THE BREXIT PROCESS AND ITS CONSEQUENCES
THE BREXIT PROCESS AND ITS CONSEQUENCES

Summary/Abstract: Great Britain is known as the world's largest economic power. Sucheconomic development has affected the geographic position in the Atlantic Ocean, goodconnectivity with the world, the first emergence of the industrial revolution and the relativelygood basis for underground assets. These advantages have been manifested in thedevelopment of maritime, trade and expansion of its influence in various colonial lands,bringing Great Britain into a highly favorable economic position in 1975, a referendum washeld for the accession of Great Britain to the European Economic Community (EEC), laterknown as the European Union. The voting score was about 67% in favor of the country'smembership of the EEC. Brexit is a referendum held on 23 June 2016 where the UnitedKingdom voted to leave the European Union. Brexit is the nickname for "Britishappearance", from the British word and exit (Br-exit) from the EU. On March 29, 2017, thePrime Minister of the United Kingdom Theresa May filed a notice of withdrawal of Article 50in the EU. The main advantage for the UK is that it could stop the free flow of people fromthe EU again. That was the main reason people voted for Brexit. They were worried aboutan increase in Middle East refugees. Great Britain will be able to tax without following EUguidelines. It will also not have to pay EU membership fees. Among the worst concerns arethe influence of Brexit in future trade, agriculture, fisheries, citizens returning from U.K. andcuts in the EU's Brexit budget. Under Brexit, Great Britain may lose Scotland. First, Scotlandwill try to stop Brexit by voting against it. Nevertheless, Scotland has no authority to do so. Itcan then decide to join the EU separately, as some countries within the Kingdom ofDenmark have. Finally yet importantly, the head of Scotland has also warned that it mayseek another referendum to leave the UK. The Brexit would have detrimental effects oneconomic development across the EU. Apart from the economic disadvantages, Brexitwould cause serious political, social and procudural damage and would weaken Europe inthe geopolitical aspect. The Brexit avoidance, it would be the best solution principally for theUK and secondly for the EU.

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