Pros and Cons of Brexit-Briefly explained in 2021
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What are the pros and cons of Brexit? If you are reading this term for the first time, it’s nothing but the combination of the two terms Britain and exit. It came into existence after Britain mentioned in a referendum to split from the European Union on June 23, 2016. After that, there has been a lot of debates, arguments, and discussions going on about Brexit.
Britain was a member of the European Union bloc for nearly 40-years. Although it formally left the EU in Jan 2020, it remained in a transition period of 11 months. Finally, it split from the group with effect from the beginning of 2021. Here we will discuss the pros and cons of Brexit from different perspectives.
Pros and Cons of Brexit
Brexit is fully effective from 1st January 2021. How it will affect the UK economy, security, and other factors is a matter of concern for the citizens, the government, and also for the rest of the world.
Pros and Cons of Brexit on National Security
There are many opposing opinions about the security of Britain after leaving the European Union. Iain Duncan Smith, the former work and pension secretary, said that the UK would be better in terms of security after leaving the EU.
However, some senior military personnel argued that Britain was more secure as the EU was a great pillar for security. It remained strong during the instability of the Middle East and the resurgent Russian national aggression. Former defense secretary Michael Fallon said that the UK has benefited from the EU to fight against terrorism.
On the other hand, Colonel Richard Kemp said that it would be better to keep a bilateral relationship between the EU and the UK. His suggestion to both the EU and the UK was not to split when it is a matter of security.
The head of M15, Andrew Parker, said that it would maintain a security relationship with the EU. Also, he pointed to the fact that they need to share their strength in today’s uncertain world.
Pros and Cons of Brexit on Immigration
In terms of immigration, the Brexiteers would get benefitted as there will be clear borders and separate immigration laws of the UK. Before Brexit, the immigration law was governed by the EU. As per the law, a citizen from any part of the EU has equal rights to live in the UK too.
The UK could not prevent immigrants from living and working in the UK. As a result, a large number of immigrants from the eastern and western parts of the EU were working and living in the UK. Moreover, immigrants outside Europe were also settled in the country.
Many Brexiteers suggested that Britains should regain control over immigration law. So, the UK may cut the number of immigrants and prevent them from settling in the country after Britain leaving the EU.
Brexit and Sovereignty
Sovereignty was a victory for the Brexiteers because the EU membership had several restrictions on citizens in domestic affairs. The UK can independently interact with the rest of the world after leaving the EU.
Although it’s good news for the Brexiteers, there might be some issues to re-establish relationships with other countries.
Pros and Cons of Brexits From Economic Point of View
Pro-EU campaigners fear that it would be an economic loss if Britain leaves the EU. They put emphasis on the matter that more than 300,000 jobs will be lost if Britain splits from the EU. By contrast, Brexiteers rejected this campaign stating it as morbid.
As a result, there are a lot of arguments raised regarding employment rates, economic forecasts, and trade policy. In one way, employees will get high wages as there will be less competition due to reduced immigration. Moreover, citizens of the UK will get more and better opportunities.
On the other hand, it may also cause damages to the UK economy due to a skills shortage. Also, there would be a low demand for goods and services, which is a major downside of Brexit in terms of economy and employment.
Pros and Cons of Brexit From Trading Perspectives
As the EU is a single market, the imports and exports between states don’t have any restrictions. There were no issues for offering any services across the country while Britain was a part of the EU. However, the rules of trades would be affected after Brexit, which is debatable.
Remainers said that the UK would face many trade-related issues which it was getting with EU membership. Britain would lose the negotiating power with its neighboring states post-Brexit. On the other side, Brexiteers said that the UK could compensate for the losses by building trade relationships on its own.
Pros and Cons of Brexit on Investment
Several banks and financial firms have been setting up their businesses in the EU to move out of their operation from Britain. These are some of the major disadvantages of Brexit on investment. Automakers and a few other industries have decided to scale back their investment in the UK as it can restrict their trade opportunities after Brexit.
Remainers said that the UK would potentially lose many investment opportunities after the split. They also said that it would lose its status as the world’s top financial center after Brexit. Most of the US banks would not invest in the firms when they find that London is not a part of the EU.
Opposing them, some Brexiteers said that the UK would continue the trade policy with a single market without any tariffs for goods and services. They also said that Britain had a huge trade deficit with Europe, and it’s in the hands of the EU to make the compromise for the trade setup.
At the same time, some other Brexiteers suggested that Britain should stay free from the EU and build an independent economy like Singapore.
After discussing the pros and cons of Brexit, it’s not easy to clearly say whether or not it’s entirely advantageous for the UK. No doubt, there will be some potential advantages as discussed above, but can it overthrow the disadvantages?- that’s debatable. Please share your opinion on Brexit in the comments section below.
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August 5, 2022