The Impact of the Brexit on the Living Standards and Quality of Life in Britain
Research Article
How to Cite
Khesin Y.S. The Impact of the Brexit on the Living Standards and Quality of Life in Britain. Living Standards of the Population in the Regions of Russia. 2020. Vol. 16. No. 2. P. 51-60. DOI: https://doi.org/10.19181/lsprr/2020.16.2.5 (in Russ.).
Abstract
The Object of the Study. Living standards and quality of life of the population in Great Britain. The Subject of the Study. The Brexit. The Purpose of the Study is exposing the impact of the Brexit on the living standards and quality of life in the country. The Main Provisions of the Article. Following a June 2016 referendum on continued European Union membership in which 52% voted to leave and 48% voted to stay the UK government announced the country's withdrawal from the EC (Brexit). In March 2017 it formally began the withdrawal process. The withdrawal was delayed by deadlock in the UK parliament. Having failed to get her agreement with the EC approved, Theresa May resigned as Prime Minister in July 2019 and was succeeded by Boris Johnson, an active supporter of the Brexit. An early general election was then held on 12 December. The Conservatives won a large majority. As a result, the parliament ratified the withdrawal agreement, and the UK formally left the EU on 31 January 2020. This began a transition period that is set to end on 31 December 2020, during which the UK and EU will negotiate their future relationship. The first round of negotiations between London and Brussels began in March 2020. The author investigates the consequences of the withdrawal of Great Britain from the EC on the living standards and quality of life, economic situation, labour market, social policy of the government. in this country. It analyzes on the impact of the Brexit on the major elements of human capital: education, science, health, living conditions, ecology. It found that short-term forecasts of what would happen immediately after the Brexit referendum were too pessimistic. Nowadays it is very difficult to give an accurate estimate of the future effect of the Brexit on cost of living in Great Britain – many essential issues in the relations between the UK and the EC remain open. Besides, the coronavirus crisis and lockdown measures may cause the grave damage to growth and jobs. Much evidence shows that in the medium- and long-term leaving the European Union damage the British economy and thus reduce the UK's real per-capita income level and may adversely affect jobs and earnings, income and wealth, life expectancy, education and skills, academic research, health status, environmental quality and subjective well-being in the UK. Finally, the author analyses the impact on the economic and social life in Great Britain of different Brexit scenarios after the end of the transition period. The consequences will differ sharply depending on whether the UK does a Soft or Hard (no deal) Brexit.
Keywords:
Great Britain, Brexit, the European Union, economy, a labour market, employment, unemployment, inflation, personal income, socioeconomic policy, a coronavirus.
References
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Investitsii v chelovecheski kapital – innovatsionny factor ekonomicheskogo razvitiya – Sovremennaya Evropa, 4-2019. s. 49-59
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Rossiya-Britanniya: ekonomicheskie otnosheniya v usloviyah sanktsii i Breksita – Kontury Globalnyh Tranformatsii. Politika.Ekonomika. Pravo. Tom 12. Nomer 2, 2019.s.164-180.
6. The Сity UK. International Key Facts about the UK as an International Financial Center. Published 18 December 2019.
7. Clean Growth Strategy 2018. GOV.UK. Policy paper. Last updated 16 April 2018.
8. Compact World Atlas. Penguin 2018 Random House. 7th Edition P.149 .
9. Directives for the Negotiation of a New Partnership with the United Kingdom of Great Britain and Northern Ireland. Council of the European Union. Brussels. 25 February 2020.
10. Employment in the UK: 18 February 2020.
11. The Future Relationship with the EU. The UK’s Approach to Negotiations.
Presented to Parliament by the Prime Minister. By Command of Her Majesty.
February 2020.
12. Government announces pay rise for 2.8 million people. From: HM Treasury and others. Updated: 31 December 2019
13. gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses;.bankofengland.co.uk/coronavirus.
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18. 31 million taxpayers are set to get a tax cut in April. HM Treasury. Published 30 January 2020.
19. Health at a Glance 2019 - OECD Indicators - en – OECD. Published November 07, 2019.
20. How much Understanding Money. Charting The Most Powerful Reserve Currencies in the World. 4 September 2019.
21. IMF, World Economic Outlook, October 2019.P.1, 148,155,159,163; Employment in the UK: 18 February 2020.
22. Industrial Strategy: the 5 foundations. Policy paper.27 November 2017.
23. Industrial Strategy: building a Britain fit for the future - GOV.UK. 28 June 2018
24. Labour market economic commentary: February 2020. Office for National Statistics. 18 February 2020.
25. Number of People in Employment. Office for National Statistics. 18 February 2020
26. Spending Review and Autumn Statement 2015. Gov.UK. 25 November 2015.
27. UK and non-UK people in the labour market: February 2019. Office for National Statistics. 19 February 2019.
Article
Received: 08.03.2020
Accepted: 15.06.2020
Citation Formats
Other cite formats:
APA
Khesin, Y. S. (2020). The Impact of the Brexit on the Living Standards and Quality of Life in Britain. Living Standards of the Population in the Regions of Russia, 16(2), 51-60. https://doi.org/10.19181/lsprr/2020.16.2.5
Section
ECONOMIC RESEARCH
