Brexit: An Analysis of its Success and Failures with Future Implications

The decision to leave the European Union (EU) in 2016, popularly known as Brexit, remains a topic of intense debate. Was it a failure or a success? This article analyzes the economic and political impact of Brexit, discussing its current and potential future implications for the United Kingdom (UK).

Economic Impact of Brexit

Eight years post-Brexit, the economic costs of this decision are evident. A 5% decrease in GDP and a 30% increase in inflation are direct consequences of Brexit (Academic Research, 2023). Additionally, the implementation of border import controls has necessitated an additional 8 billion pounds, further elevating inflationary pressures.

Opinions on Brexit

The opinions on Brexit are divided, with some arguing that it has led to a loss of sovereignty, reduced power and influence, and a greater reliance on the USA rather than the EU. For the working class, Brexit has been seen as a mixed bag. Unemployment fell sharply, leading to the need to pay higher wages to retain skills. However, this positive outcome is not universally shared; many argue that the promises made by remainers (those who supported Britain staying in the EU) were mere fantasies. There is a sense that some individuals supporting a rejoin (remaining in the EU) are more affluent and less grounded in reality.

Failure vs. Success

Whether Brexit was a success or a failure is subjective. From the perspective of an economic and political standpoint, it can be argued that Brexit has been a failure. The UK has put itself in a position of trade barriers and reduced sovereignty. However, there are a few positive aspects. The idea that the EU army is a 'dangerous fantasy' and the fact that medical supplies are not significantly impacted due to their largely non-European origin, despite the fears propagated by some, are notable.

Future Implications

The future implications of Brexit remain uncertain. Many now agree that the closest course of action for the UK would be to regroup and seek a closer relationship with the EU, reducing the current level of isolationism. Reflecting on the consequences of Brexit, it is evident that while some short-term goals were achieved, the long-term benefits are yet to materialize.

Conclusion

Is Brexit a failure or a success? The answer is context-dependent. For many, the decision to leave the EU has had both positive and negative implications. Looking to the future, the UK must reassess its position and possibly move closer to the EU to ensure sustainable economic growth and political stability.