BREXIT AND THE MUTUAL CONSEQUENCES REGARDING GREAT BRITAIN AND EUROPEAN UNION

This research paper assesses the likely impact and consequences of Brexit on the European Union, together with some scenarios for the terms of the UK’s future secession. For the EU, the ongoing process is considering that the losses are found to be highly significant. The key research targets of this paper are the following; Britain is deeply divided over its membership of the EU. There is a risk of ‘political contagion’ from Brexit as it could fuel Euro skepticism elsewhere, particularly if the UK is seen to benefit in politically sensitive areas like migration. Brexit would mean years of uncertainty and wrangling to establish a new relationship between Britain and the EU, which would be damaging for businesses trading with and partners invested in the UK. All member states of the Union will feel the collision of Brexit as Europe will lose international esteem and foreign policy influence and have less leverage in trade negotiations. Brexit will harm the EU’s cohesion, confidence and international reputation. The biggest consequence of all, therefore, is that Brexit will undermine the liberal political and economic order. The future policy of European continent won’t compete to the continents over Pacific Ocean. This paper makes a comprehensive overview of the events that led to the referendum, which was the breaking point in the history of the UK. Accordingly, there has been made an investigation about the escalating events and the debates that led to Brexit as well as the key arguments for staying or leaving and the effect of the whole process on UK. There are also general facts about important economical, political, social consequences that the European Union is expected to experience in the very near future followed by the dramatic changes that had been made by the exit of UK from the EU. Methods that are used while conducting this research paper are: Comparative, descriptive, and narrative methods