Brexit – An Inquiry into the Socioeconomic Aftereffects from an International and European Perspective

peer reviewedThe withdrawal of the United Kingdom from the European Union (Brexit) has attracted wide scholarly and public attention in the past five years, i.e. since the 2016 referendum when people in the UK voted to leave the EU. This paper provides a fresh outlook on the latest positions of the European Union and the United Nations regarding the socioeconomic and political consequences of Brexit. A special emphasis is put on the ongoing codification initiated by the European Commission in December 2020 to counter the adverse effects of Brexit in the EU Member States by providing them with appropriate allocations to cover financial losses in the area of trade, fisheries, employment, customs and others. Apart from careful examination of the Proposal for a Regulation establishing the Brexit Adjustment Reserve, the paper also investigates a selected number of other provisions regulating Brexit’s direct effects on citizens and economies. Although Brexit is primarily seen as a matter of European provenance, its impact is additionally assessed from the perspective of the international community as a whole. The paper represents legal-dogmatic research which explores current positive law, doctrine, principles and concepts with the aim of obtaining a detailed understanding of the latest legal framework and trends appertaining to Brexit