As per an opinion from certain reliable source, On January 31, 2020, midnight at EU headquarters in Brussels — the United Kingdom officially left the bloc after almost five decades of membership that had brought free movement and free trade between Britain and 27 other European countries.
What is Brexit?
In the referendum held on 23 June 2016, 52% of voters supported leaving the European Union. The UK government intends to trigger Article 50 of the Treaty of Brussels in March 2017 to leave the European Union. The EU countries are: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
Next, Serbia and Montenegro, the most advanced candidates in their negotiation processes with the EU, may join the EU sometime between 2025 and 2030. Montenegro’s declared political goal is to complete its negotiations by the end of 2026 and achieve membership of the EU by 2028. “For Brexit supporters, the U.K. was a sovereign nation in charge of its own destiny. For opponents, it was an isolated and diminished country.”
It was, inarguably, a divided nation that had taken a leap into the dark. Five years on, people and businesses are still wrestling with the economic, social and cultural aftershocks. The report states that the UK will be £311bn worse off by 2035 due to leaving the EU.
The impact has been really quite profound. Political stalwarts think that It has changed the economy of the UK. It was a crucial decision that split the nation. An island nation with a robust sense of its historical importance, Britain had long been an uneasy member of the EU when it held a referendum in June 2016 on whether to remain or leave. Decades of deindustrialization, followed by years of public spending cuts and high immigration, made fertile ground for the argument that Brexit would let the U.K. “take back control” of its borders, laws and economy.
Yet the result — 52% to 48% in favor of leaving — came as a shock to many. Neither the Conservative government, which campaigned to stay in the EU, nor pro-Brexit campaigners had planned for the messy details of the split.
EU and a fractious U.K. that caused gridlock in Parliament and ultimately defeated Prime Minister
The U.K. left without agreement on its future economic relationship with the EU. This accounted for half the country’s trade.
The bare-bones trade deal saw the U.K. leave the bloc’s single market and customs union. It meant goods could move without tariffs or quotas, but brought new red tape, costs and delays for trading businesses.
It has cost business houses money. Businesses are definitely slower and more expensive.The botheration has been worth it.
Since then, they successfully turned to markets in other countries including the Middle East and Australia. But they have lost years of growth there. And, that’s the sad part. They would have been a lot further ahead in their journey if Brexit hadn’t happened.
The government’s Office for Budget Responsibility forecasts that U.K. exports and imports will both be around 15% lower in the long run than if the U.K. had remained in the EU, and economic productivity 4% less than it otherwise would have been.
Brexit supporters argue that short-term pain will be offset by Britain’s new freedom to strike trade deals around the world. Since Brexit, the U.K. has signed trade agreements with countries including Australia, New Zealand and Canada. But a trade expert, at the European Center for International Political Economy, said they have not offset the hit to trade with Britain’s nearest neighbors. The big players aren’t so much affected. But the mid-size players are really struggling to keep their exporting position. And nobody new is coming in to set up.”
In some ways, Brexit has not played out as either supporters or opponents anticipated. The COVID-19 pandemic and Russia’s invasion of Ukraine piled on more economic disruption, and made it harder to discern the impact of Britain’s EU exit on the economy. In one key area, immigration, Brexit’s impact has been the opposite of what many predicted. A desire to reduce immigration was a major reason many people voted to leave the EU, yet immigration today is far higher than before Brexit because the number of visas granted for workers from around the world has soared.
Meanwhile, the rise of protectionist political leaders, especially newly returned U.S. President Donald Trump, has raised the risks for Britain, now caught between its near neighbors in Europe and its trans-Atlantic “special relationship” with the U.S.
Can Britain and the EU be friends again?
Polls suggest U.K. public opinion has soured on Brexit, with a majority of people now thinking it was a mistake. But rejoining seems a distant prospect. With memories of arguments and division still raw, few people want to go through all that again. Labor Party Prime Minister Keir Starmer, elected in July 2024, has promised to “reset” relations with the EU, but has ruled out rejoining the customs union or single market.
Starmer is aiming for relatively modest changes such as making it easier for artists to tour and for professionals to have their qualifications recognized, as well as on closer cooperation on law enforcement and security. EU leaders have welcomed the change of tone from Britain but have problems of their own amid growing populism across the continent. The U.K. is no longer a top priority. It’s difficult to get back together after quite a harsh divorce; however, Britain and the EU may draw closer with time. It may happen slowly and subtly without politicians shouting about it.
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