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

Pervez N. Ghauri; Ursula F. Ott

doi:10.1007/978-3-031-13757-0_7

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

Pervez N. Ghauri^*, Ursula F. Ott

^*Corresponding author for this work

Strategy and International Business

Research output: Chapter in Book/Report/Conference proceeding › Chapter

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.

Original language	English
Title of host publication	Global Trade and Trade Governance During De-Globalization
Subtitle of host publication	Transforming Trade Policy for Not-So-United World
Editors	Anna Karhu, Eini Haaja
Publisher	Palgrave Macmillan
Pages	109-121
Number of pages	13
Edition	1
ISBN (Electronic)	9783031137570
ISBN (Print)	9783031137563, 9783031137594
DOIs	https://doi.org/10.1007/978-3-031-13757-0_7
Publication status	Published - 13 Oct 2022

Publication series

Name	International Political Economy Series
ISSN (Print)	2662-2483
ISSN (Electronic)	2662-2491

Bibliographical note

Publisher Copyright:
© 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.

Keywords

Post-Brexit
Trade policy
UK

ASJC Scopus subject areas

Economics, Econometrics and Finance(all)
Political Science and International Relations

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1007/978-3-031-13757-0_7

Cite this

Ghauri, P. N., & Ott, U. F. (2022). Post-brexit Trade Policy and Its Impact on United Kingdom’s Economy. In A. Karhu, & E. Haaja (Eds.), Global Trade and Trade Governance During De-Globalization: Transforming Trade Policy for Not-So-United World (1 ed., pp. 109-121). (International Political Economy Series). Palgrave Macmillan. Advance online publication. https://doi.org/10.1007/978-3-031-13757-0_7

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Post-brexit Trade Policy and Its Impact on United Kingdom’s Economy. / Ghauri, Pervez N.; Ott, Ursula F.
Global Trade and Trade Governance During De-Globalization: Transforming Trade Policy for Not-So-United World. ed. / Anna Karhu; Eini Haaja. 1. ed. Palgrave Macmillan, 2022. p. 109-121 (International Political Economy Series).

Research output: Chapter in Book/Report/Conference proceeding › Chapter

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

Abstract

Publication series

Bibliographical note

Keywords

ASJC Scopus subject areas

UN SDGs

Access to Document

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Cite this