Brexit is withdrawal of UK

Added on - 21 Feb 2021

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BREXIT
Table of ContentsINTRODUCTION...........................................................................................................................1Section A..........................................................................................................................................1Summary.....................................................................................................................................1Section B..........................................................................................................................................1CONCLUSION...............................................................................................................................3REFERENCES................................................................................................................................4Books and Journals.....................................................................................................................4Online..........................................................................................................................................4
INTRODUCTIONBrexit is withdrawal of UK from The European Union. Brexit is the word used for defining theexit of the UK from the European Union. As on the 23 June 2016 with the 51.9 percent ofmember was supported to leave the EU, which has invokedArticle 50 of treaty. The processwhich was started in the year 2016 was ended in the year 2019 and the UK was officially exitfrom the EU(Colantone and Stanig, 2018).Section ASummaryThe article was taken to study about the global issue that was occurred due to Brexit thatis UK leaving European Union and how the British economy shrinks. The article describe howBrexit caused economic downfall in various sectors such as Manufacturing, agriculture andconstruction sectors. According to the report only service sector has showed a upward movementduring Brexit. The view point of the writer, Kevin Granville has been critically analysed and theinterpretation has been described in the report. Further in the report I have summarized myopinion that whether I agree with the writer's point of view or not.Section BAccording to the writer's point of view the British economy faced a downfall in the 2ndquarter over Brexit and lead to slowing global growth. Office of National Statistics analysed theeffects of Brexit and evaluated that the economy fell by 0.2 percent during the first three monthsduration that ended in June. Brexit caused a drop in the economic growth of Britain that it wasenjoying since the last 25 quarters. The analysts has expected growth to be constant for the firstquarter. I agree with the writer's point of view that it has affected the British economy as I havestudied same in the articleSchoenmaker (2017). The pound which was already falling formonths started falling with a heavy rate that was below $1.21. The economy faced crises acrossthe Britain's manufacturing, construction and agriculture industries. There was only one sectorthat is service sector that showed a slight growth. The figures show that how British businesseshave been cutted off as the Britain withdraw from the European Union. In the early year, whenBrexit was about to come in March 29, the businesses thought that they are separating so theprices will go down and people will purchase more, so in order to fulfil the demands thecompanies produce more and so the GDP increased for the first quarter by 0.5 percent.1
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