The Impact of the Brexit on the Living Standards and Quality of Life in Britain

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.