CONSEQUENCES OF BREXIT FOUR YEARS AFTER THE UNITED KINGDOM'S WITHDRAWAL FROM THE EU

Abstract

Following the 2016 referendum that saw the United Kingdom vote in favour of leaving the European Union, the actual process of withdrawal was a slow and arduous one, only reaching its formal conclusion in 2020, when the withdrawal agreement entered into force on 31 January. However, the agreement also instated a transition period that lasted until the end of that year, with Brexit truly starting to make its effects felt only from 1 January 2021 onwards. Since then, the United Kingdom and the EU have worked on adapting to the new legal, economic, and social reality, but progress has been slow, and has been affected by other geopolitical factors, as well as by the Covid pandemic. This article will analyse the current situation, with a view to comparing the positive and negative effects that the United Kingdom's withdrawal from the EU has had on the two parties.

Keywords

• brexit
• tariff regime
• eu settlement scheme
• customs union
• dispute resolution