The Impact of Brexit on UK’s Economy

Abstract

Brexit is one of the most important issues in the history of both the European Union and Great Britain. When Britain decided to withdraw from Europe, it realized that this decision would affect both sides, especially since Britain is one of the biggest influences on the European Union. On the one hand, Britain is well aware that its exit from the union will cost it noticeable losses and regress in all areas, especially as it was relying on the union to make itself a stronger country, especially on the economic level. On the other hand, it sees itself losing many of its relations with great powers such as America and China, which the Union laws do not allow it to establish a partnership with. This factor and other factors made Britain choose another alternative. Moreover, the high level of complexity in this decision and its procedures, expectations and concerns caused two successive Prime Ministers to resign from their posts in London. This research aims to analyze and evaluate how the United Kingdom entered the Union, the origins of Article 50 of Brexit, and the impact of its withdrawal, especially on the economic level. Several different organizations have already published estimates of how Brexit will affect the UK economy in the long run by asking this type of question: “How big would the UK economy be in the future if it left the EU?. This research found that when Britain was in the Union, its economy was more developed. In addition, it had contributed to the improvement of the European Union greatly. Also, the decision that Britain insisted on, which is to leave the Union, is a fateful and influential decision on Britain and the Union also negatively, as the data presented showed Britain's economy has declined significantly.