Shockingly, we just witnessed one of the biggest political earthquake in 21st century. After the Brexit poll on June 23rd, 2016, 51.9% people voted “leaving the European Union” compared to 48.1% voted to stay, which means UK has no other choices but withdraw from the European Union. This political earthquake may not only affect UK and EU for sure, but also influence the entire world. Although in class after our discussion we all agree on that there are lots of problems resulting from Brexit. It’s really hard to allege Brexit is a terrible decision, otherwise the majority of UK citizens will not vote for exit. So what are the costs or benefits of Brexit? I will analyze these benefits and costs from different perspective including political, …show more content…
Although in the surface, it seems like UK saves a good amount of membership fee, what UK actually lost is lots of opportunities and potential benefits, as well as lots of job positions. First of all, withdrawal from EU makes UK no longer benefits from the European Single Market. There are no tariffs of imports and exports between member states, and UK, as one of the biggest beneficiaries, had more than fifty percent of exports that went to EU countries in the past few years.. In the meantime, UK also had unique benefits as a member of EU in terms of trading with other world powers. EU is currently negotiating with US to create the world largest free trade area, and UK should have gained so much from this. However, once the Brexit is complete, UK is hardly to get a similar deal as an outsider of EU, at least in a short period of time, not to mention tariffs for exporting …show more content…
Some international companies which are established in EU member countries will move their headquarters out of UK. In addition, UK will lose a high level foreign direct investment. Since some of EU based companies, or companies that do large amounts of business with Europe, are very likely to move their headquarters back into the EU, it will make UK gain much less tax revenues. Some people may argue that right now, EU’s economy is not promising either, especially with lots of refugees, unemployment people and Greek financial crisis, leaving EU may be a better choice. However, they failed to see that leaving EU will bring a big shock to he financial market, too. After the announcement of Brexit, the British Pounds hit thirty one year low versus American Dollars. More than one hundred billion pounds wiped off FTSE 100. UK taxpayers lost eight billion pounds on RBS. UK also lost AAA rating. Clearly it’s a nightmare for the entire financial market, and there’s no promise when the market will become stable. In addition to that, job issue is also a significant problem. Although controlling immigration will create more job opportunities for local English people, leaving UK will also result in losing over three million job opportunities in general. Behind these figures, it means not only British people will not gain more jobs, but also
The European Union has been helped economically ever since World War II. Right after World War II’s end, Europe was struggling to hold on. The countries of the modern-day European Union thought it would be a good idea to come together and help each others struggling economy. To this day, this decision has had a very positive outcome on the EU’s economy. As shown in Diagram 1, the European Union combined together has the world’s highest GDP at 18.3 Trillion USD as compared to the United States’ 17.4 Trillion USD GDP and China’s 10.4 Trillion USD GDP. The idea
This essay will address whether New Labour contained policies with which it wished to pursue, or was solely developed in order to win elections. It is important to realise whether a political party that held office for approximately 13 years only possessed the goal of winning elections, or promoted policies which it wished to pursue. If a party that held no substance was governing for 13 years, it would be unfair to the people. New Labour was designed to win elections, but still contained policies which it wished to pursue. To adequately defend this thesis, one must look at the re-branding steps taken by New Labour and the new policies the party was going to pursue. Through analysis, it will be shown that New Labour promoted policies in regards
Furthermore, Norway didn’t join because they do not want to give up their independence. Small countries such as Portugal, Greece, Italy joined so they could be more powerful and wants more money. Still, does do the advantages of being in the EU excel the sacrifices? Honestly, I would say yes; essentially for economic competition, peace and security, and cultural diversity.
