What Does Brexit Portend For The UK

A look at the impact of UK severing ties with the EU on trade, foreign direct investment, various sectors of the British economy, and in general the future of British citizens

- Anamitra Mukhopadhyay

There was much anticipation and anxiety in the air as the Prime Minister of the United Kingdom (UK), Theresa May, triggered Article 50 on 29 March 2017. This meant that the UK has two years to complete formal negotiations with the rest of the member states of the European Union (EU) and finally make preparations to depart from the 60-year-old collaboration.

The UK’s exit from the EU has been far from a smooth journey. With Brexit causing major political divisions, the matter was finally taken to the Supreme Court and it was left to the Supreme Court to determine whether the UK government requires parliamentary approval to initiate Brexit. Following the Supreme Court’s decision on 24 January 2017 that the government cannot trigger Article 50 without parliament’s authorization, the Houses of Common and Lords finally voted in favor of the Brexit Bill, allowing May to trigger Article 50 of the European Union Treaty.

From the chain of events seen so far, it is evident that the UK’s decision to leave the EU has resulted in political, economic and social upheaval. This article analyzes the potential implications of Brexit on future trade relations, various industry sectors, and the future of EU citizens currently residing in the UK. The article ultimately aims to explore the consequences of leaving behind a 60-year-old relationship which appears to be the biggest de-merger ever to have taken place globally.

Trade impact - worst or otherwise