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How Brexit will affect trade, business, education... and your job

06 July, 2016

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Date of Publication: 06 July, 2016
On june 23, 2016 Britain has voted to leave the European Union. The surprising 52% of "leave" votes will likely trigger important consequences for business, trade and politics alike. Such unprecedented circumstances are expected to shake up some industries - and benefit others - as well as to influence the fabric of job markets.

Some will lose...

As part of the European Union, the United Kigdom benefited from easy access to the european market and free movement of labour. Since this is likely to change, industries that rely largely on trade with the EU - such as the automotive sector - will be affected the most. Foreign firms with UK branches will scale down their activity - especially the big non-EU players, so far using Britain as a trade bridgehead to carry on Europe-wide business.

 

...and some will win. 


On the contrary, the end of european regulations will help sectors such as fishing - held in so far by the Common Fisheries Policy - and the renewable energy market. According to some analysts, high-end manufacturing is expected to flourish as well.

 

Searching for a job will be different

As a result of new border regulations, restricted freedom of movement will make job hunting in the United Kingdom a lot harder for EU Citizens. 
And though a reduced influx of foreign graduates could result in UK firms calling in more British talent, many European hires nowadays deal with minimum wage work: that's where employment opportunities for Britons will open, should immigration policies become more strict.

 

Qualifying for a job will be, too.


Higher education is very likely to be affected by Brexit, mainly for financial reasons. British students that couldn’t afford UK tuition fees were used to easy access to cheaper European universities: getting visas may now become harder and new costs could add up in the future. Universities themselves won’t have access to European research funds anymore, and are expected to both lose students (EU citizens currently make up 5% of students at UK universities) and see foreign academics look for new assignments back in the EU.

 

Will the United Kingdom remain united?

The vote surely brought up issues and divergences among the UK population. Scotland, North Ireland and London, where the majority voted to remain in the EU are now considering to leave the UK. The young Remainers all over the Country are angry with their eldest Leavers, in what seems like a new twist of the classic generations-clash.

 

Predicting the actual effects of Brexit is no easy task, at least before new agreements are in place. Utter isolation is highly unlikely: there are different possible scenarios, from unilateral free trade accords to a Switzerland-like status. There is no historical precedent to this. For the next two years, the world will have to wait and see - and many believe that the market will find a way.

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