The United Kingdom has exited the European Union, nearly four years after the public vote. The referendum led to the assessment of what the EU has given to the country and what the country was able to provide to the EU. The exit affects a vast majority of issues in the UK, including the economy and jobs. The immigrant population and the laws of migration were always linked to the EU perspectives.
Even though the UK has officially left the Union, there are several steps that the country is yet to take. Now, months of negotiation and relationship building are set to happen in the country, with the transition period playing a vital role in deciding the trade agreement between the two countries.
At the end of the transition, the UK and EU are expected to have a free trade agreement in place because the country is leaving the single market and customs union. If the situation arises where the country can't decide on the free trade agreement, then the country will have to continue its trade without a deal that would lead to tariffs with the EU.
A sense of anxiety and loss
Prime Minister Johnson spoke an hour before the Brexit happened to the country and said that the exit will be an astonishing moment of hope for many, a moment they thought would never come. He also addressed the anxiety behind the exit.
The anxiety came from what the loss would be after the exit. As a part of a negotiation plan set by Theresa May, till December, UK will have traces of the EU left in it, but the economy will continue to change after the 11 month period and so will the views on the immigrant population. This means that the British people will not experience too much of the change until the 11-month span is up.
According to a study by Gwilym Pryce, with the drop of even one percent in the number of the EU population in the UK, there could be around 120,000 job losses in the capital alone. Since the demographics of the EU population in the UK is vast, this is rightly said. There have been continuous reports about talks and the behaviour towards the immigrant population. One of the largest numbers of the EU population in the UK comes from Poland. So studies are focusing on the reaction of jobs and the economic changes after the exit.
Long term solutions to the economy
At this time the market is quite unpredictable with the exit. The country is not only getting to the negotiating table with the EU but in the future, they will have to lead discussions about trade with several other countries.
The exit is a change that can allow the country's economy to be rebooted. But at the same time compared to the other nations who are a part of the EU, the country has done far better after 1973 than how they did in the 1950s or 1960s.
The deep-rooted issues with the EU could mean little to no change to whoever is a part of the community. Most of the supporters of the exit believe that there are issues that can be addressed as a single nation. The country faced a lot of issues because of being a part of the union during the recession, this was something that the supporters of the exit emphasize on while addressing the issues related to leaving the Union.
Most of the required negotiations for the Brexit was done by May, but Johnson has removed the controversial part of the exit, the backstop. The new customs agreement that follows the removal of a backstop, lets the country create a trade agreement that is useful for the nation. For once the Brexiters believe that big trade deficits, a lack of competitiveness, weak investment, could be solved in the coming future.