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Leaving decision of UK to EU

   

Added on  2021-02-21

6 Pages1247 Words37 Views
BREXIT (Good and badthings about it when itcomes to business)

Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4

INTRODUCTIONBREXIT is a word form for “Brexit exit”, that refers to the decision of United Kingdomto leave the European Union that has been taken on 23rd June 2016. The decision affects the boththe region negatively and positively. The present study is going to discuss the advantages anddisadvantages of Brexit in terms of business.MAIN BODYLeaving decision of UK to EU will undoubtedly be disruptive force for the businessesand especially for the small businesses. UK has been considered as one of the best countries tostart an organisation that could change because of unknown effects Brexit could bring. Followingare some advantages and disadvantages of Brexit in terms of business. The impact of Brexit onUK businesses will depend on the whole scenario emerges from the negotiation between UK andEU.AdvantagesAccording to an analysis contribution of UK to European Union Budget is £13.5 billionand the net contribution of UK is amounted to around £8.6 billion every year. The decision ofBrexit is beneficial for the UK government as the decision make them free from contributing.Along with it, (Koch, 2016) mentioned that this brings an opportunity for UK to explore freetrade with other countries like China that provide them more opportunity to expand the business.Devaluation of pound on 24th June 2016 had fallen to the lowest level since below $1.35 thatbrings a number of advantages for the business owners of tour and travel agencies. Weakenedpound could bring advantages for the hospitality sector by enhancing tourism. According to(Gartzou-Katsouyanni and et. al., 2018) superlative weakening means world will get morepounds for their currency that in turn will make the UK cheaper destination for people that isnew consumers to visit. Along with it, it is also beneficial for the exporter, for example; Barley,second largest arable export in UK attract tariffs of around 50% of the current market price. Theforeign holidays are expected to be more expensive and passport control processes are expectedto become more complex.(Driffield and Karoglou, 2019) have argued that back on Brexit, the UK may introduce apoint-based entry system that result in higher quality candidates coming to the UK. It has beenstated by the CEO of retail business sector like John Lewis and Sainsbury that after the Brexit1

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