Business Issues in Contemporary World: Brexit's Economic Impact

This report provides a comprehensive analysis of the economic impacts of Brexit on the UK. It begins with a brief history of the European Union and the challenges faced by the UK as a member, including issues with common policies, single currency, and overcrowding due to immigration. The report then explores the impact of Brexit on the UK and other nations' economies, focusing on the effects on manufacturing firms, export of goods, and overall economic performance. It highlights the decline in exports, changes in consumer demand, and the challenges faced by businesses. The report concludes by summarizing the key findings and implications of Brexit for the UK's economic landscape, emphasizing the need for strategic planning and adaptation in the face of these changes. The report highlights the effects of Brexit on UK's economic environment, especially for the manufacturing firms.

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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particular country. They also have removed elected leader that have resulted in less democracy
therefore UK due to various challenges have decided to exist form such Union (Grimmel and
Giang, 2017). Therefore, it reduce freedom of UK and London therefore in order to enjoy full
right to take decision and independently operate country have choose for Brexit.
Single currency: European Union has emphasis on single currency for all countries that are
member of union such as Euro which lead to lot of problem in EU. Some of the problem that are
faced due to single currency strategy are economic slowdown leading to high level of
unemployment, increase in interest rates and decrease in disposable income of customers or
people that are living in UK. Thus, UK has decided to exist from EU to enjoy independent
monetary policy and authority to take all crucial decision for growth and success of country or
economic. Therefore it had also lead to decrease in export of products and services as UK was
main trading partner with EU and impact adversely on economic growth and freedom of country.
Overcrowding: Citizens of Member states of EU can easily move across different countries
without any restriction thus it has leads to increase in population of UK. It can be stated that
there is an increase in estimated population of 70 million due to free movement policies of
European union. Thus, it had adversely impact on overall economy like decreasing in availability
of job, high interest rates and decreasing disposable income of customers (Konstadinides, 2017).
Therefore UK complain to EU about overcrowding as over 700000 Britons are working and
living in various states of European that has lead to increase in population of country at the same
time hinder growth and success of enterprise. Therefore it can be stated that European Union
may be good for many countries but in had impact adversely on wellbeing and growth of UK so
that they have decided to implement Brexit strategies.
It can be stated that all such are various challenges that are faced by UK while being a
member of EU so it have planned in 2020 to end such relationship through an agreements so that
it can get some of the benefits (Glencross, 2016). Since before brexit UK is able to export and
import products easily across worldwide and needs of people can be satisfied in effective
manner. Thus, it can be illustrated that there are positive points of having a member of EU but
due to ineffective policies, single currency and immigration forces UK to exist from agreements
and being operate individually.
Export of good from manufacturing firm: It can be illustrated that being a crucial member of
European Union UK is able to easily export and import goods and services to member countries.
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Due to limited restriction and free movement of goods from one country to another have provide
opportunity to UK manufacturing firm to export their extra good produces to countries where
they lack therefore helps in actual growth and success of UK economy. As more the products
will be exported UK it would result in high GDP and availability of resources, capital for various
people. Many manufacturing firm export large quantities of products and services across
worldwide in order to earn more profitability, market share and customers loyalty for long term
growth and success of enterprise (Di Cataldo and Rodríguez-Pose, 2017). Thus, political
decision to implement Brexit has resulted in decreasing in export of manufacturing products and
decrease in sales volume, profitability of organisation. It has created situation of high recession,
unemployment rates and adversely impacting on income level of particular individual.
Impact of Brexit on UK and other nations economy
Impact of Brexit on UK and other nations economy can be understood with the fact that
the economic and political factors are highly influential onto various parameters for larger vision
and higher functional channels through more developed working fundamentals. The Brexit
decision has been highly influential and rather challenging for export of goods of various
manufacturing firms which has brought huge rational synergy onto various paradigms and larger
functional keen position onto global parameters. The Brexit decision has been strongly
developed and worked on with strong potentiality to bring on more functional channels, which
will also proclaim onto more pragmatic vision. Brexit decision has built large havoc onto
economic parameters as the prices of raw materials and exports business has been highly
decreasing from various paradigms to bring on larger vision for more technical advancement and
profitability. The rational working vision has been highly professional onto various paradigms
for technological up gradation which will proclaim and determine more functional role to bring
on stronger working performances (Davies and Studnicka, 2018).
Brexit has been working as one of the most important political decision to bring on large
changes within UK political working scenario where it decided to depart from European union
onto larger levels. There has been high decline onto bigger platforms of sales and exports where
manufacturing companies have been facing huge losses and relative developed working strength
to bring on more rational price changes. It can be analysed with strong focus onto bigger
parameters that UK economy scale has been facing large decline and slow productive demand
factors due to high changes in price factors. The UK economic environment faces huge decline
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due to political working scenario and less rational productivity to bring on more capacity
changes with quality parameters. The UK environment where manufacturing companies are not
able to face high profitable working scenario has been impacting goodwill and also business
factors for building more rational synergy onto various arenas. The brexit has been w (Dhingra,
Ottaviano and Van Reenen, 2016).
