Brexit is the colloquial phrase used to describe the United Kingdom’s (UK) decision to leave the European Union (EU) Brexit has been an incredibly contentious issue, even though the vote for the UK to leave the EU took place almost four years ago in June 2016.
The Brexit process has been highly complex, with several steps involved in the UK’s exit from the EU. The UK notified the EU of their intention to leave via the Article 50 procedure in March 2017, then began an intense negotiation process with the remaining EU countries to reach agreements on a range of topics such as citizens’ rights and the UK’s financial obligations. Despite the two-year deadline to reach an agreement, negotiations dragged on until October 2019 when both sides finally agreed on a deal - the Withdrawal Agreement. This was put to the UK Parliament for approval but was voted down three times and a no-deal Brexit looked increasingly likely. However, in October 2019 the EU agreed to extend the deadline for the UK’s departure to 31 January 2020.
The ongoing Brexit process has had far-reaching implications for the EU, with a number of positive and negative effects being felt across the union. Here are the five best examples of how Brexit affects the EU:
1. Uncertainty: Perhaps the most obvious effect of Brexit on the EU is the uncertainty it has created. There is still no clear idea what the final outcome of Brexit will be and this has caused a great deal of economic and political uncertainty, which has had a negative impact on business investment and the EU’s economic outlook.
2. Migration: One of the main issues at the heart of the Brexit debate has been the UK’s concerns about immigration from other EU countries. However, Brexit has also had an impact on how EU nationals can move and work within the EU, as freedom of movement between the UK and other EU states has been restricted since the UK left the union.
3. Trade: Prior to Brexit, the UK was an important trading partner for the EU, with the two economies being closely integrated through the single market. With the UK having left the single market, businesses on both sides of the Channel have been forced to implement new trading rules and tariffs, which have disrupted many supply chains and caused significant delays and disruption to trade.
4. Influence: The UK has long been a major influence on the EU, often being at the forefront of pushing for reform and encouraging other states to embrace the principles of the EU. This influence has been significantly reduced now that the UK has left the union, leaving the remaining 27 states to take the lead in shaping the union’s future.
5. Budget: With the UK leaving the EU, the union has lost one of its biggest contributors to the budget, leading to a significant gap in the budget that must be filled by the remaining 27 states. This has put more pressure on the EU to agree on a budget that meets the needs of all its members while also finding ways to plug the hole left by the UK contributions.
Overall, Brexit has had a huge impact on the EU, and the full implications of this will likely take years to be fully understood. Nevertheless, it is clear that the Brexit process has caused a great deal of uncertainty, disruption, and financial burden for the union and its member states.