Analysis on the Overall Effects of Brexit
- DOI
- 10.2991/assehr.k.220105.281How to use a DOI?
- Keywords
- Brexit; Article 50 of the Treaty of Lisbon; Effect of the Brexit; United Kingdom; SME (Small and Medium Enterprises)
- Abstract
Any member state of the European Union can have a right to leave the union based on the withdrawal agreement presented in Article 50 of the Treaty of Lisbon. The United Kingdom in 2016 successfully held a referendum in 2016 to leave the European Union, which came to be popularly known as Brexit. Small and Medium-sized Enteprises form the background of the UK’s economy. Over 90% of the 57 million businesses in the UK as of 2017 are SMEs. With the Brexit underway, some of the SME owner fear that the imminent changes may drastically affect the operation of SMEs. Although this may be true, the Mc Kinsey Co advises SMEs on way to overcome challenges presents by Brexit and how to leverage the opportunities Brexit presents. Some of the areas that may be negatively affected by Brexit imposition of export tax on UK goods. Brexit will likely have a significant impact on businesses in both the EU and the UK. However, most academic literature only focus on the effect of Brexit on large companies. This paper therefore outlines in detail the Brexit process and the impact of the withdrawal on small and medium size enterprises (SMEs). This paper seeks to explore two questions; the effect of Brexit on SMEs and what SMEs should to do overcome the negative effects on Brexit.
- Copyright
- © 2022 The Authors. Published by Atlantis Press SARL.
- Open Access
- This is an open access article under the CC BY-NC license.
Cite this article
TY - CONF AU - Jiaqi Gao PY - 2022 DA - 2022/01/17 TI - Analysis on the Overall Effects of Brexit BT - Proceedings of the 2021 International Conference on Social Development and Media Communication (SDMC 2021) PB - Atlantis Press SP - 1525 EP - 1529 SN - 2352-5398 UR - https://doi.org/10.2991/assehr.k.220105.281 DO - 10.2991/assehr.k.220105.281 ID - Gao2022 ER -