Brexit and United Kingdom Going Forward

A portmanteau of the words “Britain” and “exit,” Brexit refers to the United Kingdom’s split from the European Union, changing its relationship to the bloc on trade, security and migration.

In 2013, former British Prime Minister David Cameron promised a national referendum on whether the UK should leave or remain in the European Union. The referendum was held on Thursday 23 June 2016, and 51.9% of voters chose to leave the bloc to 48.1% who chose to remain. Since then, negotiations have been taking place between the UK and the other EU countries mainly over the "divorce" deal, which sets out exactly how the UK leaves – but not what will happen afterwards. This deal is known as the Withdrawal Agreement.

Why it Matters:

Europe is Britain’s most important export market and its biggest source of foreign investment, and being part of the EU has helped London cement its position as a global financial center. Once Brexit takes effect, this will have potential serious impact on Britain’s economy: some forecasters project that growth will be from 4 to 9 percent less than it would inside the bloc over the next 15 years, depending on how it leaves. Brexit will also impact Britain’s trade links with other countries due to uncertainty over the U.K. economy, exchange rate fluctuations for the pound and the process of adapting to additional laws and regulations. However this is also an opportunity for the UK to shift its focus to the most dynamic region of the global economy and develop ambitious new bilateral trade arrangements with Asian economies.

Admission is complimentary but pre-registration is required. For registration and any other enquiries kindly contact Redford Lee (Mr) @ DID: 6826 3028 / Email: redford.lee@smfederation.org.sg