The impact of Brexit on UK businesses
Added on 2021-01-02
7 Pages1384 Words450 Views
Political Science
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Brexit impactsbusinesses
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Table of ContentsINTRODUCTION ..........................................................................................................................1FINDING & DISCUSSIONS..........................................................................................................1Industries that are affected by Brexit and how............................................................................1CONCLUSION ...............................................................................................................................3REFERENCES................................................................................................................................4
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INTRODUCTION A name given to the United Kingdom's departure from the European Union is known asBrexit and it is the combination of Britain and Exit. In other words, Brexit is described as ashorthand way of saying the UK leaving EU. Britain voted to leave EU in 2016 and after that thepound fell to its lowest since 1985, immediately after the results were declared. As UK is termedas the best countries to start a business, but that changed because of the unknown influenceBrexit could bring. Therefore, the report will describe the findings based on Impact of BREXITon businesses in UK. Further, it will cover current news, events and position of UK governmentand Parliament. The reason behind this is that the result of the British referendum has shockedthe entire world. As stated by experts, that they have anticipated the trade volume between bothUK and EU to around 1196 billions euros before exit. FINDING & DISCUSSIONSIndustries that are affected by Brexit and how.The industries experiencing the highest risks overall, and likely to be the toughest hit by ano-deal Brexit, are service industries like; professionals, scientific, administrative and technicalservices. Others in danger involve wholesale trades, legal and technical services, retail,warehousing, land transport services and activities that support financial services. More than 1million people are employed by financial service sector and accounted for 6.5% of the valuecreated in the UK economy in 2017. The UK's financial sector's relevance to the rest of the EU isalso pronounced. Around $1.4 trillion is lent by British banks to EU organisations andgovernment authorities (Livingston, 2018). Based on some estimated, a quarter of the financial service sector's annual revenue comesfrom business associated to the EU. It was calculated by the Institute for Fiscal Studies that EUbusiness is particularly crucial in banking and investment, with over 40% of UK export in theseparts heading to the continent. It is not only the link between the UK and EU that will alterchange after Brexit. The reason behind this is that, six trillion euros or it can be said that 37% ofEurope's financial assets are controlled in London. Post- Brexit is one of the dilemma which isfaced by UK financial institutions right now. In addition, there is a risk that EU may choose notto do so or that it may be delayed in its determination, as the procedure for evaluatingequivalence is considered as the lengthy one. Based on the present pass-porting rights, finance1
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