Deciphering the Economic Impact of Brexit

Citizens are still reeling from Britain’s decision to leave the EU. The Department for Exiting the European Union, formed in the wake of Brexit, will be responsible for creating a smooth transition for the major change. The department’s committee has been tasked with studying the potential effects of leaving the EU, including the economics and free trading arrangements between Britain and the European market.

The Department for Exiting the European Union is being headed by four ministers. David Davis is the Secretary of State, responsible for overseeing the withdrawal negotiations of the exit. Then there’s Lord Callanan, the Minister of State, in charge of business affairs. Steve Baker is the Parliamentary Under-Secretary of State; he will be focusing on policy and strategy in preparation for the exit. Robin Walker is another Parliamentary Under-Secretary of State; he will be focusing on the UK’s future relationship with the EU in matters of migration and security. There is also the Permanent Secretary, Philip Rycroft, who replaced Oliver Robbins in October 2017.

British citizens are worried about the deep and complex relationship that Britain has with the EU. Some industries are expected to be negatively impacted by the UK’s decision to withdraw, notably the automotive sector. Overall 58 sectors will be analyzed. The status reports will provide details on how each sector contributes to the EU and vice versa.