Emphasis on Withdrawal of UK from European Union

Added on -2020-02-14

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RESEARCHPROJECT 1
TABLE OF CONTENTSINTRODUCTION ...............................................................................................................................3LITERATURE REVIEW.....................................................................................................................6RESEARCH METHODOLOGY.........................................................................................................8Introduction......................................................................................................................................8Research philosophy........................................................................................................................8Research Design.............................................................................................................................9Research Approach..........................................................................................................................9Data analysis..................................................................................................................................10CHAPTER 4: DATA ANALYSIS.......................................................................................................11References..........................................................................................................................................192
INTRODUCTION The European Union (EU) is a political economic union of 28 member states that aresituated mainly in Europe. The EU have authority to frame various policies and frameworks for thewelfare of the member state. It further have developed single market through a standardized systemof law that is applicable in all associate states. The regulations of European union objective is toassure the unrestricted movement of goods, services and capital within the intrinsic market. The EUassure common policies of trade and commerce (Taylor, Bogdan and DeVault,2015). The membernations of European Union are, UK, Austria, Belgium,Croatia, Republic of Bulgaria, Germany,Denmark, Estonia, Finland, Cyprus, Czech Republic, Greece, Slovenia, Spain, Hungary, Ireland,Malta, Netherlands, Italy, Latvia, Lithuania, Luxembourg, Poland, Portugal, Romania, Slovakia,Sweden and the France. These member states are required to agree unanimously to accept andfollow the policies of EU related with international trade, defence etc. The Britain became part of the European Economic Community on 1 January 1973.Recently, in June 2016 the United Kingdom voted to leave the EU in a advisory referendum. In thisrespect, 52% voted in favour of UK decision to leave EU. The main concern begin taking thisdecision was the nations aim to reshape the place of UK in the globe. In addition to this,commonpublic voted because they feel they are loosing the grip over the nation. There are manyimplications of the decision taken by UK to leave the European Union such as disturbance andfluctuation in economic, social and political factors. Due to the UK exit from EU , the stock marketwas crashed, fall in British Pound, David Cameron the British prime minister has decided to leaveEU. Not only UK, but many of the other nations will face the consequences of this withdrawal. Thepresent study will emphasis on whether the withdrawal of UK from European Union is a rightdecision. Aim: To ascertain the impact of UK decision to leave from European Union. Objective: To analyse the case of United Kingdom withdrawal from EU. To identify the implication of withdrawal of UK from EU on the economy of UK.To identify the implication of withdrawal of UK on member countries of EUTo determine whether the decision of withdrawal of UK from the European Union a rightdecision.Research Question:What is the impact of withdrawal of United Nations on the European Union?Does the withdrawal of UK from the European Union the right decision?3
In order to attain the objective of the research and conduct the appropriate study, theresearcher has taken wide range of topic under consideration. Such as, influence of EU on memberstates, reason for UK leaving the European Union, impact of this decision on the member state etc.Out of various topic, scholar has preferred to carry out study on the withdrawal of UK from the EUa right decision. In order to select the present research project, there are many factors that are taken intoconsideration. Since, decision of withdrawal of UK from European Union is the main issue atpresent. The decision of UK is not only affecting the EU nations but also different emergingnations. The UK was associated with European Union for more than 40 years. This alliance providenumerous exposure to nation such as,common market, free trade across the member nation,openness to other markets fair competition as result of EU policies etc (Mackey and Gass, 2015).In addition to this aspect, due to single European market, the competition was accelerative whichfurther stimulated the British entities to enhance their creativity level. The alliance of EU and UKhelped Britain in improving the economy. Late in 1976, UK joined European Union was mainlydue to prevent the threat of political isolation. In addition to this aspect,country was not able toprevent its economic decline and thus it joined the European Union. However, there are somedisadvantages also that were faced by UK by being a part of European Union. Since , theintegration of EU and UK open to the world (Brocke and Müller, 2013). However, this opennesswas not beneficial as during the