How Brexit Has Damaged The Quality Of Living In The UK

Brexit has been one of the most controversial decisions that has been passed for many years. The reason for this is that historically speaking, the United Kingdom had very close cultural and commercial ties to continental Europe. For this reason, they have developed a very strong economy that has thrived over the years.

What the United Kingdom has lost sight of is the fact that their country does not have infinite resources due to its small size, which is precisely why they need to have active trading partnerships with their neighbors. Being a member of the European Union allowed them to use those trading partnerships to their advantage; however, now with Brexit, the fiscal budget has to be pulled from other beneficial programs to British society in order to make up for the substantial loss faced with the trading partnerships. As a result, the quality of life in the United Kingdom will likely decrease a great deal in the coming years, particularly for those who were barely getting by as it was.

The Issues That Local Importers Face

Many of the issues that will be faced by the local importers will be related to pricing. The reason for this is that the European Union and the United Kingdom previously had an agreement under Article 50 of the Lisbon Treaty that they have two years to renegotiate trade deals upon deciding to leave the European Union.

Below is the Guardian take on the trade affairs from June 26, just days after the brexit, which still seems relevant today:

“Will a post-Brexit UK need a new trade deal with the European Union?
Yes. Once the UK’s formal decision to leave the EU is notified to the European council of EU leaders, under article 50 of the Lisbon treaty, the UK will be giving formal notice that it will be leaving the EU. Article 50 sets a two-year window to renegotiate a new legal basis for Britain’s trade relationship with the EU – although it also allows for an extension.”

From: here

Where this has an impact on local importers is that there were previously no quotas or tariffs on goods that moved between the United Kingdom and Europe. For this reason, local importers have the potential to face a major increase in taxation on tariffs of goods from Europe, which could dramatically disturb their business profits. In fact, it could greatly affect whether they make a profit at all!