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2022 | OriginalPaper | Chapter

7. Post-brexit Trade Policy and Its Impact on United Kingdom’s Economy

Authors : Pervez N. Ghauri, Ursula F. Ott

Published in: Global Trade and Trade Governance During De-Globalization

Publisher: Springer International Publishing

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Abstract

Other than COVID-19, the biggest question in International Business in the United Kingdom (UK) and the European Union (EU) at present is the uncertainty arising from Brexit. Although this important issue has been shadowed by COVID-19, it is the most important factor that will influence the British and European Union (EU)’s trade policies and well-being for years to come. It has already caused great hostility and destructive competition between UK and EU for the management of COVID-19 and vaccination policies. However, beyond COVID-19, how UK will organise its international trade is of a great concern not only to businesses but to all stakeholders, consumers, suppliers, manufacturers, government institutions and the society in general. The future of UK economy depends largely on post-Brexit Britain and its international trade relations with the rest of the world. Brexit is a political, economic and social phenomenon that has not received much attention from researchers from business and management. To comply with result of a referendum that was held in 2016, the UK government triggered Art 50 to leave the European Union which is called Brexit (Britain exits the EU) on March 29th, 2017. However, it took more than three years to agree on the terms of this divorce, while a number of important issues have still not been agreed upon. UK definitely left EU on January 1st, 2021. It has captured global media interest and its consequences are not yet fully understood. Brexit has triggered some academic interest into the negotiation analysis and consequences from a suboptimal agreement (Ott and Ghauri, Journal of International Business Studies 50:137–149, 2019), however, its impact on the economy has not been systematically investigated. The British approach to looking outside Europe for trade relations needs to be closely investigated from an analytical perspective. This paper investigates the post-Brexit scenarios for trade with non-EU countries and their impact on British economy.

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Title: Post-brexit Trade Policy and Its Impact on United Kingdom’s Economy
Authors: Pervez N. Ghauri
Ursula F. Ott
Publisher: Springer International Publishing
Book: Global Trade and Trade Governance During De-Globalization
Print ISBN: 978-3-031-13756-3

Electronic ISBN: 978-3-031-13757-0

Copyright Year: 2022
DOI: https://doi.org/10.1007/978-3-031-13757-0_7