Brexit: Impact on UK and EU Economy

Brexit

Contents
INTRODUCTION.................................................................................................................................3
MAIN BODY........................................................................................................................................3
Brief history of European Union........................................................................................................3
Challenges facing the UK as a member of the European Union........................................................4
Impact of Brexit on the UK and other member nations’ economy.....................................................6
CONCLUSION.....................................................................................................................................7
REFERENCES......................................................................................................................................7

INTRODUCTION
Brexit can be describe as the withdrawal of United Kingdom from European Union.
This refer as the British exit decision from the member of European Union. In June 23, 2016
United Kingdom has referendum in order to leave the European Union (Clarke and et.al.,
2017). This decision of British leads to have impact of economy as well as trade services.
This report is based on trade services in United Kingdom and affect of European Union on its
member are also analysed. In this report the overall impact faced by United Kingdom due to
Brexit has been identified. European Union history and background is evaluated properly as
well as different issues and challenges that United Kingdom have to face as a member of
European Union is also identified. Apart part this the major impact of Brexit on United
Kingdom as well as economy of other member nation is determined.
MAIN BODY
Brief history of European Union.
European Union refers as the union or community that is developed with several
member of Europe. This Union is considered as a unified trade or monetary body which
consist of 27 member form different countries. European Union is very effective for
eliminating all control of boarder between the member of Union. This will lead to open the
borders for trade of goods and services between the members of European Union. But this
does not includes import or export of crime and drugs. European Union is very beneficial to
the companies which is manufacturing and selling products in European market area. Due to
European Union products and services can be selling to other country which is a part or
member of European Union without tariffs and duties. European Union lead to provide
permission to the practitioners of most of the services which includes medicine, tourism,
banking, law and other services to operate the activities in all member countries of European
Union. This can be consider as the main reason of airfares, internet and phone calls services
are at lower cost.
The concept of European trade was first established in 1951 and the motive of
developing this Union is to make community of all countries of Europe for their benefits. It
consist of six founding member which are Belgium, France, Italy, Germany, Luxembourg
and Netherlands who are part of European Coal and steel Community (A brief history of EU,