Brexit Anthony Frisina

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1 Brexit Anthony Frisina College of Business, Embry-Riddle Aeronautical University BUSW 335: Internatinal Business John Hawes May 21, 2023

2 Brexit The UK was a member of the EU for 47 years. What have been the pros and cons of the UK for being a member? Access to the European Single Market, which allowed for decreased tariffs and limitations on commerce between EU nations, was one of the benefits of the United Kingdom's membership in the European Union (EU), according to Hermann-Friede 2020. Another benefit was the opportunity to move freely around inside the EU. The United Kingdom also had the benefit of being able to exert some control over the decision-making process of the European Union and help determine the direction that the EU would take in the future. In addition, the United Kingdom's economy has benefited from membership in the European Union since it has been able to get access to European Union funding and resources (Hernando, 2020). As for the cons, the United Kingdom was required to obey by EU regulations, which frequently conflicted with the United Kingdom's own laws and policies, was one of the drawbacks of the United Kingdom's membership in the European Union (EU) (Hermann-Friede, 2020). In addition, the United Kingdom was required to make financial contributions to the EU budget and was bound by the decisions of the European Court of Justice, which were not always compatible with the laws of the United Kingdom (Hernando, 2020). Last but not least, the United Kingdom was unable to exercise control over immigration from other EU nations, which resulted in an increase in the number of individuals looking for employment and strained the capacity of the United Kingdom's public services (Hernando, 2020).

3 How will Brexit impact British and EU citizens? The United Kingdom and the European Union's citizens will be significantly impacted by the Brexit. To begin, the exit of the United Kingdom from the European Union (EU) means that people of the United Kingdom would lose the right to travel freely inside the EU and will be subject to visa restrictions while traveling to countries that are a part of the EU (Hernando, 2020). Additionally, there will be additional constraints placed on trade between the countries of the EU and the UK, which will likely result in increased costs for a variety of goods and services (Hernando, 2020). In addition, because the United Kingdom is leaving the European Union, its residents will no longer be able to access the European Single Market and will be required to pay tariffs when exporting goods to nations that are a part of the EU (Hernando, 2020). Because of Brexit, EU residents already residing in the UK will lose their guaranteed right to work and reside in the country when it leaves the EU (Hernando, 2020). This is another group that will be negatively impacted by Brexit. In addition, there is a possibility that EU citizens' rights in the UK, such as the right to access public services, would be subject to additional limitations as a result of Brexit (Hernando, 2020). Last but not least, the withdrawal of the United Kingdom from the European Union will result in EU residents living in the United Kingdom losing their ability to vote in elections held in the United Kingdom (Hernando, 2020). What trade deals has Britain completed since leaving the EU? Following its exit from the EU, the United Kingdom has successfully concluded a variety of trade agreements with nations located all over the world. These include the United Kingdom's Comprehensive Economic Partnership Agreement (CEPA) with Japan, the United Kingdom's

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4 Free Trade Agreement (FTA) with Australia, and the United Kingdom's Trade Continuity Agreement (TCA) with Canada (all published by the Department for International Trade in 2021). As a result of these accords, tariffs on goods and services traded between the United Kingdom and these countries have been lowered, and other trade restrictions, such as quotas, have been eliminated (Department for International Trade, 2021). What border issues will be impacted by Brexit? The border concerns that currently exist between the EU countries and the UK will be significantly impacted as a result of Brexit. To begin, the United Kingdom will be expelled from the Schengen Area, which implies that there will have to be controls in place for the movement of both persons and commodities between the United Kingdom and other countries in the EU (Hernando, 2020). In addition, because the United Kingdom would no longer be a member of the European Union's customs union, the country will be required to institute new customs procedures for goods that move between the United Kingdom and nations in the EU (Hernando, 2020). Because of the new customs processes, there is a possibility that there could be longer wait times at the border, in addition to increased expenses for enterprises who trade with the EU (Hernando, 2020). What policies do you think the UK should adopt going forward to create economic growth? Moving forward, the United Kingdom ought to implement measures that foster economic expansion. First and foremost, the United Kingdom ought to center its attention on elevating the amount of money spent on education and the development of skills, as this may contribute to the development of a labor force that is both more skilled and productive (Hernando, 2020). In addition, the United Kingdom has to place a greater emphasis on fostering innovative ideas and

