In a previous post, we talked about how many countries around the world have shifted toward more of a nationalist sentiment, and what it looks like when a country decides to de-globalize.
In this post, we’re talking about the specific changes the UK made after it left the European Union in 2020, also known as Brexit.
The process of Brexit resulted in the UK making changes such as these:
Changes to trade policies. The UK’s departure from the EU resulted in changes to its trade policies, including the introduction of tariffs and trade barriers with the EU and other countries. This has resulted in a reduction in trade between the UK and the EU and a shift towards more protectionist policies.
Restrictions on immigration. The UK has also introduced new immigration policies that have made it more difficult for citizens of EU countries to work and live in the UK, and vice versa. This has reduced the flow of people across borders.
Immigration was and still is a very hot topic, because once a country enters the EU, it means its citizens can move freely within the EU countries.
Promotion of domestic production. The UK government has also introduced policies aimed at promoting domestic production, such as subsidies for domestic companies and tax incentives for businesses that invest in the UK.
Shift in foreign investment. The UK’s decision to leave the EU has also had an impact on foreign investment in the country, with some companies choosing to relocate to other countries in the EU to take advantage of its single market and customs union.
It’s still early to tell how the UK’s decision to leave the EU and its subsequent move towards de-globalization will affect trade, immigration and investment policies.
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