As Brexit is unfolding, it is becoming increasingly difficult for the UK to maintain harmonious relationships with European economies. By choosing to say goodbye to the Eurozone, Britain is now in a fix. It must create new diplomatic and trade relations with all Euro members separately and even try to create a better position for itself in UK-US relationships. With a hung parliament that came after the disastrous snap elections, Theresa May has landed more headache.
What Does the UK Need?
As the UK tries to find a place in the world, separate from the Eurozone, the road ahead will be tough for Ms. May. The first thing here is to ensure that Britain gets single market access, which seems very unlikely at this point. A single market is one of the biggest advantages that the euro nations enjoy. Getting out of euro makes the UK lose access to this market. Hence, May will likely have to negotiate a better deal for the country. It will have to ensure that it gets a similar deal from Euro which will be quite a tough task.
May has to work twice as hard to bring a real negotiation to the UK. She has previously said, “We stand at a historical moment of change for our country. The decision people take next week a decision not just for the next five years but beyond those next five years, regarding the opportunities that will be available for us.”
What Do Britons Feel About Theresa May’s Next Step?
Business executives feel excluded from the Brexit decision-making process. Britain looks stunned with the consequences of Brexit. Even farmers, who were once the biggest pro-Brexiteers, now look disoriented because of the Brexit results. It is quite likely that problems with trade will continue to bring more troubles for the UK. Imports and exports will be a major challenge for the nations and farmers will be equally affected. Big businesses are getting affected because of a smaller number of applications from Euro citizens. Major financial analysts have suggested that Britain will have a tough time with employment.
Theresa May has previously stated that she does not understand the frustration related to Brexit. The political impact of Brexit is not understood by many. There is a looming threat of political vandalism in Britain. Theresa May has to manage a difficult home front before she thinks about negotiations with Britain. She famously said that no deal is better than a bad deal. Considering the current political situation, Britain has unleashed a monster that the economy will have a hard time taming.