In conclusion, the benefits of the UK’s membership in the EU outweigh the costs. The most significant benefit is the access they have to the single market as this has managed to benefit quite Access to single market is aiding this inward investment
On January 1st, 1994, a treaty that created the largest free trade area were signed into place by the trilateral of United States, Canada, and Mexico. NAFTA is a promise made by world’s most significant corporations claiming to create many high paying jobs and raise the standard of living in the US, Canada and Mexico. As we approach its 21st birthday, NAFTA now links 450 million people producing trillion dollars’ worth of goods and services each year. However, behind this seemingly good deal, it also created many underlying issues. Beginning with NAFTA giving corporation opportunities to move factories aboard to the lower-cost Mexico. Manufacturing aboard did not only outsourced American jobs, it also caused manufacturers that remained to lower
of entry, and the INS each year apprehends over 1.3 million aliens at or near
On the other hand, UK is playing a major role in the single market. Thus, by leaving this market, UK
Supporters of letting more immigrants come into the country claim that immigrants do not take away jobs from the hard working American. They have a claim that it actually helps boost America’s economy by increasing the purchasing of goods. Advocates of immigration, claim that Americans think they are too good to hold certain jobs and immigrants fill the jobs Americans do not want. The Director of Workforce Success, Phylis Eisen states, “Tens of thousands of jobs go unfilled in the high tech industry. The Hewlett-Packards, the Intels, the Motorollas, the entire semi-conducting industry has to fill forty-thousand jobs in the next three years. If they can’t do this, they have to go overseas. The companies always prefer to stay in America.” (Immigration: Promise and Hope for Generations. 1998).
2017). Although the pound slumped the day after the vote, and has continued to stay lower against the dollar and the euro, there has been no economic crisis (Ibid. 2017). However, what has happened is that the United Kingdom is taking a big leap into the unknown. Many questions remain unanswered, like what will happen to the border between Ireland and Northern Ireland, now that the two countries will be on different sides of the EU single market. The previous boarder has been somewhat invisible, but new border controls might have to be put in place, to the dissatisfaction of both countries.
Throughout the years, the UK has been struggling to maintain a stable economic standing many argue that this is because the EU has been overcharging them for their membership and the goods that the UK trade. A lot of people look at Brexit to profit off such as the racists, the “administration of change”, and the EU. Those that support Brexit feel that once the UK has officially left the EU the unemployment rate should improve and the citizens will feel equal and move past feeling “inequality” because of the EU. The UK is benefitting from the leaving the EU by gaining some control back in which they haven’t had in a long time. The EU may benefit slightly if the UK stays regarding trading but they will also benefit from it leaving so they could move towards a more evolved future.
However, this move is not always a wise one because when an enterprise has fewer workers it would reduce its productivity which would mean more financial problems. Besides it strains the workforce. If these corporations continue incurring losses they eventually close down and as a result, the workforce loses jobs. This is what has been going on since December 2007. Unemployment is one of the biggest problems that governments have to deal with. (compston 2002).
Any country maintaining its currency will always have the advantage of meeting its compulsions, which are in its currency, without some limit. Besides, own currency enables a nation to be independent in terms of policy formulations. On the other hand, a nation maintaining its currency is likely to daunt its tourism sector. This is because the tourists visiting the country would have to change money while traveling from their countries, as opposed to using a universal currency, for instance within the euro zone (Grauwe, 2014). The tourists would encounter more red tape when shifting large amounts of money across borders. Besides, travelers will be forced to change currency and pay banks huge commission charges. Since the disadvantages outweigh the advantages, it is prudent for countries to form monetary unions
Various studies have scrutinised the overall impact of Brexit including the implications for jobs prospect, the effects on the public finances , its influence on the UK and also the possible risk it imposes on global economy. In conjunction with that, a plethora of analyses have also been attempted to quantify the economic impact Brexit primarily have on the UK , its region and also the rest the world. UK’s departure from the European Union , informally known as Brexit , bears an unswerving capacity to cut across the broad prism of economic constructs in both regional and global levels despite the wider claims that mentioned it is a risky step toward regional destabilization as EU loses its second largest
Secondly, there are various disadvantages of immigration for countries like overpopulation, illegal immigration, brain- drain and impact on labor market. In today’s globalized era, most of the well educated people move to other country for better wages, better atmosphere as well as good accommodation. Moreover, it’s a big threat to their origin gradually they lose professional work
The United Kingdom was a member of the European Union. The European Union is an example of the second most integrated arrangement, the economic union. Therefore, voting to leave is a direct effort to reverse regional economic integration.