Since the Eurozone crisis nearly a decade ago, the dysfunction of European governments has long been a point of contention for the United Kingdom. Even as it's Mediterranean partners; Greece, Spain and Portugal descended into a depression, most European leaders seemed indecisive and undecided on a suitable course of action. Now with more than 2 million people infected by the COVID-19 virus and global economies being brought to a virtual standstill, the world stands on the cusp of an economic crisis that could rival that of the Great Depression.
The speed at which the virus was able to infect victims is unlike anything the world has ever seen. Consequently, many have drawn comparisons to the Spanish Flu of 1918 that killed an estimated 500 million people - about a quarter of the world's population at that time. Hence with the COVID-19 pandemic showing no signs of abating anytime soon, many are asking the question, what would a post-pandemic Brexit Britain look like?
Stricter Border Controls
It is no surprise that immigration issues have long been a contentious issue for pro-leavers who have often decried the lack of control that Britain has over her own borders. Under the EU agreement, member countries do not have a right to reject the entry of citizens from under EU states.
Central Europe has often been a popular destination for refugees seeking asylum with many being welcomed with open arms by countries such as Germany. Unfortunately, the deluge of immigrants into Europe has resulted in an overflow with Britain accepting more than their fair share of travelers. From ghettos separated along racial and religious lines and abuses of the National Healthcare System (NHS), immigration has long been a point of contention for pro-Brexiteers. Thus in a post-Brexit world, chances are significantly tighter border controls are to be expected with limited immigration.
Far from being xenophobic, this new policy is targeting towards skilled immigrants who will be able to add value into the economy.
Increased Homegrown Business
The formation of the European Union facilitated the flow of goods and services across the borders of all member states with little-to-no friction. Now with Brexit on the cards, supporters for Britain to remain in the EU have raised concerns about the potential loss of business.
Negotiations led by Prime Minister Boris Johnson have focused on the EU allowing Britain some ease of access into European nations ala Canada's arrangement with the United States. Regardless of how things work out, goods and services entering Britain will likely be hit with a variety of tariffs. While the EU's economy may be the largest in the world, the COVID-19 pandemic has brought everything to a shrieking halt with negative economic growth forecasted. This could in fact be a blessing in disguise for Britain as it presents an opportune moment for her to refocus her efforts on reaching out to the world at large. Building upon that opportunity, homegrown businesses can take advantage of this situation and the lack of required EU regulation to expand their foothold. This along with the stimulus injected into the economy should get things started nicely.
Greater Opportunities and Innovation
As many experts have been quoted saying, the aftermath of the COVID-19 pandemic is set to bring about a recession that could possibly be worse than that of The Great Depression from almost a century ago. British businesses have often been heavily reliant on imported low-skilled labourers from Eastern European nations such as Poland and Bulgaria due to the lax border controls between EU states. With Britain leaving the European Union and stricter controls on entry, business owners may soon find themselves short on talent. This deficit while insufficient can significantly offset the spike in unemployment caused by the COVID-19 recession.
While the future may as uncertain as the odds for the Kentucky Derby, with everything that is going around, Brexit could perhaps be a chance for the British economy. However, it is necessary that everyone is on board with the post-EU plan and England shall rise again.