Question

Explain Brexit and how it has affected British economy in the last few years. What could be the cost for the UK of leaving the EU without a deal?

Answer 1

The withdrawal of the UK from the European Union(EU) is known as Brexit.
Ways in which brexit has affected the British economy :

• Britishers saved a lot of costs,as they would not have to contribute to the EU budget.
• Since, member countries of the EU were exempt from trade tariffs, Britain was losing a lot on its exports. After Brexit, new sources of revenues opened up.
• Foreign investments took a hit as, the gateway to the European Union was not tax free anymore
• A lot of jobs were also lost, due to legal battles and Brexit, which affected overall well-being of the working class.

The biggest cost for the UK leaving the EU without a deal seems to the fact that there are major trade and investment barriers for the world now, to deal with Great Britain. This could even cost the British during times of a pandemic, where the world and EU would demand tariffs from Britain, in case of medical supplies, and all essential items that needs to be imported. In a way, the statement that Britain wanted to cut costs to exit the EU, has become paradoxical.