On £4.5 billion, for tariffs, which would
On Thursday June 23rd 2016 the people in the United Kingdom voted to leave the European union. For the economic arguments that happened because of the Brexit they can be both positive impact on Britain or a negative impact on them, for example, trade, labour…etc. The UK arranged to leave the European union on Friday march 29th 2019.
Starting of with trade, a negative example about trade on Britain would be the free trade, since it had free trade with Europe, things are going to change after Brexit, and there will no longer be any free trade instead there is actually going to be something called tariffs. Adding tariffs would make Britain pay more for the things that need to be traded, in the long run might cause some problems financially. Furthermore, any trade linked to European union would be cut making Britain lose 63% of its traders. Trading between the European union and Britain has lead to Britain going to other countries to try to trade with them which is easier for Britain to do so than to make a new agreement with European union. Because of the brexit and Britain having to trade with other countries other than European union for example only for the car industry it has cost them £4.5 billion, for tariffs, which would lead to a disaster in the long run causing a lot of failures in the country. A positive example would be smaller trade. Having smaller trade would help Britain negotiate more and find better trading arrangements that would cause Britain to develop even more.
Public sectors, the British government could actually save up about £10 billion per year. Which makes Britain have more money to do something else with it, something better which is basically opportunity cost and that would help Britain with its trading because it has more money to offer countries, or it could also use this money to find a way to use it for the country to make it a more developed country that would benefit everyone. The brexit might also affect the public sector on education and health, because the universities might worry about not having access to any of the information about what is happening in the European union. Same thing goes to the health; Britain might not know everything concerning the health of the people like they did before the brexit, which might increase the chances of a person to get diagnosed with a disease or an illness. So that no further damage could happen in the long run the European union and Britain need to make an agreement to help both sides and to benefit both sides.
Labour accessibility, free movement will be cut, it wouldn’t be easy for people to get to European union. This means more people are going to need more jobs in Britain and not everyone could or will be right for the jobs leading to an increase in difficulty for employing enough workers to work. Because after the brexit the UK became a less welcoming place for the people and for all workers, so that would also increase with the difficulty of employing people, which is making it more difficult because now the UK has to start attracting and grabbing the attention of the local people who need jobs, causing them to pay more for the workers who are inexperienced and starting up workshops for training to help them become more experienced workers that would help Britain. Currently there aren’t any laws or rules that says that the European union workers must not work in the UK but after the brexit is done and a this law appears then there would be a large amount of unemployment and the UK is not going to have enough workers to help in the country so that would mean that they have to get more local people as mentioned above.
The effect of the brexit on Britain in the short term could be controlled and could be dealt with but not in the long run where the employees, the trading and the money are going to be a problem in keeping the country developed and a success. With the right negotiations and the right agreements and the right laws between Britain and the European union this could actually work for the both of them in the short run as well as the long run.