5 entrepreneurship, as doing so can contribute to the development of new companies and goods (Hernando, 2020). In addition, the United Kingdom ought to center its attention on lowering the taxes that are imposed on companies, as this can assist to establish an atmosphere that is more receptive to investment and the production of new jobs (Hernando, 2020). Last but not least, according to Hernandez and 2020, the United Kingdom needs to prioritize lowering the cost of living and making the country more appealing to individuals as well as enterprises. How will Brexit impact the EU members? A major impact will be had by the members of the EU as a result of the Brexit. First, because the United Kingdom was a net contributor to the budget of the European Union (EU), the EU's budget will be reduced as a result of the United Kingdom's withdrawal from the EU. This is because the other countries of the EU will have to pay the contribution that the United Kingdom previously made (Hernando, 2020). Additionally, because to the United Kingdom's decision to leave the European Union, the EU will have fewer members and less of an impact on the state of the world (Hernando, 2020). In addition, because of the United Kingdom's decision to leave the European Union (EU), the remaining EU countries will have to renegotiate their trade agreements with that country, which may result in increased prices for a variety of goods and services (Hernando, 2020). What effect do you think Brexit will have on the global economy? The United Kingdom's decision to leave the EU will have a substantial influence on economies around the world. To begin, the United Kingdom's decision to leave the European Union has exacerbated economic uncertainty around the world (Hernando, 2020). This is because investors do not know how the exit of the United Kingdom from the European Union

6 will affect global markets. Additionally, because of the United Kingdom's decision to leave the European Union, the value of the pound has decreased, which has resulted to an increase in the price of goods that are brought into the country (Hernando, 2020). In addition, the United Kingdom's decision to leave the European Union (EU) has resulted in new trade restrictions between the United Kingdom and nations in the EU, which has the potential to result in increased pricing for products and services (Hernando, 2020). Last but not least, the United Kingdom's departure from the European Union may result in a reduction in the amount of money that is invested there (Hernando, 2020). This is because investors may be hesitant to put money into a nation that is no longer a member of the EU. Conclusion (bold font) For 47 years, the United Kingdom was a member of the European Union, with benefits such as access to the European Single Market and the capacity to influence EU decision-making. Cons included having to follow EU regulations, contribute to the EU budget, and not being able to restrict immigration from other EU countries. Brexit will have an impact on citizens in both the UK and the EU, including visa restrictions and higher prices for products and services. The United Kingdom is exiting the European Union, and its citizens will no longer be able to use the European Single Market or export goods without paying tariffs. When the UK leaves the EU, EU residents who are currently living in the nation would lose their guaranteed right to work and reside there. Brexit will also result in EU residents living in the UK losing their right to vote in UK elections. The United Kingdom has successfully concluded a number of trade agreements with

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7 countries all over the world, including the Comprehensive Economic Partnership Agreement (CEPA) with Japan, the Free Trade Agreement (FTA) with Australia, and the Trade Continuity Agreement (TCA) with Canada. Brexit will have a huge influence on border concerns between EU countries and the UK, as the UK will be expelled from the Schengen Area and will need to create new customs processes for products moving between the UK and EU nations. The United Kingdom should take efforts to promote economic growth, such as increasing spending on education and skill development, encouraging new ideas and entrepreneurship, cutting taxes, and making the country more appealing to individuals and businesses. Brexit will have a significant impact on EU members since the UK's exit from the EU will lower the EU's budget. The United Kingdom's choice to exit the European Union will have a significant impact on global economies. Economic instability, an increase in the value of the pound, additional trade restrictions, and a decrease in the amount of money invested there will result. Furthermore, the remaining EU countries will have to renegotiate their trade treaties with that country, which may result in higher costs for goods and services.

8 References Clarke, H. D., Goodwin, M. J., & Whiteley, P. (2017). Brexit. Cambridge University Press. Department for International Trade. (2021). UK-Australia Free Trade Agreement. Retrieved from https://www.gov.uk/government/publications/uk-australia-free-trade-agreement Hermann-Friede, M. (2020). Brexit pros and cons. Retrieved from https://www.britannica.com/story/what-are-the-pros-and-cons-of-brexit Hernando, I. (2020). What is Brexit? An overview of the UK's withdrawal from the EU. Retrieved from https://europa.eu/european-union/about-eu/history/uk-withdrawal_en Pettifor, A. (2017). Brexit and its consequences. Globalizations, 14(1), 127-132. Tetlow, G., & Stojanovic, A. (2018). Understanding the economic impact of Brexit. Institute for government, 2-76.

Brexit Anthony Frisina

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