It has now been five years since Great Britain removed itself from the European Union. The desire to leave the union was mostly based on the dissatisfied thoughts and opinions the UK’s population had about the restrictions and regulations set upon them. Leaving the EU has had its upsides, but the country has also experienced many hardships that have come from “Brexit”.
In terms of traded goods, Britain has seen a significant drop in their exports to the European Union. Though they did agree on free trade deals that would remove any taxes or tariffs, the difference in regulations and paperwork ended up making trade really complicated and slow. The trades between the EU and Britain end up costing more than expected, hence why such trades have slowed down. The only silver lining is that service exports have been doing remarkably well recently.
Foreign investments have also been largely strained since Brexit, as many companies find it riskier to place their capital into Britain’s uncertain economy. Many businesses in the UK are also struggling to expand their operations, with labor shortages creating high costs in critical fields such as agriculture and healthcare. These labor shortages are said to be caused by the lack of movement for EU citizens, as well as new immigration policies making it harder to obtain work visas.
In short, Great Britain does not have it easy post-Brexit, although the Covid pandemic shares a part of the blame. Britain has more freedom and control over their country, but it might still be a while until all is good and well for them.
