BREXIT – a new era of two Great Powers

After almost fifty years (since 1973) Great Britain made a big step in a very new direction of its modern history, when in February 1st this year have officially left the biggest market association in the world – The European Union. Always specific relationship between ´old continent´ and ´the islanders´ has factually ended up already in 2016, when Great Britain brought to all the world a great surprise: Result of the referendum, approving that 52 perent of the Britons wish to leave the European Union!

17, 4 million of inhabitants thus countervoteed the rest of 16 million and designed by this decision a very new era of once the most powerful country in the world. Britons have justified their desire to leave EU with arguments, that they don´t wish anymore to pay too big amount of money to European budget, they also didn´t like too bureaucratic style of their once European house and were against continued inflow of people from other countries, taking jobs and possibilities for the natives.    

UK by this referendum has become the first state in history to abandon union of 28 countries, which today allows to its members space of free trade, movement of the goods without extra charges and also possibility for people to live and work in whichever state of the European Union.  Which of these conditions will change, what of the advantages will remain the same, how it will influence business and overall relationships between Britain and European countries? It is so far not so clear and known, as these months both sides are still in so called transition period of many negotiations which in the end will create the new regulations between the countries. Intense dealings and talks on all the levels should continue till December 2020, which should bring official new agreement, adjusting interstate relationships between Britain and European states.

 Till then for Britain and also rest of the European Union hasn´t change a lot, except of the condition, that Great Britain can´t partake anymore in creating of official norms and standards of EU. As for the British Slovakian relationships, so far are still in force the same laws, which means Britons can settle a residence in Slovakia without any problems and also there are good possibilities for them to launch a business here. For the whole process of obtaining residence in Slovakia and to run a successful company here, we are offering our rich experiences in this branch and we will provide you our services on the highest level in every part of the process.

In these months Slovak and British representatives are in a phase of intense negotiations, which should lead to a possibly the best opportunities for both people from Britain and Slovakia, regarding living and also business conditions. One of the clear and proclaimed aims of both sides is a mutual custom and tariff free space between our two countries. Meanwhile are in progress important discussions about all the market and business details of the two future partners. Especially for Great Britain is crucial to lead the negotiations in directions so as the result will not become high tariffs on UK goods, importing to EU and Britain will not have to face other unpleasant trade barriers. Aside from the business questions, there remain still many other aspect to resolve, for example: law enforcement, data sharing and security, aviation standards, access to fishing waters, supplies of electricity and gas, licensing and regulation of medicines etc…

Important to mention is that it is prime minister Boris Johnson who insists that the transition period will not be extended, although the European Commission has warned already that the timetable will be extremely challenging, if both sides want to reach the best conditions for all. One fact is sure already today: in a course of some months Great Britain no more will be the part of toady the biggest existing economic block of states. The European market of 450 million of people so will challenge the British, and apparently smaller market of 60 million of people. What will look like the future and if we will become more partners than rivals, the next month’s reveal…