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Economic effects of Brexit

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Added on  2020-12-26

Economic effects of Brexit

   Added on 2020-12-26

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REPORT
Economic effects of Brexit_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
Economic effects of Brexit_2
INTRODUCTIONBrexit is the short way of denoting exit of United Kingdom from European Union. Theterm is the result of merging of the words Britain and exit. England, Wales voted to leave EUwhile Ireland and Scotland voted backed their votes and insisted in staying in EU. EuropeanUnion is the partnership in terms of social and economic aspect amongst 28 European countries.United Kingdom is set to leave the EU on 29th March 2019. The present report will cover theeffects of Brexit on the trade and economy of the United Kingdom. There were many discussionsheld in the UK where the impact Brexit would have upon the business environment of thecountry. The report will also highlight how economic growth of the UK would react post theBrexit event. MAIN BODYEuropean Union is basically an association in which 28 European countries are partners.The association was formed for the purpose of fostering good trade and economic relationsbetween these countries. On 23rd June 2016, in a referendum UK voted in the favour of Brexit.Soon after the declaration by UK of its plan of leaving EU, questions started arising in context ofits impact on the economic relations with countries in the continent. The impact of Brexit on the UK economy is two faced i.e., it has both positive andnegative effects on the economic condition of the United Kingdom. The positive impact on theeconomy would be that leaving EU would help it in creating a competitive economy by whichemployment and high wages would be generated. Belonging to a particular association fordeveloping a single market to exploit does not help countries to achieve economic success interms high economic rate, employment rate, rise in living standards of people etc (Busch andMatthes, 2016). Another advantage UK would have posted the Brexit is the saving of cost in terms ofmembership fees. This is because the country would be part of EU's budgets. In the year 2016,country paid £13.1 billion to the Union in against of which it received £4.5 billion for spending.This extra contribution made by the country would now be saved after leaving the union. Suchbig amount could be used by United Kingdom in its internal affairs such as developing publicutilities, infrastructure etc (Kee and Nicita, 2017). The growth of EU is stagnant and leaving the union would mean relieving itself fromconstant economic condition. Also, the regulation of association would be unveiled from the1
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