Business Issues in the Contemporary World

Business Issues in the
Contemporary World
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TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
Brief history of European Union.................................................................................................3
Challenges facing UK as member of European Union................................................................3
Impact of Brexit on UK and other nations economy...................................................................5
CONCLUSION................................................................................................................................7
REFERENCE..................................................................................................................................9
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INTRODUCTION
Business operate in external environment so its function are adversely impacted
therefore it need to plans strategies in order to cope up with such uncertain for smooth operation
of enterprise. Various issues are faced by business of UK due to implementation of Brexit policy
in the country as it has lead to decrease in overall export, consumer income and employment
level within country. This report is about brief history of European Union, different challenges
that are faced by UK as a part of European Union. At last the report has discussed about impact
of Brexit on UK and other member nation countries. The repost has main aim to identify impact
of export good from manufacturing firms.
Brief history of European Union
European Union is formed with main aim to end various bloody and frequent wars
between neighbour countries there they decided to unite European countries politically and
economically for peace. The Union is made up of 27 member states that are located in Europe
thus developed in order to have single market and standardise system of laws that is apply for all
members states. Therefore it can be stated that main aim of formulation of European Union is
free movement of resources such as physical and human resource in the internal market (Bird
and Brown, 2018). It helped in economic growth and enhancement in living standard of people,
availability of sufficient resources and food for each country that are member of union. On
January 1973 United Kingdom has become one of the members of European Union. It has
created EU regional policy in order to create number of employment opportunity and better
infrastructure so that living standard of people can be enhanced (Chen and et.al., 2018). It has
also provided support and helps to member countries in global crises so that they can grow.
Challenges facing UK as member of European Union
There are various challenges that are faced by UK being a part of European Union such
as problem with common policies that have resulted in many discrepancies. Single currencies
and overcrowding due to immigration thus they are the most important challenges that are faced
by UK being a member of EU. Therefore detail description of each challenge that is faced by UK
are as follows:
Ineffective policies: The union takes decision for its interest and protect smaller member
countries therefore it have caused difficult for large countries such as UK. It has also taken some
of the power, responsibilities form individual country that lead to removal of control over
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