Everyone believes that the Britain was in its best position and had the best deals when it was in European Union. British had a secured position at Europe without actually being a part of it but still the campaign of UK electorate who decided to leave the European Union won the referendum. So now after this decision, United Kingdom is not a part of the group of 28 countries and it is known as the term ‘Brexit’.
Effect of Brexit on UK economy:
European Union had a major impact on the economy of UK, but once it decided to leave EU, the economy of UK is badly affected. The currency rate of Britain is at its lowest which is badly affecting the whole country. After the Brexit issue, Britain has also lost the passport and their services to Europe. Leaving EU will badly affect overall the business of UK.
There is a way through which UK government can avoid these crises and that is by staying in the European Economic Area but for this the Britain would have to adopt all the rules and regulations of European Union.
It is possible that the UK will form a deal with European Union in order to get the minimum amount of damage and in order to have business deals with the European states too.
Possible Social Future:
- Brexit is already affecting Britain in a negative way. People are trying to kick all the immigrants out of the country. The economy of United Kingdom is getting low, its productivity and business is decreasing. United Kingdom will have to face a lot of barriers. The Britain is now considering having trade with the World Trade Organization of WTO.
- The British will now need to have a passport for visiting European countries. The European Union had some deals of free trading with around 53 different countries which include South Korea, Singapore and Canada. This deal is now not applicable on the United Kingdom. The Britain government cannot get benefit from this deal after leaving the European Union. This deal was however very essential for the economy of UK and its budget. But now British cannot close the deal without any renegotiation.
- There are around 2 million nationals of United Kingdom who are currently living in countries of European Union, so if any British targets the worker of European Union he could possibly bring about retaliation against the nationals of United Kingdom, living abroad.
- The consequences of leaving the European Union will badly affect not only United Kingdom but also the European countries. They will all face the loss of business in common market.
- Leaving the European Union will completely left the union and member countries shatter.
- However, the European Union has genuinely broken down and has failed to satisfy its member citizens.
- In order to avoid any harsh consequences the Britain government can strict the migrant rules a little.
- Although the EU looks flawed but it must not give up after the Brexit incident. It should take measures to become better so that more countries join it.