Tuesday, August 16, 2016

An Update on the Status of Brexit

While the media buzz around Brexit has dialed down somewhat in recent weeks, the actual events that will lead Great Britain out of the European Union are just now beginning to take effect. Britain’s Prime Minister Theresa May has made the official departure a top priority, and while she has taken some criticism for her role in the divorce between the two entities, she seems to be handling things rather well considering. However, in the wake of the Brexit decision, there have been some clear economic consequences, such as lower hiring rates, and the British Pound’s decline, even during the vote to leave. Meanwhile, according to Express (UK), the staffing required in launching the Brexit and International trade departments to make Britain’s departure occur is still in the early stages, with one department having only about 100 of the required 1,000 or more. In order for Britain to have a healthy economy following Brexit, they will need to get more serious about actually cutting ties and getting on their feet. It will not just happen overnight and without hard work.

In addition to the need to swiftly and accurately break with the European Union, Britain will have to take measures to shore up their limping economy. According to multiple Irish news agencies, the actual date of departure from the EU is not likely to be until 2019, nearly three years away. However, the repercussions of the decision to leave the EU are being felt now in the UK. So the benefits of Brexit will not actually come for another three years, meanwhile, the consequences are an issue now. In order to deal with this, the current pace of events will have to be increased, and the British government will need to make a more focused effort on completing the break, as well as mitigating the drawbacks and negative results that are being experienced in the UK right now, in advance of the rift.

While Brexit is not entirely a bad idea, and the United Kingdom does stand to gain from being separated from the European Union, I think the current state of affairs should be considered unacceptable by their government, and they should certainly do something to light a fire under the agencies who are most responsible for the proper execution of their departure from the EU. If the process drags out then it will quickly become a disaster, and there will not be much benefit from Brexit in the first place.

When all is said and done, Britain will be alright, provided they take seriously the task they have taken upon themselves. Without a sense of urgency, what could have been a great success might prove to be just as the critics feared.

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