What’s Happened Since Brexit?

Since the Brexit announcement in late June this year, the effects of the decision are beginning to become more apparent as conversation about the historical move remains very present on the political horizon.

Britain had left the EU after 43 years, cutting their political and economic union of 27 other countries.  Although the majority of the country’s people had agreed to such a drastic move, the rest of the world was thrown into shock, fearing the worst for the global economy.  It was then that American politicians had assured their population that their own economy wouldn’t be affected by Brexit.  A few months later, we’re seeing the holes in their promises.

As consumers, Brexit may not seem to be affecting Americans as greatly as predicted, however, the effects are behind the curtains, mainly revolving around the export sector.  Playing a crucial role in the economic recovery in 2008, the export sector has actually suffered since the Brexit deal, restricting the sales growth within Europe.  The EU acted as an internal market, something that lubricated the movement of goods, services, capital and people throughout the participating countries.  When Brexit became official, declaring American agendas regarding trade, digital privacy, global tax reform and much more became much more challenging.

The EU didn’t only affect goods, but migration of people throughout EU countries is regarded as a free movement; citizens and residents could move, travel and work freely among the EU countries.  Brexit meant closing Britain’s borders, in an attempt to limit immigration and increase security.  This poses a challenge specifically for public services as many health professionals and schools relied on the free movement that the EU provided.

For more information on current affairs, including tips about saving, spending and managing your money, check out Choras’ blog here!

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