Significance of the Brexit Vote

BREXIT VOTE
Name
Course
Date
Introduction
Brexit is an abbreviation for a British exit. Brexit refers to the withdrawal of the United Kingdom, UK, from membership in the European Union, EU. Brexit was a decision made by the United Kingdom on 23rd June 2016. In the referendum for the United Kingdom to leave the European Union, 52% proposed the decision, while 48% opposed it with 72.2% turn out. Therefore, most citizens of the UK proposed that it exists in the EU. The United Kingdom comprises of Scotland, Northern Ireland, Wales, and England. The United Kingdom officially withdrew and left from European Union on 31st January 2020 following the Brexit votes. However, there have been negotiations concerning the relationship between the United Kingdom and the European Union even after the exit.
Significance of the Brexit Vote
After leaving the European Union, the United Kingdom has gained the freedom to make and sign new trade deals across the globe for selling its products and buy products from other parts of the world. Some of the goods exported by the United Kingdom include hard liquor such as the Scottish Whisky, aircraft parts, computers, gas turbines, cars, refined petroleum, and jewelry, among other products. Some of the services exported by the United Kingdom include information and communication services, transport services, banking services, and scientific activity services. The United Kingdom exports to around 160 countries globally. It also imports goods like edible fruits and nuts, organic chemicals, glass, coffee, and tea, among other goods.
The exit of the United Kingdom from the European Union has had several benefits after the UE failed to attain reforms (Bruner and Hare, 2017). The United Kingdom has reduced its government spending following the cessation of the net contribution to the European Union. There was a lot of unnecessary money contributed to the EU by the UK, which could have been used in making investments. For example, in 2018, the UK contributed an estimated £13.2 billion to the EU after the rebate. In return, the EU gave £4.3 billion to the UK as an injection to its economy (Keep, 2019). Also, the United Kingdom is enjoying control of immigration on their borders. This is one contributed to the Brexit as most of the EU countries had been migrated exponentially to the UK.
After Brexit, Scotland feels motivated to quit the UK in what is referred to as a ‘unique advantage’ (Dickie and Payne, 2019). Scotland’s claim that they export more to the UK and the other EU members. Scotland wishes to be independent to benefit a lot from what it exports. It was recorded that Scotland exported goods and services worth £51.2 billion to the other UK members. Also, it exported goods and services worth £16.1 billion to the EU members, with Whisky being their best-selling export.
Theresa May, the former British prime minister, promised to inject £4 billion to the African economies to support them and help to create job opportunities for the young people after the Brexit (Abdallah, 2020). She also promised to focus on laying long-term economic and security strategies that will assist in eradicating poverty in African countries. Even though these were not put into effect after the Brexit due to May’s earlier resignation, African countries have been able to make partnerships with the UK easier than before. This is because the European Union had set harsh trade deals that made it ambiguous for other non-members to partner with its members, including the United Kingdom (Abdallah, 2020).
The United States will be able to sign new trade deals with the United Kingdom. Earlier on, there have been several trade restrictions for non-EU members to engage in trade deals with the EU members. This involved imposition of high taxes and complicated regulations that made it hectic for countries to do business with the EU members. The president of the United States has entered into trade deals with Britain’s Prime Minister, Boris Johnson (Amaro, 2020). The United Kingdom is also making other trade deals with countries like Mexico and Ukraine, among others. This is helping expand the territories of the United Kingdom for conducting business.
Implications of the Brexit Vote on Canada’s Relationships