Effect of Brexit on the European Union and the UK

Essay from the year 2018 in the subject Politics - International Politics - Region: Western Europe, grade: A, University of Cape Coast, course: EUROPE AND THE EUROPEAN UNION, language: English, abstract: This essay seeks to discuss the impact Brexit is likely to have on both UK and Europe. The essay will be divided into three sections. Section one will discuss briefly the journey to the formation of the EU, then continue with UK's membership in 1973 and discuss events that occurred after gaining membership. The section two will discuss five probable impacts UK is likely to face in the post-Brexit era. It will discuss the change of trade within Europe, the new posture trade is likely to take as a result of new trade policy, effect Brexit is likely to impact on financial services, the tightening of immigration, and UK's loss of influence in the international world. The third section will discuss the effect of Brexit on Europe. It will discuss business finding it costly to relocate investment from UK, how Brexit will affect remittance migration to the extent of political contagion, how Brexit is likely to create a gap in the budgetary of the EU, the effect Brexit is likely to take EU's influence in the international world and how Brexit breeds uncertainty which is bad for business in the EU and risks political contagion.