Brexit: Consequences And Challenges For International Business And Economics

Before Brexit, the United Kingdom had a deep economic integration with the European Union. After Brexit, the UK left the single market, resulting in trade relationship changes.

The trade barrier emerged between the UK and the EU; this affected the trade relationship of the UK with the remaining 27 EU member states. United Kindom left European Unions on 31st January 2020. The day was a longawaited historic move that was proposed to bring a significant change in the policies and politics of the remaining 27 EU states and the UK mainly. Flipping through the pages of history, in June 2016, the United Kingdom decided to leave the European Union, known as Brexit. 52% voted for Brexit, and 48% voted to remain within the EU. The process involves renegotiating issues like immigration, sovereignty, residence permits, trade regulations, and political and monetary issues across Europe.

Major Consequences