Brexit has been determining various factors where UK has been importing exports or
imports within European union, and also the more lessened business has impacted companies
sales revenue with higher force of technical advancement along with more quality factors. The
impact of Brexit within UK working scenario and also factors of developed working strength can
be understood as highly pragmatic to effect on lower consumer demand and per capita income
(Wadsworth, Dhingra and Van Reenen, 2016). This can also be analysed with the fact that the
investments within companies of UK has also been highly more by Europe countries and there
has been profound impact onto various paradigms. Export of manufacturing goods within UK
environment have been low and highly declining with the pace of time to bring on active
companies to invest or functionally look upon more declined working avenues for rather
developed working sanctions which will bring on more rational service patterns. Brexit decision
has been recognised as highly negative onto vivid progression role for manufacturing companies
onto which larger vision can be more developed along with technical viability. The UK economy
faces huge risk onto larger vision where rational working profitability has been reducing
completely onto more developed working vision which can be more technically changed with
strategic planning only (Oehler, Horn and Wendt, 2017). Brexit decision has been working onto
various paradigms where companies have been facing more challenging situations with less
consumers influences to bring stable impact on prices where there has been strong factors of
changing functional patterns.
UK economy is going under vivid changes especially the manufacturing companies who
have been facing high decline onto more patterns among consumer market share where the
technical advancement have been structurally growing. UK economy has been facing high losses
onto more pragmatic vision where world companies have been realising the impact of huge
changing prices, tariff rates increases and also extra factors of losses onto which manufacturing
companies also faces tough competition to bring higher profitability. The exports and imports
industry among manufacturing companies face huge impact of low retention and slower
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productivity onto new factors as the business among consumers market share has been hugely
declining continuously with rapid factors There has also been slower productivity to built longer
vision to bring on new strategies among companies with the prevailing business environment
under which Brexit has been strongly impacting variable situational factors (Steinberg, 2019).
Many data factors of various companies in UK can also be analysed with the fact that there has
been low demands and supply chain factors within business scenario onto larger parameters
where the technical viability has also been recognised as one of the most powerful factor to be
fractionally building new paradigms. The UK Economy where there are various manufacturing
companies and high technological advancement coming up onto business world where there are
higher demand among consumers and demand onto more leveraged working hemispheres.
CONCLUSION
The report can be concluded with detailed explanation and conclusion onto various
paradigms where the impact of Brexit within UK economic scenario has been explained onto
bigger vision and has also impacted highly for regular vision and regenerated working
paradigms. The report has concluded brief history of European union, how and on what factors
UK decided to leave European union for various progressive decisions and further brought on
huge relative growth factors of functioning. The report has concluded how and what are the
factors which are impacting the sales of manufacturing companies factoring onto various
paradigms and what are the factors which are the rational factors onto which further progression
can be built for higher technological growth paradigms (Tetlow and Stojanovic, 2018). Report
has analysed the various impacts and factors onto which strong emphasis has been built by brexit
coming up under which there has been strong factor and development emphasised and how UK
has been impacting severely with the Brexit decision.
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REFERENCE
Book and journals
Bird, R. C. and Brown, L., 2018. The United Kingdom right to request as a model for flexible
work in the European Union. American Business Law Journal, 55(1). pp.53-115.’
Chen, T and et.al., 2018. Inequality and poverty across generations in the European Union.
International Monetary Fund.
Davies, R.B. and Studnicka, Z., 2018. The heterogeneous impact of Brexit: Early indications
from the FTSE. European Economic Review, 110, pp.1-17.
Dhingra, S., Ottaviano, G., and Van Reenen, J., 2016. The impact of Brexit on foreign
investment in the UK. BREXIT 2016, 24(2).
Di Cataldo, M. and Rodríguez-Pose, A., 2017. What drives employment growth and social
inclusion in the regions of the European Union?. Regional Studies, 51(12).
pp.1840-1859.
Glencross, A., 2016. Why the UK voted for Brexit: David Cameron's great miscalculation.
Springer.
Grimmel, A. and Giang, S. M., 2017. Solidarity in the European Union. Springer.
Konstadinides, T., 2017. The Rule of Law in the European Union: The Internal Dimension.
Bloomsbury Publishing.
Oehler, A., Horn, M. and Wendt, S., 2017. Brexit: Short-term stock price effects and the impact
of firm-level internationalization. Finance Research Letters. 22. pp.175-181.
Steinberg, J. B., 2019. Brexit and the macroeconomic impact of trade policy uncertainty. Journal
of International Economics. 117.pp.175-195.
Tetlow, G. and Stojanovic, A., 2018. Understanding the economic impact of Brexit. Institute for
government, pp.2-76.
Wadsworth, J., Dhingra, S., and Van Reenen, J., 2016. Brexit and the Impact of Immigration on
the UK. CEP Brexit Analysis, (5), pp.34-53.
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