GDPR part-2? No, this is much, much bigger. Europe is about to lose one of its biggest members, the United Kingdom (UK). Quite simply put BRitain + EXIT = BREXIT.
In June 2016, following a referendum, the majority of voters in the UK voted to leave Europe. In layman’s terms the UK decide to divorce Europe. Just like any divorce, there’s always some resentment from each side.
The blame game you could call it. Those who didn’t want the divorce to happen have to go through the process. Like everyone else (call them the children or the pets).
So we’re currently in the negotiation stage. The decision made both parties need to discuss, agree and implement the terms of the “divorce”. Like any negotiation, both parties will be looking to minimise any negative impact and maximise any positive.
This is where things get hard. You can’t really come to a common ground if you’re trying to move apart.
Furthermore, the UK is a conglomerate of four countries – England, Scotland, Wales and Northern Ireland. The UK is negotiating on behalf of all these nations. One of the more complex areas of negotiation is the border between Northern and Southern Ireland. Terms like “hard border” will be common phrases during negotiations.
In other words, will the border between north and south remain as open as it. Or will there need to be checkpoints, etc., to monitor any kind of crossing in and out?
Biggest loser – without the full terms finalised, it’s arguably the UK AND the European Union (EU). The EU exports over half of the UK’s imports, this will no doubt be affected by any new terms. Additionally the UK is a global military power.
Not at the forefront as it once was, it still possesses a lot of clout when negotiating with other, non-EU states. The argument here would be the EU wouldn’t have the same influence it would have with the UK on board. That said neither will the UK without the likes of France and Germany standing side-by-side.
Rest of the world – globally, Brexit will impact pretty much every country in the world. Starting with the United States (US), the UK is a strong ally and economic partner however any instability caused as a result of Brexit will also hit the US. The UK is after all the US’ seventh biggest trading partner. The same ripple effects would hit other countries as well and especially the world’s markets. The UK is the world’s fifth largest national economy. So uncertainty is the theme no doubt.
All in all the stage is set for one of the biggest things to hit the world since the financial crash.
As mentioned the key concern at this stage is the unknown and the fact that neither party seems to be able to accept the terms on which to agree Brexit.
Clearly there will be a period of flux once everything is sorted and things start to settle but until we get there, watch this space!
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