Impact and Consequences of Brexit

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The term “Brexit” is the fusion of two words “British” and “exit”. In the recent June 2016 referendum held in UK, 51.9% people of the UK voted to leave the European Union (EU), resulting UK to withdraw from the EU and making it a complex separation phenomenon which has caused severe economic and political changes for the UK and other countries.
The result which was announced on the morning of 24 June showed that 51.9% voted in favor of leaving the European Union whereas 48.1% voted in favor of remaining a member of the European Union as shown in the table:
It is for sure that the UK and the other EU would be directly or indirectly affected by Brexit. According to a survey, it is found that many businesses in UK are already worried about the …show more content…

So it certain that due to the sharing of the land border with each other, Ireland has a deep connection with the United Kingdom in relation to trade, supply, language, migration and culture. Ireland exports billion worth of goods and services from the UK. According to a survey done in 2013, Ireland exported €14.8 billion worth of goods and €5.8billion of services to the UK. This is equivalent to almost around 12% of GDP which is relatively higher than any other member states .Likewise, Ireland’s relationship with the UK is deep and is highly expanded. According to the survey held in 2013, Irish firms have invested over €13 billion in the UK with the earnings of more than €800 million which is equivalent to almost 0.5% of GDP. However, Ireland has a small investment compared as to the UK. The UK has invested around €51.2 billion in 2o13 which is nearly equivalent to 30% of Irish GDP. Similarly, financial links between these two countries are powerful. Several international banks in operations which located in Dublin are closely integrated with each other. Also many private equity funds are in operation in and out of Dublin which are in close relation with UK will be forced to take down their business from London as a result of Brexit. Thus the UK and Ireland are instinctive collaborators with each

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