LONDON (AP) — Five years ago, two crowds gathered near Britain’s Parliament, representing the country’s divided views on leaving the European Union. The UK officially departed the bloc in January 2020, marking a significant shift in its history and economy.
The impact of Brexit is still being felt today, with economists estimating that the UK’s exports and imports will be around 15% lower than if it had remained in the EU. The divergence has resulted in economic losses, with businesses like My Nametags and Creative Nature facing increased costs and delays due to new trade regulations.
Despite these challenges, some entrepreneurs have found opportunities in expanding their businesses beyond the EU. Lars Andersen, founder of My Nametags, has set up a base in Ireland to facilitate trading with EU countries, while Julianne Ponan, CEO of Creative Nature, has successfully rebranded her business for Middle Eastern and Australian markets.
However, experts argue that the short-term benefits of Brexit’s new freedom to strike trade deals worldwide have not offset the losses with neighboring countries. The “big players” in industries like aerospace and defense continue to benefit, but smaller businesses are struggling.
As Britain moves forward, its relationship with the EU remains a sensitive topic. Polls suggest UK public opinion has soured on Brexit, with many now believing it was a mistake. However, rejoining seems unlikely due to lingering memories of division and disagreement.
The path towards reconciliation appears uncertain, with Labour Party Prime Minister Keir Starmer promising to “reset” relations with the EU while ruling out re-entry into key customs unions. EU leaders have welcomed this change in tone but face their own challenges amid growing populism across the continent.
Source: https://apnews.com/article/brexit-five-year-anniversary-uk-eu-economy-8a8b87fb3ddd9e9ac278469c291f97c1