential benefits, such as increased freedom in trade negotiations and border control, and the drawbacks, including economic slowdown, reduced access to the European market, and uncertainty for businesses. Ultimately, the report concludes that Brexit presents both financial and economic challenges for UK businesses, with the long-term effects contingent on future agreements between the UK and the EU. Desklib provides a platform for students to access similar solved assignments and study materials.

BUSINESS LAW AND
ETHICS

Table of Contents
INTRODUCTION ..........................................................................................................................2
TASK ..............................................................................................................................................2
Does the new found independence of the United Kingdom is real or just an illusion. ..............2
Impact of Brexit on UK..........................................................................................................3
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................6
INTRODUCTION
For the effective management of the business, it is very much required that the company
must have the keen knowledge of the prevailing business laws of the country. But at the same
time it is also believed that no business can proser in the long run without following the approach
of ethical principles. Both the concept which are law and ethics compliments each other and
therefore works hand in hand(Alabrese and et. al., 2019). The principles of the business ethics
are the one which are based on the concepts of right and wrong. The following report is going to
discuss the fact that whether the independence acquire by the UK after being separated from
European union is in real exists or is it just an illusion.
TASK
Does the new found independence of the United Kingdom is real or just an illusion.
Brexit is the cluster of two words which are the British and exit. This term has been
coined to mark the decision made by the United Kingdom on June 23 of 2016 in order to get
separated from the European Union. After which the relations between the European union and
UK stands based solely on the Trade and Cooperation Agreement by which a major change was

brought for the citizens, companies as well a public authorities for both the countries. Moreover,
the said agreement mainly is bifurcated into four major sections, where the very first talks about
the free trade while eliminating the tariffs and custom duties between the EU and UK. The
second part specifies regarding the framework of the social, economical and environmental
corporations which comprises of the aspects relate to social security and transport (Bloom and et.
al., 2019). The third part comprises of the concerns regarding the internal security mainly based
on the aspects fight against funding of terrorism and money laundering. The very last part which
is the forth one specifies the establishment of common governance system. The United Kingdom
formally left the EU on January 31 of 2020 but even after so much time has passed away one
cannot in specific manner conclude that there lies more long term benefits or cons. Moreover, for
Brexiters the sovereignty can be seen as a simple win even though it involves the giving up of
certain control and powers over the domestic affairs. Also it is seemed that the institution of the
EU has drained certain powers from the parliament of the UK. Thus for leavers, it can allow the
Britain the chance to re-establish itself as an independent country while also having connections
with the rest of the world. But whereas on the other side for the country who decides to remain it
would result as a giving up its influence in the Europe (Brown, Liñares-Zegarra and Wilson,
2019).
Further with respect to the view that whether the independence is real or illusionary, there
lies the number of the predictions and ideas of various economists. With the measure of Brexit
undoubtedly there was created an uncertainty for the interested investors of the country which
directly pays negative impacts on the economy of the Britain. As it is impossible for the country
to change its geography in order to make the said aspect more favourable. Further, the
continental Europe is the main trading partner of the Britain and hence the Britain wishes to
maintain the access certain goods and services along with the labour market of the Europe.
Therefore both the countries requires the other in order to pursue the different models of
association.
Impact of Brexit on UK
Moreover the measure of Brexit has made a great impact on the Country of United
Kingdom as a result of this the economy of the country has slowed down. Because of this

