Brexit Legacy: Sentiments and Successes of the Post-Brexit Era
The socio-political reverberations of Brexit continue to shape the lives of those who voted to leave the European Union. In this article, we delve into the current sentiments of those who voted for Brexit, examining both the anticipated and unanticipated impacts of this momentous decision. Additionally, we highlight the economic successes of the recent past and explore the future outlook of the post-Brexit recovery.
Current Sentiments Among Brexit Voters
Those still resonating with the decision to exit the European Union often express feelings of satisfaction and certainty regarding the outcome. The sentiment of being chuffed to bits or couldn't be happier is prevalent among many who support Brexit. Many are reassured by the continuation of support for the Brexit cause within the current political landscape. Despite the strong presence of the Tory establishment, there is a notable feeling that the post-Brexit landscape is more aligning with expectations.
Amidst these sentiments, there are underlying expectations and disappointments. While some are satisfied with the current state of affairs, others are disappointed by the lack of immediate changes. The expectation based on IMF and Treasury analysis suggests a more measured approach, reflecting a moderate economic impact and limited trade disruptions. The article captures the essence of realistic anticipation tinged with personal satisfaction and pragmatic acceptance.
Economic Impact and Successes Post-Brexit
The post-Brexit landscape has brought about several remarkable economic successes that have positively influenced the nation. One of the most significant impacts is the cessation of unwanted mass migration, primarily from Eastern Europe. On average, from 2010 to 2020, there were approximately 350,000 Eastern European migrants annually, contributing significantly to the UK's unemployment issues and potential strain on the benefit system and housing stock. The cessation of this migration has protected UK jobs, the benefit system, and the housing stock, according to many.
Furthermore, the UK has ceased being a net contributor to the EU. Prior to Brexit, the UK was the second largest net contributor, incurring significant financial obligations. Post-Brexit, the UK no longer subsidizes the EU, maintaining a more economically neutral position.
The economic performance has been positively reinforced by a positive shift in trade balances. The UK's balance of trade with the EU improved by ￡38 billion annually post-Brexit, representing a significant gain. In contrast, Germany saw a similar decline in its balance of trade with the UK. This shift is attributed to the UK's new status as a trade-friendly destination, making it a preferred choice for multinationals looking to expand.
Additionally, the post-Brexit era has seen a surge in international business relocation. Major businesses such as Shell and Unilever have relocated their global headquarters to the UK, capitalizing on its business-friendly environment compared to the EU. Moreover, BNP Paribas, one of Europe's leading banks, now encourages its clients to invest in British companies and avoid the Eurozone, predicated on the expectation that the UK economy will outperform the troubled EU market.
Future Outlook and Challenges
While there are clear successes in the economic and social sphere, the post-Brexit era also presents new challenges. The detached control from Brussels has granted the UK more autonomy, allowing it to legislate, manage its waters, and regulate fishing rights, among other significant decisions. However, the UK will now face the challenge of ensuring that the rights accorded under the European Convention on Human Rights (ECHR) are not exploited to introduce unwanted individuals into the UK. The journey ahead will involve navigating these complexities and maintaining the balance between sovereignty and international relations.
In conclusion, the post-Brexit period has seen a blend of satisfaction and strategic positioning. While some expectations may not have been fully met immediately, the economic gains and new opportunities present a compelling narrative. The future outlook requires continued vigilance and strategic foresight to sustain these successes and address emerging challenges.