Abstract :Many studies have been carried out on Brexit’s economic impact on the UK, EU27, the US, and the rest of the world. Depending on the assumption of whether Brexit will be a hard Brexit or a soft Brexit, almost all studies predicted Blows to the economies of the UK and the EU, with a more severe blow to the UK economy. With the Trade Co-operation Agreement signed by the end of the year 2020 and the actual divorce of the UK from the EU with effect from 01-01-2021, the actual effects of Brexit came to reflect in various economic data reported by various national and international agencies. This paper makes an effort to analyse these hard data and examine the Brexit impacts on various sectors. It has also taken clues from the various surveys on the problems faced by businesses on the border, shortage of labour, etc. In February 2023, a protocol on Northern Ireland was finalized which became a part of the EU-UK withdrawal agreement that now ensures that a hard border is avoided for the UK export items on the island. This protocol was agreed upon between the United Kingdom, Northern Ireland (UK), and the European Union (EU) as the final settlement designed to protect Ireland’s economy and Belfast Agreement. The study concludes that the UK has done a relatively good job of managing the inevitable Brexit disruptions, including transitional measures for border softening. In order to achieve the laudable goal of having the best border in the world by the year 2025, the UK will require streamlining the Regulatory Control Systems. The UK has also entered into a Comprehensive Agreement with Trans-Pacific Partnership. But much is still to be done on the Domestic Regulatory Reforms front. Unless the UK uses the coming years to engage in putting in place proper, meaningful, and comprehensive regulatory reforms, the opportunities for Brexit may be wasted.

Keywords : Brexit, Ireland Protocol, UK economy.