Eyas.ch understands how specific laws of a country can undoubtedly affect your investment and your business decisions. Therefore, it has gone ahead to examine one of the present topics affecting the European space "Brexit" together with Adhum Carter Wolde-Lule, Chief Strategy officer of Imperial Corporate Capital PLC.
The sentiment behind the exit of United Kingdom from the EU is not only brazen, but a sheer desire by a collective number of people who wanted the country to have a tighter control on immigration and a stronger say in the justice department of the European Union.
Many have argued that the exit is out of the frustration that the UK legislation is not sovereign under the reign of the EU, but the same legislature were the ones who pushed through for a referendum to be held that decided the faith of Brexit.
It would be hard to imagine that a country like the United Kingdom whose strategic position is evident in trade and politics around Europe and the world at large would fall to recurrent problems like immigration and justice.
Yet, the deed has been done and we all have to live with it. But here are some of the implications
Article 50 of the European Union charter said that it would take about two years for the implementation of the Brexit agenda to fully manifest. Brexit agenda to manifest is owning to businesses that would need to clarify terms, new laws that would be necessary to carry the UK and EU objectives together.
The paradox of leaving the EU and still trying to promote both EU and UK objectives is something that doesn't put a bright light on the United Kingdom. Recently it has gone ahead to write to the 27 liaison commission of European countries to have their embassies in the UK to protect UK businesses in Europe, but most of this countries, see this as a red flag. The implication is that some of the overseas-based UK companies might have to opt out of the market because of lack of protection from the current laws that will be proposed.
Furthermore, many believe the UK has not adequately prepared for Brexit, and the EU is supporting that claim. For example, the UK parliaments are pushing for speedy negotiations, but transitions after such agreement are still left on murky waters. If they don't fashion out how the arrangement is going to work out, the UK might just be shooting herself in the foot.
Then there is the issue of money. The EU is claiming the UK owes about £60 billion debt while Brexit referendum campaigners also promised to pay a £350 million bounty for the exit from EU. These further goes to show that they are still a long way out before negotiations are reached.
The internal dynamics and the workings of leaving EU is an overwhelming process. Certain things that would require a stated affirmation has to reach in various areas, e.g., research, science and much more. The UK once swore to be part of them but will have to withdraw their support or renegotiate their terms in the way that truly represent them.
