The Brexit, British departure from the European Union, is seen to have more negative consequences as compared to the positive ones. The exit will lead to a total restructure of Britain in many fronts as it tries to work alone. Here are the expected challenges that are bound to come up in this new development.
Global Market Access Debacles
Britain’s access to the world’s market will be highly contested. Britain exports over 44 % of its products to the EU and the much-larger Union exports a paltry seven percent of theirs to Britain. That means that Britain will face a lot of pressure while negotiating most of its trade deals with the EU immediately after the Brexit. The EU will be will no longer be soft with Britain since it will fear future departures by other members owing to its current economic and migratory challenges. Britain will also find itself barred from the favorable EU’s trade treaties with the rest of the world and find it quite difficult to bargain on their own.
Another challenge is the movement of Britons around the EU. Britain being relatively developed than other EU countries had made the number of immigrants swell sevenfold in the past decades. British Prime Minister, David Cameron, had therefore negotiated some indulgence from the EU regarding free immigration. The privileges allow Britain to withhold some entitlements from migrants for four years after entering the UK and also places some limits on remittances from the country. While these policy amendments will be crucial for the UK, there are more lasting and more strict policies the Prime Minister promised to seek. The pro-Brexit campaign argued that such reforms will only be possible if Britain leaves the EU. On the other hand, after exiting the EU, British citizens will no longer migrate and work freely in the EU.
Diminished Global Influence
The Stay campaign had a justified argument. They argued that the U.K on its own was not a world power, but the EU has powerful global influence. Therefore even though it was not free to enact the specific policies it preferred, it could do the best for those ideals by campaigning within the EU force. That argument was supported by the assertion of many optimists most notably, the U.S President, Barrack Obama. He noted that Britain was able to take a much more influential position in the EU than it currently held.
After the British citizens had voted for the exit, it is still to be seen how they will counter numerous challenges that were brought up by their decision. However, all is not lost since the overall merits may outweigh the demerits.