Effects of Brexit

Published: 2021-07-10 08:25:06
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Category: European Union

Type of paper: Essay

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It is apparent that Brexit is a process that is likely to trigger short-term and long-term reverberations that can change political, economic, and social life both in Europe and across the globe. There are many opinions regarding the positive and negative influences of this phenomenon, but it is undeniable that Brexit will influence international trade, labor migration, economy, and finances. For example, when it comes to international trade, it is hard to deny that it will face challenges with the introduction of new customs and additional checks that might serve as the real barriers, preventing the free inflow of goods to Europe and export of the products produced in that area to other countries. The trade agreements will have to be changed, and accordingly, the international trade of Europe with third countries will be disrupted to the particular extent. Also, the UK will no longer receive benefits from the trade deals that were signed between the European Union with more than fifty other countries.
Referring to the issue of labor migration, it is evident that after Brexit, the UK will face a substantial shortage of workers coming from the foreign countries. Apart from that, there is not only a lower number of EU citizens and the citizens of other countries that come to the UK and become its labor force, but there is also a massive labor migration of the UK residents who leave the country and seek jobs outside.
In this regard, it is hard to deny that Brexit will greatly drive the process of labor migration, leaving the UK without many workers since they will benefit the development of the global business, being employed by the companies that operate in other countries. Facing these challenges, the UK-based companies will shift their operations to other countries, starting a massive relocation. At this point, the UK will lose assets and finances, and the economy of the country will suffer, while the situation in other countries can be enhanced globally.

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