period of global financial crisis, the country found itself open tobad foreign assets held by nationalised banks. Therefore, there are various factors that detail out thethe different impact of membership of European union and UK. The growing concern amongindividual about the exit of UK from the EU and its impact on their working practices is widening.The researcher in present study will try to provide understanding about the case of UK withdrawalfrom European Union. Further, clear understanding will be shown about the impact of UK exit fromEU on other member state. The in-depth knowledge can be obtained from the study of withdrawalof United Kingdom from European market (Ottaviano, Pessoa, Sampson and Van Reenen, 2014)The current study is going to focus on whether the withdrawal of UK from European Unionappropriate or not. Description regrading the same are mentioned below as: Title of the study- Is the withdrawal of United Kingdom from European Union a right decision?Introduction- At present, the alarming issue is the impact of separation of UK from the EuropeanUnion. The consequence of this decision were directly witnessed after the results of votes were out.The investors around the global stock market lost more than the equal of 2 trillion US dollars. By 27June, there was market loss amounted to 3 trillion Us dollars. In addition to this, market worth ofthe pound sterling against the US dollar was also reduced. 4
Research aim and objectives- The key aim behind conducting this investigation is to assess theimpact of UK decision to leave from European Union. On the basis of it will be determined whetherthe it was correct decision or not. The objective of the study is to assess the impact of UK decisionto withdraw from European Union on the other member states as well as it own country (Oliver,2015). Literature review- This sections highlight the work or research which has been carried out by otherresearch and is related to the topic under investigation. Critical review of the work of other scholaris carried out in this section. Research methodology- This chapter reflects the tools and techniques which are used by researcherto conduct the entire study. Here, inductive research approach and interpretivism philosophy willbe used. Both primary and secondary sources of data collection will be taken into consideration(Moloney, 2016). Findings and analysis- This section will cover the analysis of raw information collected fromvarious sources. Along with this, it will also highlight the key findings which has been obtained bythe researcher. Conclusion and recommendation- On the basis of carried out entire research, a valid conclusion isdrawn by scholar and recommendations are provided for future improvements. 5
LITERATURE REVIEWAccording to the views of Ruparel and Swidlicki, ( 2015) in the present scenario UK hasshown its intention to leave the European Union as outcome or referendum where around 52%Britons voted to leave the EU. The separation is complex process that will result into variousmodifications in political and economic areas. In order to manage the separation, the assistance ofArticle 50 will be taken which is based on the Treaty of European Union. According the newreports it has been identified that British Prime minister will make change in Article which willmake sure that UK leave the EU by the closure of financial year of 2019. Mahambare and Xu,(2015) states that conditions governing the withdrawal of UK from EU have not established. As perthe views of Butler, Dagnis Jensen and Snaith (2016) the exit of United nations from Europeanmarket will benefit the nation as it will be no longer required to pay the membership fees to Union.In the support of this, it has been stated by Matthews, (2015.) that last year Britain paid in £13bn offees and in the contrast paid spending of worth £4.5bn. Therefore, UK had to provide a totalcontribution of £8.5bn. On the contrast Ruparel and Swidlicki (2015) stated that there are manydisadvantages of UK leaving the EU. Since its inception that, the European Union is a single marketin which no tax and duties are imposed on imports and exports between member states. Due to thisfact, 50% and above exports of UK are directly to the EU nations. In addition to this aspect, Britainwas also benefited with the commercial dealing between the European Union and the other globalpowers. At present, European Union negotiating with the America to create the world's biggest freetrade area. Since, UK has decided to withdraw its membership from that European Union it willlose the negotiation power. In this respect, the EU is bargaining with the US to develop the globes biggest free tradearea. As per the opinion of Ruparel and Swidlicki, ( 2015) UK will lose the power of globes biggestfinancial centres as it is not perceived as a gateway to the EU for the similar types of United Statesbanks . Overall, it can be stated that there are both positive and negative impact of the withdrawalof UK from European Union. At present,the inward investment has been reduced after the votes asthe corporations or individuals are not sure about the consequence and results of impact of decisionof United Kingdom to leave European Union. (Matthews, 2015).Some of the scholars believe with effect to this decision UK will re reinvent itself as independentand supercharged economy. On the contrast, it is considered by few of the individuals that financialcentres will be diminished as a result of lack of surety among global investors. The other areasrelated to production and trade are also likely to be impacted by then decision taken by UK to6

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