Political and Economic Impacts of Brexit on UK

Abstract

Brexit is a term used to explain about the departure or withdrawal of Great Britain from the European Union. Brexit is a very important political development of recent political scenario of Europe. It has its impacts on the economic and political future of both UK and EU. The UK is enjoying membership of the EU from the beginning. But in mid of 2016 a referendum was held in UK to decide whether they should remain in EU or exit. The British people decide in favor of exit with a simple majority of 51.9%. After that referendum British Prime Minister David Cameron resigned and new general elections were held in 2017. Since the referendum the UK and EU are negotiating on an exit deal and the UK is due to leave the union on 29th March 2019. It will have its dimensions and implications. There are voices rose demanding a new referendum on the issue because many British people think that the Brexit is not good for UK. There are pro EU voices in European countries who also wish UK to remain part of this community. In this descriptive study ‘impacts of Brexit on UK’ has been discussed and economic and political dimensions have been observed by the researchers.