single market. Furthermore, the relationship which both EU and UK seek to have would be based on intergovernmental form of collaboration. This means there will no legal rights of free movements in the labour sector but through a controlled labour mobility plus a contribution to the EU budget. The main purpose of such proposal is to continue the cooperation on matters of common interest. Talking in an interview to The Guardian, Theresa May stated:

“The future framework for our relation with the European Union clearly identifies that we will have an independent trade policy and we will be able to do negotiable trade deals with countries around the rest of the world”(BBC,2016).

One of the biggest worry for EU is the effect of Brexit upon its pharmaceutical industry. European Medicines Agency (EMA) which was based in London since its foundation in 1995, will have to relocate there headquarter from London to any other 27 remaining member states of the EU. EMA which runs the EU centralized system for approving new medicines and also act as a regulatory body of national competence authorities (NCA) and is also responsible for licensing and regulating drugs in each member state. However, the EU was hoping to minimize the threat by slowing down the transfer process over a phased transition period of few years along with the gradual withdrawal of UK from the EU which supposed to start from March, 2019. In this way UK would have continued to assist the agency’s operations and also would help in publishing the key documents such as guidelines. Unfortunately, the agency plans to relocate the headquarters quickly which will result in the complete break between EU and UK in March, 2019. Countries such as Denmark, France, Italy and Spain has shown their interest in order to host the EMA headquarters.

Although, Brexit will lead to a substantial negative effect for UK, Theresa May is making sure that her government assures to introduce lower cooperate tariffs rate in order to keep the flow of the investment coming and also adopting a new strategy of banking deregulation in 2019. The major problem for the UK is to secure British people’s obdurate social and economic rights. The module of European charter of fundamental rights can be adopted and kept in UK which could assure the protection for all the British people and those who are living within the United Kingdom. The signed document of European Convention of Human Rights since 1990 has been in the statue book of UK in order to protect and secure people’s right whether they are at home, office or fighting against discrimination or fair. UK should not just dwell on focusing at the ideological vision but should also give priority to its ordinary people. Therefore, UK needs to build some sort of rational or cogent frame of system which could work for both EU and UK and could act as an economic bridge. In future, the economic consequences will be measured by the policies made by UK depending