Aleph
Volume 10, Numéro 3, Pages 67-82
2023-05-25
Economic Repercussions Of Uk Withdrawal From The European Union 2021-2022
Authors : Benlabidi Moufida .
Abstract
By a majority of 52% to 48%, UK residents decided on June 23, 2016, to end their nation's 43-year membership with the European Union. It was the largest turnout rate since the general election of 1992, fourth consecutive victory for the conservative party under John Major, with almost 30 million voters. Sovereignty, identity, and border restrictions were significant factors that led to the British exit from the European alliance. There were slight divergence among devolved units; Wales and England voted in favor of leaving the EU by 52.5 % and 53.4%, whereas Northern Ireland and Scotland supported staying in the Union by 55.8 % and 62%. Such outcomes highlighted an increasing disparities and deep political cleavages in modern Britain. Based on 2016 referendum results, the UK exited the EU on January 31, 2020, and embarked into a transitional period that lasted until December 2020. During that time, the UK-EU relationships were governed by the Withdrawal Agreement Bill. From January, 1st, 2021, the Trade and Cooperation Agreement came into force and new arrangements were established to the UK and EU trading partnership. Thus, deep negative impacts are expected to affect the British economy on both short and long terms.
Keywords
UK Withdrawal ; Trade & Cooperation Agreement ; Economic Repercussions
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