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The urgent question that the entire world community asks: “Will Brexit happen, and if so, when?” No less interesting matter is what awaits Britain after leaving the European Union? Will this decision become fateful or will it only worsen the socio-economic situation and political relations with other countries?
The fact is that there have been already a lot of talks about Brexit. But indeed, Britain is at a stalemate. Former British Mayor and Prime Minister of Britain Boris Johnson, one of Brexit's main promoters, has less and less support. And the British population is no longer so radically minded as in 2016 - during the preparation and conduct of the referendum aimed at Brexit from the European Union.
Despite the fact that formally Britain has not left the European Union yet, the consequences of the referendum have became visible almost straight away. And the echoes of its holding are still tangible.
The rate of retail sales has decreased significantly
Retail growth waned, and food sales in stores have gone down
(seasonally adjusted percentage per year)
The growth in property prices in Britain (in particular, accommodation) has almost halved
Source. Statistical Department of Great Britain
And in London the situation is even worse
Due to inflation, the standard of living of the British has diminished
Inflation brought ought British salaries
(percentage per year)
And the list goes on. Two-thirds of large technological corporations in London expect that the position of the British technology sector will dramatically decrease due to Brexit. First of all, this is fraught with a rapid outflow of highly skilled specialists who will begin to look for more perspective and profitable places to work at.
Recall: European Council President Donald Tusk defined the British decision at the 2016 referendum “one of the saddest events that took place on the territory of Western Europe in the twenty-first century.”
Serious loss to business
Experts predict that GDP will drop from € 15.3 trillion to € 13 trillion.
Loss of influence in the international market
When leaving the European Union, Britain will not be able to take part in the work of a large list of agencies and authorities of the European Union.
The start of the "chain reaction"
Following Britain, other countries can decide to separate from the European Union. And this can seriously shake the economy and international relations throughout Western Europe
The Brexit procedure was far from being as simple as expected. The referendum must have been the most important step on this way, but far from the only one. Difficulties and delays in leaving the European Union have been dragging on since 2016. On November 3, 2016, the High Court of London issued a decree stating that Britain cannot yet initiate the process of the country's exit from the European Union.
Will Brexit happen at all? The farther, the more doubts about this issue occurs. Provided yes, what awaits Britain and Europe in the future? Not only in the upcoming years, but also in the long term period. We have collected for you the most realistic forecasts by experts,concerning the consequences of Brexit.
On November 3, 2016, the High Court of London issued a decree stating that Britain cannot yet initiate the process of the country's exit from the European Union.
The appeal court adjudication hasn’t given any results.
Later on January 24, 2017, it was judicially recognized that the Government could not initiate this process at all.
On May 15, 2018, the Scottish Parliament voted against legislative proposal regarding Britain’s Brexit.
On December 10 of the same year, the European Court issued a decree according to which Britain could simply cancel Brexit.
On March 12, 2019, the British Parliament rejected the draft agreement on covenant to exit from the European Union. Subsequently, it has been declined repeatedly.