The paper "The Economic Impact on the UK of Leaving the European Union" is a perfect example of a macro & microeconomics case study. Unions are important in advancing economic development, and the UK is in the EU, but the region is deciding to move out of the EU. Leaving the EU creates numerous economic challenges. The challenges or complications exist in trade, regulation, investment, the labour movement, financial services and car industry, the EU budget and Common Agriculture Policy. The trade would be affected, but the UK can negotiate new free trade agreements and also cement the current trade relationships.
In addition, reducing the number of regulations and legislations after leaving the EU enables the UK region to continue operating effectively. Nevertheless, the UK will have to adhere to the EU regulations if the UK wants to continue trading with the EU. The debates and discussion on the topic will continue because of the lack of enough data and information regarding the economic impact of leaving the European Union. Introduction European Union (EU) is a political-economic union that brings together 28 members located in Europe.
United Kingdom (UK) is among the regions making up the EU. EU has numerous benefits towards advancing the socioeconomic and political requirements of the member states. The large market that is made of the population of the member states and the capacity to enter into an agreement with different entities make the EU be an important union. However, the EU has been associated with numerous challenges because of the structures and frameworks in place. The main complaint from the UK on the EU is the budgetary allocations and the numerous regulations inhibiting effective trade.
Debate and counterarguments exist on whether the UK should leave the EU or not. The paper presents the economic impact on the UK leaving the European Union. Trade The most important component of the UK in the EU is trade. The large population translates to a large market and the extensive infrastructure also improves the position of the UK in the EU (Booth and Howarth, 2012, p. 16). However, the EU has numerous rules and regulations that affect business and the UK leaving the EU reduces the complications associated with these business rules and regulations (Allen et al.
Allen, K., Oltermann, P., Borger, J. and Nelsen, A. (2015) ‘Brexit – what would happen if Britain left the EU? The Guardian, 14 May [Online]. Available at: http://www.theguardian.com/politics/2015/may/14/brexit-what-would-happen-if-britain-left-eu-european-union-referendum-uk (Accessed: 15 January 2016)
Booth, S. and Howarth, C., 2012. Trading places: Is EU membership still the best option for UK trade? Open Europe.
Collins, K. and Mendelevitch, R., 2015. Leaving coal unburned: Options for demand-side and supply-side policies (No. 87). DIW Roundup: Politik im Fokus.
Dawson, M. and Witte, F. (2013). Constitutional Balance in the EU after the Euro‐Crisis. The Modern Law Review, 76(5), pp.817-844.
De Witte, K., Nicaise, I., Lavrijsen, J., Van Landeghem, G., Lamote, C. and Van Damme, J. (2013) ‘The impact of institutional context, education and labour market policies on early school leaving: a comparative analysis of EU countries’, European Journal of Education, 48(3), pp. 331-345.
De Witte, K., Nicaise, I., Lavrijsen, J., Van Landeghem, G., Lamote, C. and Van Damme, J., (2013) ‘The impact of institutional context, education and labour market policies on early school leaving: a comparative analysis of EU countries’, European Journal of Education, 48(3), pp.331-345.
Dunlop, C.A., Maggetti, M., Radaelli, C.M. and Russel, D. (2012) ‘The many uses of regulatory impact assessment: A meta‐analysis of EU and UK cases’, Regulation & Governance, 6(1), pp.23-45.
Laski, K. and Podkaminer, L. (2012) ‘The basic paradigms of EU economic policy-making need to be changed’, Cambridge Journal of Economics, 36(1), pp.253-270.
Lynch, P. and Whitaker, R. (2013) ‘Rivalry on the right: The Conservatives, the UK Independence Party (UKIP) and the EU issue’, British Politics, 8(3), pp. 285-312.
McIlwaine, C. (2012) ‘Constructing transnational social spaces among Latin American migrants in Europe: perspectives from the UK’, Cambridge Journal of Regions, Economy and Society, 5(2), pp.289-304.
Tonkiss, K.E. (2013) ‘Post-national citizenship without post-national identity? A case study of UK immigration policy and intra-EU migration’, Journal of Global Ethics, 9(1), pp.35-48.