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[Markets] Visualizing The Consequences Of The UK's Brexit Strategy Visualizing The Consequences Of The UK's Brexit Strategy

A report published by the British Foreign Policy Group, an independent think tank, has found that a majority of people in the United Kingdom are unhappy at how Brexit turned out.

As Statista's Niall McCarthy notes, the research found that respondents are still bitterly divided about the future direction of the country with 27 percent seeking a closer relationship with Europe with a view to rejoining the EU, 22 percent wanting a closer relationship but remaining outside the EU and 12 percent stating that they want to move further away from Europe.

As this infographic shows, the UK is now firmly on the sidelines as British businesses struggle to get to grips with new paperwork and software systems.

Infographic: The Consequences Of The UK's Brexit Strategy | Statista

You will find more infographics at Statista

The situation is slightly better in Northern Ireland which is technically no longer a member of the European Customs Union but enjoys special provisions for trade with the EU, generally akin to being within the Customs Union. The British overseas territory of Gibraltar has never been in the Customs Union, though a political agreement has been reached for a new treaty which should also include similar trading provisions to Northern Ireland.

Under the UK's Brexit agreement and the isolated picture painted by this chart, a lot has changed. Some of the measures include the requirement of customs declarations for goods being sent from Britain to the EU (and also to Northern Ireland). While UK citizens resident in Europe before Brexit are allowed to stay and vice-versa, British citizens have lost the option to automaticallly live and work in EU member states.

Visa-free travel in the EU is also being limited to 90 days for British travellers, though the good news is that Duty Free shopping is going to make a comeback once the Covid-19 pandemic has subsided. Perhaps an apt way for Britons unhappy with the state of affairs to drown their sorrows.

Tyler Durden Fri, 02/19/2021 - 04:15
Published:2/19/2021 3:44:48 AM
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