Business as usual?: Unraveling the impact of Brexit on UK‐EU business links

Zovanga Kone; Feicheng Wang; Zheng Wang; Zhuo Zhou

doi:10.1111/coep.12662

Business as usual? Unraveling the impact of Brexit on UK‐EU business links

Zovanga Kone, Feicheng Wang, Zheng Wang (Lead / Corresponding author), Zhuo Zhou

Business Office

Research output: Contribution to journal › Article › peer-review

22 Downloads (Pure)

Abstract

We present the first systematic evidence on the impact of Brexit on the business links between the United Kingdom (UK) and the European Union (EU) through the lens of international visits. We find important asymmetry in the direction of changes in business visits between the two regions following the referendum. Specifically, we observe a significant drop in EU-to-UK trips, while UK-to-EU trips increased noticeably after the vote. These results support the claim that Brexit has made the UK less attractive to EU businesses, but also reveal that UK businesses are investing more in their relationships with EU partners to offset the uncertainty.

Original language	English
Journal	Contemporary Economic Policy
Early online date	30 Jul 2024
DOIs	https://doi.org/10.1111/coep.12662
Publication status	E-pub ahead of print - 30 Jul 2024

Keywords

Brexit
business travel
international visits
uncertainty

ASJC Scopus subject areas

Economics, Econometrics and Finance(all)

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1111/coep.12662Licence: CC BY

Final Published Version Final published version, 2.05 MBLicence: CC BY

British Academy Small Research Grant
Wang, Z. (Recipient)
31 Aug 2020 → 22 Mar 2024
Activity: Other activity types › Funding - grants and income which support research related activities

Cite this

@article{ed4669de9eb1462586a32f1312580666,

title = "Business as usual?: Unraveling the impact of Brexit on UK‐EU business links",

abstract = "We present the first systematic evidence on the impact of Brexit on the business links between the United Kingdom (UK) and the European Union (EU) through the lens of international visits. We find important asymmetry in the direction of changes in business visits between the two regions following the referendum. Specifically, we observe a significant drop in EU-to-UK trips, while UK-to-EU trips increased noticeably after the vote. These results support the claim that Brexit has made the UK less attractive to EU businesses, but also reveal that UK businesses are investing more in their relationships with EU partners to offset the uncertainty.",

keywords = "Brexit, business travel, international visits, uncertainty",

author = "Zovanga Kone and Feicheng Wang and Zheng Wang and Zhuo Zhou",

year = "2024",

month = jul,

day = "30",

doi = "10.1111/coep.12662",

language = "English",

}

TY - JOUR

T1 - Business as usual?

T2 - Unraveling the impact of Brexit on UK‐EU business links

AU - Kone, Zovanga

AU - Wang, Feicheng

AU - Wang, Zheng

AU - Zhou, Zhuo

PY - 2024/7/30

Y1 - 2024/7/30

N2 - We present the first systematic evidence on the impact of Brexit on the business links between the United Kingdom (UK) and the European Union (EU) through the lens of international visits. We find important asymmetry in the direction of changes in business visits between the two regions following the referendum. Specifically, we observe a significant drop in EU-to-UK trips, while UK-to-EU trips increased noticeably after the vote. These results support the claim that Brexit has made the UK less attractive to EU businesses, but also reveal that UK businesses are investing more in their relationships with EU partners to offset the uncertainty.

AB - We present the first systematic evidence on the impact of Brexit on the business links between the United Kingdom (UK) and the European Union (EU) through the lens of international visits. We find important asymmetry in the direction of changes in business visits between the two regions following the referendum. Specifically, we observe a significant drop in EU-to-UK trips, while UK-to-EU trips increased noticeably after the vote. These results support the claim that Brexit has made the UK less attractive to EU businesses, but also reveal that UK businesses are investing more in their relationships with EU partners to offset the uncertainty.

KW - Brexit

KW - business travel

KW - international visits

KW - uncertainty

U2 - 10.1111/coep.12662

DO - 10.1111/coep.12662

M3 - Article

SN - 1465-7287

JO - Contemporary Economic Policy

JF - Contemporary Economic Policy

ER -