Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Brexit influence on uk economy
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Brexit influence on uk economy
On Thursday, June 23, 2016, United Kingdom voted in a referendum to determine whether it should remain or leave in the European Union. After more than thirty million votes, over seventy percent of the citizens of the United Kingdom, the result was an exit from the EU by the minimal margin of two percent. Although, the United Kingdom does not actually exit the European Union until two years after the vote, in accordance with Article Fifty of the Lisbon Treaty, the United Kingdom is already feeling the effects of the vote due to a drop in confidence. Immediately after the so-called “Brexit”, multiple changes occurred. Firstly, the Prime Minister of Britain, David Cameron stepped down, being replaced by Theresa May. Furthermore, the break from the European Union appeared to have drastic economic consequences for the British. Directly after the break, the British stock market fell greatly. Most importantly, the value of the pound shrunk drastically, dropping eleven percent of its value versus the US dollar within two trading days. This drop in the value of the currency greatly alarmed British citizens as they witnessed themselves become poorer in comparison to the rest of the world overnight. This revelation caused many previously staunch “Brexit” supporters to reevaluate the position and debate whether they would have voted in favor of the split if they had known the consequences. Even large companies were worried about the results of the referendum. A poll done by the statistical firm KPMG found that around three fourths of the CEOs that they asked were considering relocating headquarters due to the unpredictability of the break with the EU and the risk to business that it raised.
However, the “Brexit” did not solely introduce prob...
... middle of paper ...
...litical ties. Yet, it is no without flaws. The fact that the states of the economies of the member countries are so diverse poses problems for the union. Outside the union, countries have freedom to make decisions for themselves rather than be bound to the decision of the block. The decision of the British people was a risky choice, leaving the relative safety and stability of the union. It is too early to tell how this gamble will play out in the long run, but at the moment, the British economy is trending in the right direction. The United Kingdom appears to be recovering from the initial shock it was subject to after the referendum. The British leaders still have much work to do untangling the United Kingdom from its longtime ties with the European Union. Yet, if they are successful, who knows, the decision to leave the union may turn out to have been for the best.
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
Working unitedly is a basic thing to do if you have one to 10 people, but with almost a whole country working as a union is a significant and a spontaneous deal. Which Union am I talking about? The European Union, of course! This Union holds virtually all of the European Countries with 28 countries. Unfortunately, some countries never did join because of losing sovereignty.
Prutha Patel Mr. Lougheed Social Studies 09 February, 2016 Has Europe United? Do you believe that the European Union has united Europe? A supranational cooperation is when countries give up some control of their affairs as they work together to achieve shared goals. The European countries have used supranational cooperation to create the European Union because they want to prevent future wars, and rebuild the weak economy that had formed after the two wars. The European Union has united Europe because it has made Europe have a common currency called the Euro, has a common “government” for the European Union, and has all of the countries influenced when one country that is part of the European Union is in “trouble”.
There were substantial amount of people who despised the actions undertaken by the British government
UK economy goes through difference series of pattern with booms to slumps. Every business does well in the time period of boom and most businesses collapse in the time period of slump or recession. Other economy changes that have influence on ASDA are interest rate, wage rate and inflation rate.
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
The attacks of 9/11 resulted in history’s longest stock market shut down since the 1930s. The New York Stock Exchange remained closed for six days after the attacks. Furthermore, Davis (2011) reports that upon reopening, the New York Stock Exchange fell almost seven hundred points, the biggest one day loss in history. Additionally, Jackson (2008) reports a 14% decline in the Dow Jones, a loss the Dow still felt almost a year later. But, it was American Airlines and United Airlines that experienced the greatest loss. Following the reopening of the stock market, American experienced a 39% decline and United experienced a 42% decline (Davis, 2011). However in face of discouraging numbers, Jackson (2008) reports that the U.S. markets rebounded second only to Japan, showing the great economic resilience of the U.S. While the stock markets present a bleak outlook immediately following the attacks, the financial loss is far from reassuring.
To better understand Brexit, one must know about the European Union (EU). The EU began following World War II with a purpose to create economic agreements amongst the countries of Europe. The belief behind the establishment of the EU is that countries whom trade with one another are less likely to go to war. Since its establishment, the EU has grown in number of member states and in the amount of power the governing bodies of the EU possess. In 1992, the EU became a single market as if it is one country. All new members of the EU must adopt the EU’s currency, the euro, in which 19 of the 28 countries have adopted. As a single market the EU parliament sets laws in many areas: environment, transport, consumer rights, etc. The single market allows
The United Kingdom, in the next year the people will get a chance to choose their countries’ fate in whether the United Kingdom should leave the European Union. What makes this important is that it would be the first country to leave the European Union in a time when other European countries are either in negotiation or planning to join so it would be a big deal as the United Kingdom is Europe’s third largest economy. As the people are about to vote on their future, there are concern as what would be the economical, social, and political consequences while for some what would be the benefit if the United Kingdom leave. Today In the next paragraphs I would explore the United Kingdom in the European Union and the Political economical and social
To demonstrate, Harold Macmillan, Britain's finance minster held many economic concerns over the possible outcomes of Britain joining the EEC and the possible damage to its Commonwealth. (Doc 7) Macmillan described how the United Kingdom faced a dilemma, it could either stay out of the EEC and lose trade advantages to the European market or join and result in the collapse of its own system of favoring trade within its Commonwealth. Seemingly trapped between, Britain is forced to look one way or another and as a result, those such as Macmillan became extremely doubtful and concerned over the prospect of a united Europe. While the idea was not entirely out of the question, it only served to deter those who pushed for a unification as these issues caused many to remain undecided and unsure of which path to take. Furthermore, France's willingness to stay in the EEC hinged on the very decisions Britain will make as declared by Charles de Gaulle, President of France. (Doc 8) As stated by Macmillan Britain had two paths to take, one that would lead it into the EEC or one that would keep it out. Gaulle however declared that if Britain entered the EEC unhinged with no restrictions, it would push France out of the market for the very reason it joined in the first place. Not only does this mean that the very notion of unification remained extremely uncertain
On the other hand, UK is playing a major role in the single market. Thus, by leaving this market, UK
Which EU institution is the most powerful? The European Union (EU) is currently made up of 25 countries, known as Member States, which together form the largest voluntary and peaceful block of countries in the world. Many people mistakenly view the European Union as a single body whilst in fact; the EU consists of a number of different institutions that together carry out activities on behalf of the Member States. There are many institutions but the main five being the Commission, the Council of Ministers (also called the Council of the European Union), the European Council and the European Parliament and the European Court of Justice. In this essay I am going to focus on these institutions and discuss which is to be considered more powerful.
Wallop, Harry. "Greece: Why Did Its Economy Fall so Hard? - Telegraph." Telegraph.co.uk - Telegraph Online, Daily Telegraph and Sunday Telegraph - Telegraph. Telegraph Media Group Limited, 28 Apr. 2010. Web. 30 May 2011. .
Keeping up to date with all the latest and most important economic headlines around the world is a part of my daily routine, as well as reading newspapers and economic magazines, adapting my studies to the real ...
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.