Positive and Negative Impacts of Brexit on UK Living Standards

Principles &
Applications of Macroeconomics

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................5
Economic Policy analysis, outline and evaluate the positive favourable and unfavourable
impacts of Brexit on UK country's living standards...................................................................5
RECOMMENDATION...................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES:.............................................................................................................................12

INTRODUCTION
European Union is economic and political union of 27 member regions that are located
mainly in Europe. It comprises 27 European nations and governing common social, economic
and security policies. The members of EU have a combined area of 4,233,255.m Km and an
expected sum population of about 447 million. European Union is formed in 1 November, 1993
at Maastricht, Netherlands. The main purpose of this nation is to be the more competitive than
other nations in the international marketplace. When European nations, in 1951 begin to
cooperate economically, only Italy, Netherlands, Germany, France, and Luxembourg
participated. They win their largest majority since 1980s.
Tories election is included in list of events leading up to BREXIT, they made varied types of
promises or commitment related to referendum on whether to keep in EEC in party’s election
manifesto. Referendum refer to common vote by electorate on individual political question that
has been denoted to them for a straight judgement.
During last four years, representatives of European Union & United Kingdom negotiated
in terms for Brexit. This planned withdrawal of both nations. These debates arose varied decision
of parliament of UK to invoke treaty on EU. Brexit negotiation began on 29 March, 2017 and
formally launched in 19 June at same year. Overall negotiation provides final outcomes in term
of Brexit that was a decision related to UK withdrawal from EU. After this judgment trade deal
and policies related to this process has changed between both nations.
Macroeconomics refers to the branch of economics dealing with structure, performance,
decision making and behaviour of an economy as entire. It majorly focus on changes of
aggregate in economy such as growth rate, gross domestic goods, unemployment and inflation.
Corporation and government adopt macroeconomics approaches to assist in formulating of
economics strategies and policies. It study the huge scale of economic problems. This is in
opposition to microeconomics which looks at littler scale economic principles. The current
assignment will be based on Brexit. The aim of this study is to evaluate possible positive &
negative effects of this factor upon standards of living in the United Kingdom.
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