Question

pros” and “cons” of “Brexit” for British economy and its potential impact on continental European Union countries

Answer 1

The advantages of Brexit for Britain and its economy is:

• Better control over its sovereign matters
• Control over excessive immigration and job loss to foreigners
• Reduction in costs which were incurred to contribute to EU budget
• Better economic policies and governance on a standalone basis which could lead to sustained growth for British economy
• Less need to support other weaker economies of Eurozone

The disadvantages are:

• Possible trade barriers can impact Great Britain
• Less flexibility in movement of capital and labor
• Less integration with other Euro countries and access to their markets
• Protectionism and trade wars can harm Great Britain and stop flow of quality labor to fuel its industries.

The impact on continental European countries is that it may lose access to a big market such as England and other nations comprising the Great Britain. Also importing products from Great Britain may be difficult. The possible trade wars can lead to a destabilising effect on their economies and some of the stronger economies may also want to leave EU as they don’t want to support the weaker economies anymore.