Brexit and UK
What is Brexit?
Well, Br means Britain (UK), and exit means leaving. It is referred to as
Britain leaving the European Union. The referendum was held in June 2016, in which
52% of the population voted for Brexit.
Now, what is
the European Union (EU)? It is an organization of 28 European countries that
collaborate economically and politically. It gives the people of those 28
countries the freedom to move and work in any member states. It is more than
just that, looking to the economy, they introduced a new currency Euro to be
used in any of member states, and along with that, it strives with a mission to
support every member country in times of turmoil and instability. The best
example is the 1995 bankruptcy of Greece, in which all member states
collectively pay of the loan of 90 billion dollars.
As we see the
advantages of the EU, so why is there a referendum and the impacts? Well, the
process is not sudden; it was a slow one covering a whole decade. UK had one of
the veto powers in the UN, along with a strong economy and stability. Over the
decade, the UK was in a constant state of supporting different member states
instead of gaining something. Especially after the European refugee crisis, the
influx of immigrants increases and poses a threat to UK stability, leading to
The Brexit deal
had some key points to be observed. The first one is the border control to be
implemented, especially between Ireland and the UK. The second one is the
demolition of the Euro to be used freely. The third is the most drastic, and it
was the imposition of taxes. This all would have to be done over the time frame
of three years until 31 January 2020 but is delayed due to some political
instability and then Pandemic.
the advantages and disadvantages, there are odds on both sides. Now advantages
include capitalism of trade and individuality in an economy like the USA and
Japan. Protection of sovereignty as it stops the inflow of migrants from
European countries. The most formidable advantage is that now it didn't need to
contribute to any of crisis of Europe. The advantages seem good enough, but the
disadvantages cannot be neglected. These include restriction to access the
combined European market and customer, and business inflow, especially in this
Pandemic Britain is alone as of other EU countries battling together. There is
a significant effect on the goods inflow and outflow as the majority of
investors draw out their money from the private sector along with the
imposition of taxes the ordinary person is crumbling to pass through.
Brexit may be a
good decision for some in the UK and Europe, but it is evident that the
majority is affected by it in both Europe and the UK. The long-run may
stabilize as it seems, but in this overhaul time, it didn't seem promising,
especially when a common person is suffering due to this in many aspects, from
wealth to tourism.