ASSUMPTION COLLEGE

SAN LORENZO
MAKATI CITY

BREXIT: BRITAIN EXIT

NEWS REPORT
OF THE REQUIREMENT FOR THE SUBJECT
LAW100 – BUSINESS LAW

SUBMITTED BY:
ISAAC, PATRICIA CLAIRE G.

2/26/2020
I. FACTS

- The UK voted to leave the European Union on June 23 rd 2016 by a majority of 51.9 to
48.1 per cent, with a turnout of just under 72 per cent. This set the UK on course to leave
the EU, but left all the details of its exit still to be decided. The timetable was set the
following March 29th, when British prime minister Theresa May took the formal step,
required under EU law to start the exit process, of triggering Article 50 of the Lisbon
Treaty. Under the two-year process the UK was due to leave the EU on March 29 th, 2019
but that date was postponed after a meeting of the European Council until October 31st,
2019. However, the UK can leave earlier if it ratifies the Brexit withdrawal agreement
before that. The talks between the UK and EU started in June 2017 and focused on the
details of the UK’s withdrawal, which must be set down in a formal, legal agreement.
Outline agreement was reached on what the UK will pay the EU after departure – the so-
called exit bill or divorce bill – and on the mutual recognition of the rights of UK citizens
in the EU and EU citizens in the UK.

II. BACKGROUND

- A blend of “Britain” and “exit”, the word was coined by former lawyer Peter Wilding
four years before the vote for the UK to leave the EU took place. The EU, built on the
ruins of World War Two to integrate economic power and end centuries of European
bloodshed, is now a group of 28 countries which trade and allow their citizens to move
between nations to live and work. In the June 23, 2016 referendum, 52 percent of British
voters backed leaving while 48 percent voted to remain in the bloc. Prime Minister David
Cameron, who called the referendum, resigned immediately afterwards. In November
2018, agreement was also reached on a backstop for the Irish border, a way to provide a
guarantee that there be no hard border on the island of Ireland no matter what future trade
arrangements are agreed between the EU and UK. This cleared the way for a draft
withdrawal agreement and final talks on a political declaration outlining the principles for
future negotiations. This draft needs to be ratified politically by both sides. The process
was subsequently thrown into crisis after Theresa May failed on a number of occasions to
secure support from the House of Commons for her deal.
III. ANALYSIS

1. Who are the Key Players?

a. United Kingdom
b. Europe

2. What were their intensions?

a. United Kingdom - The UK was a key resource for the EU in the fields of remote
issues and resistance given that the UK was (with France) one of the EU's two
significant military powers, and has noteworthy insight abilities, delicate force and an
expansive strategic system. Without the UK, EU international strategy could be less
persuasive. The US considered to be as a scaffold between the US and Europe, and
the UK adjusted the EU positions to the US and give harder reactions to Russia.
b. Europe - After Brexit, the EU would turn into UK's greatest exchanging accomplice,
and the UK will turn into EU's third greatest exchanging accomplice after the United
States and China. After Brexit, the UK and the EU would turn out to be each other's
greatest exchanging accomplice however some part states, outstandingly Belgium,
Cyprus, Ireland, Germany and the Netherlands, are progressively presented to a
Brexit-instigated financial stun. The economy of the Republic of Ireland is especially
delicate because of its regular land outskirt with the United Kingdom and its nearby
agribusiness combination with Northern Ireland.

3. What is the effect/impact of their actions?

a. Global – Many other countries may see a blast within the economy at the expense of
the United Kingdom’s declining economy. A huge part of their declining economy is
an aftereffect of the value of the pound dropping essentially, and without the
European Union; Britain has since lost its AAA FICO assessment. The fate of the
Britain's economy is dubious, however not looking splendid. They will never again be
in connection with the 27 different nations that can help their economy, and loan
them cash at whatever point it is required. Starting at now, the UK will in all
 probability attempt to arrange an understanding that permits them access to the
European Union's single market without levy boundaries. They call this the Norway
alternative since it is a similar arrangement that Norway has with the Union, despite
the fact that they were never separated of it.
b. Regional (ASEAN) - The North East, West Midlands, Northern Ireland and North
West are anticipated to be hardest hit. There is a solid cover with the locales where
expectations for everyday comforts have just been most pressed by swelling. Bigger
anticipated consequences for provincial development result from a higher reliance on
sends out in the territorial economy and a more noteworthy presentation to an
adjustment in exchange hindrances because of the local piece of products and
enterprises for trade.
c. National (Philippines) - Similarly as with other universal occasions, the vulnerability
of what might occur next prompted unexpected dunks and changes in capital streams
in the securities exchange. In any case, those were transient impacts that in the long
run leveled out. Direct presentation of the Philippines to the UK economy is generally
low. The UK-Philippines relationship as far as fares and imports of product is
additionally little in examination with the Philippines and different nations',
representing just short of what one percent of all out fares and imports from 2010-
2015. The impacts of Brexit on the Philippine economy appear to be at the very least.
IHS Markit Chief Economist for Asia Pacific Rajit Biswas said that the Philippines
has really diminished its exchange reliance on Europe, much the same as other Asian
nations have in the course of recent years. Truth be told, the intra-Asian exchange
blast in the course of the most recent decade is probably going to pad the Philippines'
economy and shield it from the most exceedingly terrible of the impacts of Brexit.
d. Local - Most concerns with respect to the travel industry and the Philippines and the
United Kingdom post-Brexit are focused on accomplishing visas for Philippine
identification holders. This may imply that Philippine voyagers should get ready for
an alternate arrangement of necessities for a UK visa once the UK leaves the
European Union for good. Brexit has prompted a debilitating of the British pound,
which might be useful to Philippine sightseers as it permits Filipinos somewhat more
breathing room in their financial limit.