The exit of the UK from the European Union is called Brexit. The Brexit was official on January 31th, 2020 and definite since December 31th, same year. Although prime minister Boris Johnson’s government gave strong arguments that sustain its importance for the UK, downsides of this decision should not be ignored.
Trade and travel restrictions
The UK’s membership in the European Union gave it many advantages that will now be taken away. We can already start with the restrictions related to trade and travel. Since the UK is no longer part of the E.U., traders will have to face new demands whenever they have to enter or exit the UK: health checks, new taxes and new paperwork. This is too much protocol for people that were used to a barrier-free trade and travel.
Expensiveness of goods
The new barriers that are imposed to trade directly impacts the prices of goods and services. The fluidity with which goods used to circulate is now a thing of the past, because once you reach the UK’s borders, you stop. The new taxes to be paid for the circulation of goods is expensive for the trader who, in order not to go bankrupt, is obliged to raise prices.
Expensive services and reduction of workers
The UK is an aging society. This is the reason why it needs the vigor of young people, that mostly come from other countries, to keep the economy on track. The new restrictions on travel due to Brexit, will be a determinant factor in their decision to choose the UK or another european country. Moreover, this will increase the price of services, which could be dangerous for companies based in this country.
Due to this situation, many traders, companies and activities were obliged to abruptly stop their jobs or to assist in their real slowdown.