concern the many companies and organisations has made a drastic shift towards the
territory of European Union in order to establish their headquarters. Some of the major
impacts of the Brexit with respect to various aspects are as follows-
The very first being with respect to the factor of growth. One of the major drawback of
being separated from EU is that the economic growth of the country has faced a great number of
damages where most of them are the result of the uncertainty surrounding the final outcome
(Burrell and Hopkins, 2019) . On an average the growth of the country has decreased from 2.4%
to 1.6% as of year 2019. also with the decrease in the British pound the prices of the imports got
increased and has to till date not attained its actual pre Brexit high.
The other being with respect the factor of Jobs, the decision of Brexit has greatly affected the
young workers of the Britain. The said jobs as an opportunity are no longer available in the
favour of workers of UK after the measure of Brexit. Because of this the the availability of the
applicants have become a difficult tasks for the employers. The other major factor which got
affected by the this decision is the Trade , where now it is required on the part of United
Kingdom to negotiate with other states which lies outside the ambit of European Union mainly
with respect to the new trade agreements , which comprises of more than 45 trade agreements
with over 70 countries being already in place.
Moreover while seeing from the other side the long term effects of the Brexit can be
proved to an positive impact for the country. Also decision of the Brexit with respect to certain
aspects stands important for the country. Brexit changes the nature of the formal relationship
between the United Kingdom and the European Union while throwing the London's place as
global financial centre into the question. By this it tends to create a new limitations of trade
between the UK and the rest of the Europe. By this the ability of the citizens if the Britain gets
also limited to certain extent with respect to the free movement around European Union. But it is
believed that these are only some few important effects of the Brexit whereas the full impacts are
yet to be found or need to be unfold by the country(Koller, Kopf and Miglbauer, 2019) .
Other than this there also lies various benefits as a result of Brexit , as with this the
United Kingdom has achieved comparatively more freedom for the purpose of creation of
their own deals and regulations regarding the trade. Moreover, a hard Brexit is a situation
where the UK tends to give away the access of the single market as well as custom
unions. But the action of regaining of the sovereignty by the UK has not only seemed a

win win situation of itself but for the other states as well who opted to stay in the cluster
of European Union. As this also had encouraged a large increase in the immigration into
Britain and created difficulties fulfilling housing and service needs but by the measure of
hard Brexit the United Kingdom will have and can exercise the full control over its
borders.
Similarly there also number of drawbacks which takes place as a result of Brexit. The
country United Kingdom by being the part of European Union, benefits from the trade
deals between European Union and other powers of the world which means the other
states. As an entity the EU, comparatively exerts stronger bargaining powers with it being
one of the largest economy represented as a group. Therefore the UK by having the
decision of being separated from the EU would loose the most of its negotiating power as
well as the benefit of free trade with other European countries. Also now even if UK tries
to recreate the previous deals of the trade with other countries there lies the more chances
on its part to have the less favourable results as compare to the earlier situation.
Moreover, the uncertainty of the Brexit also causes volatility and affects the operations of
the business which are being operated within the country. In the case of hard Brexit, the
said goods and services are top be subjected to tariffs which result in increasing the costs
of raw materials into Britain and similarly on the finished products out(O'Rourke, 2019).
CONCLUSION
It can be concluded from this report that Brexit has major economic implications on the
businesses of UK. It has been analysed that Brexit has resulted financial and economic
challenges which are now faced by the businesses. It can have implications in the form of labour
shortages and reduction in the access that the major businesses have to the external market. But
these effects are largely dependent on the final deal that is going to take place among the UK and
EU that shall determine the operation of different professional entities.

REFERENCES
Alabrese, E., and et. al., 2019. Who voted for Brexit? Individual and regional data
combined. European Journal of Political Economy, 56, pp.132-150.
Bloom, N., and et. al., 2019. The impact of Brexit on UK firms (No. w26218). National Bureau of
Economic Research.
Brown, R., Liñares-Zegarra, J. and Wilson, J.O., 2019. The (potential) impact of Brexit on UK
SMEs: regional evidence and public policy implications. Regional Studies, 53(5),
pp.761-770.
Burrell, K. and Hopkins, P., 2019. Introduction: Brexit, race and migration. Environment and
Planning C: Politics and Space, 37(1), pp.4-7.
Koller, V., Kopf, S. and Miglbauer, M. eds., 2019. Discourses of Brexit. London: Routledge.
O'Rourke, K., 2019. A short history of Brexit: From Brentry to backstop. Penguin UK.