Question

-explain the implications and the meaning behind freedom of services due to BREXIT.

-how much revenue would be gained or lost

-solutions to these implications

Answer 1

The European Union is a group of 28 European countries and it was established in 1993 to make integration among these countries on the basis of ecomomical and political. The main purpose of EU was to maintain harmony among these countries with the promoting greater social, political and ecomomical affairs.

BREXIT is used as an abbreviation for "British Exit" i.e., BREXIT which refers to the UK's decision of leaving European Union. This decision was proposed in the referendum on 23rd June 2016. The reason behind the declaration of BREXIT was that the UK was facing difficultly to carry out with European Union' rules and regulation. The EU do not restrict on the immigration and allows a large number of immigrants. The EU was become the threat for the UK's sovereignty.

After BREXIT, the UK can be benefited such as the UK will be abled to keep the money which currently sends to the EU, to control ove the national borders, the UK could make its own laws again, to make restoration in UK's cutoms & traditions, to make extention in the International trading, to generate more job opportunities with improvisation in the economy growth. There are various impacts of BREXIT on UK, leaving European Union the economy of UK will be affected with trade, Opportunities, Ecomomic Regulations, Immigration, Productivity, Businesses, Foreign Direct Investment. and Other Policies. Therefore, the most of the Jobs in UK are connected to the trade with EU that will directly affect on UK's employment rate, Impact on trading freely with EU will be affected due to which UK's businesses will be at risk and small business might suffer losses. By affecting level of trade, Brexit could affect the level and growth rate of productivity in the UK's economy. After Brexit it could affect immigration rules, which would affect labour supply in response to changes in wages. The UK as a part of European Union, the trading is at cheaper prices which helps to availability of goods services at lower prices to the people of UK, but after BREXIT the importing cost or tarrif barriers will be added that will lead to rise in the prices of goods & services. Leaving EU will attract foreign investors to invest in the UK economy because of end of EU intervention. It can be said that BREXIT will lead to a significant change in the relationship between UK and European Union countries.