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A Study on the UK Economy After Brexit

  • Journal of Asia-Pacific Studies
  • Abbr : JAPS
  • 2022, 29(4), pp.155-190
  • DOI : 10.18107/japs.2022.29.4.006
  • Publisher : Institute of Global Affairs
  • Research Area : Social Science > Social Science in general
  • Received : November 15, 2022
  • Accepted : December 5, 2022
  • Published : December 30, 2022

Shin Sang Hyup 1

1경희대학교

Accredited

ABSTRACT

Brexit meaning UK’s leaving from the EU happened on January 1, 2021. It is generally understood that Brexit has given more negative impact on the UK economy than Covid 19 Pandemic. After Brexit the ratios of EU member countries in the UK' export and import also reduced dramatically. It is quite difficult to show exactly how much negative impact Brexit has given to the UK economy. Simply because COVID-19 pandemic started in the late 2020 also hit the global economy very badly. The GDP growth of the UK reduced very rapidly after Brexit. The income of the British people also reduced. Inward foreign direct investment to the UK also reduced after Brexit. The Brexit also resulted the change of the relations between the EU and the UK in many ways. In particular, special trade relations between the TWO, which featured by the single market and customs union changed because of Brexit. In other words, the UK lost its special status as a member country of the EU. So when the UK trades with EU member countries they should take the same procedure to Non EU member countries. And the British people could not work anymore in a EU member country without a needed visa issued by the government of the EU member country where they want to work. To revitalize economy damaged by Brexit the UK government adopted new trade policy. The UK government also changed its immigration policy after Brexit in order to have more efficient labor policy, which could give economic and social benefits to the British people. Unlike the UK government’s wish, however, it seems to take more time to revitalize UK’s economy through new trade policy. And the new immigration policy resulted in a new problem, the lack of skilled workers in almost every UK industry. This situation is even creating inflation threat in the UK. Thus it seems that the UK government should continue its efforts to minimize or to stop the negative economic impact of Brexit on the UK economy.

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