Question

The European Union (EU) is comprised of 28 governments while there are 19 countries tied to the Euro.  The citizens of England have voted to leave the European Union.  

If England is no longer a member of the EU, compare economic advantages/disadvantages?

Answer 1

Brexiteers asserted that leaving the EU would lead to instant cost savings because the nation would no longer contribute to the EU budget. Britain paid £ 13.1bn in 2016, but it was also spending £ 4.5bn. Trade The EU is a single market in which tariffs and other obstacles are exempted from imports and exports between Member States. Services can also be provided across the continent without limitation, including financial services. For companies that took advantage of these liberties, the implications of Brexit have always been a matter of discussion and conjecture.

The UK would lose the advantages of free trade with neighbors outside the EU and decrease its bargaining authority with the remainder of the globe, Remainers said. Meanwhile, Brexiteers said the United Kingdom could compensate for these disadvantages by creating its own trade contracts–and most tiny and medium-sized companies that have never traded abroad would be released from the regulatory burden of EU membership.

Investment Pro-Europeans asserted that the status of the United Kingdom as one of the largest economic centers in the world would be diminished if the City of London were no longer seen as a portal to the EU for US banks ' likes. They also said that UK-based financial firms would lose the right to "passport" to operate freely across the continent.

Business for New Europe said tax revenues would fall if businesses with Europe-especially banks-relocated their headquarters back to the EU. Fears that if cars were no longer able to be exported tax-free to Europe, carmakers would be able to scale back or even end manufacturing in the UK

Since the Brexit vote, many banks and financial firms have been setting up EU bases to bring some employees out of the United Kingdom-although most appear to keep most of their British activities. Car manufacturers have fared less well-Honda is closing its Swindon plant, Nissan has given up plans to construct a fresh model in Sunderland, and Jaguar Land Rover is cutting thousands of jobs-but non-Brexit-related variables have also played a role in this gloomy result.

Sovereignty For Brexiteers, sovereignty was seen as a straightforward victory: even the most ardent Remainers had to acknowledge that EU membership involved abandoning some national affairs control. Although Brexit would bring some clear benefits, the United Kingdom might well discover itself "a scratchy outsider with somewhat restricted access to the single market, with almost no impact and few friends."

Immigration Under EU law, Britain was unable to avoid a citizen of another member state from coming to live in the UK, and Britons had an equal right to live and work elsewhere in the bloc. The outcome was a enormous rise in immigration to Britain, especially from Eastern and Southern Europe. How Brexit will affect the job market remains uncertain. Economic growth has slowed since the referendum, but jobs remain high-and what happens next will mainly rely on what kind of trade relations the UK seeks with the EU and the remainder of the globe,