Brexit. ‌‌‍‌‌‌History and Impact to Date. Communications & Media Essay (Essay Sample)

Brexit
Student’s Name
Institutional Affiliation
Brexit
Introduction
The UK's exit from the EU marks a shift in the economic relationship between the country and the bloc (Institute For Government [IFG], 2018). The United Kingdom will move away from close integration and cooperation with its closest neighbors but may reopen the chance to negotiate trade agreements directly with non-EU nations. The frenzied political atmosphere surrounding Brexit means it's crucial for politicians and interested audience members to understand how to interpret the projections made about Brexit's economic impact, what economists do and don't know, and why distinct analysis has come up with seemingly very different responses (IFG, 2018). Without proper knowledge of how to interpret these numbers, any assessment released by the government risks being rejected as partial and biased by either side rather than being analyzed and criticized soberly (IFG, 2018). This article describes the background and effect of Brexit to date, as well as lessons learned from past breakups. It also describes the current and future effect of the Brexit on cross-border trading, the UK economy, and business. Also, it explains the impact of cryptocurrencies on Brexit.
‌‌‍‌‌‌‍History and Impact to Date
The European Economic Community (EEC) was established in 1957 as the predecessor of the present-day European Union (Pruitt, 2017). Margaret Thatcher, UK Prime Minister in 1987 argued the British payment to the EEC budget was unfair. Farm subsidies made up some 70 percent of the EEC budget yet the UK had a significantly smaller number of farms compared to other members (Pruitt, 2017). In response, the EEC offered the UK farm rebates which are still in place today.
The European Union (EU) was created in 1993, headquartered in Brussels, Belgium.
The EU was intended to incorporate the countries of Europe politically and economically, including a united foreign policy, common citizenship rights, and (for most member countries, not including the UK) a single currency, the euro (Pruitt, 2017). In the 90’s EU temporarily banned British beef (Pruitt, 2017). In 2000, Britain was finally allowed to sell its chocolate to the rest of Europe by the European Court of Justice (Pruitt, 2017).