The UK’s Withdrawal from the EU and its Possible Future Implications on the UK’s Economy

Abstract

The notion of the withdrawal from the European Union has never been tackled before among its Member States and as an unprecedented event, nothing is sure about how to be conducted or its possible future implications and entailments. In this regard, the current dissertation spots light on the UK’s membership in the EU for more than 40 years of economic thrive and prosper that both of the UK and the EU witnessed. Yet, the future of this successful relationship is not enlightened anymore. To hold an in/out referendum on the EU membership was a turning point in the UK’s history because it was not an ordinary member for the EU; rather it is the EU’s biggest and strongest trading partner throughout decades. On 23 June 2016, the referendum results the UK’s departure from the EU. In contrast, the process would not be fulfilled before triggering the Article 50 and starting the two years negotiations to achieve an agreement. The two years negotiations are the key element in determining the UKEU future relationship and specifying the possible impact and challenges that may stand in front of the UK’s economic advancement and the alternative the UK can adopt to withdraw with fewer damages.