European Union s Impact On The World Economy - 1500 Words

It is undeniable that the news of Britain voted to leave European Union has shook the world greatly. The UK’s withdrawal or widely known as Brexit would definitely have an impact on the world economy, particularly to the businesses in UK which is claimed to be the main concern after all. Over 99% of the businesses are Small or Medium Sized businesses (SME’s) which is equivalent to 5.4 million businesses in total (House of Commons Library, 2016). Of course, these businesses will be affected, both directly and indirectly. This essay will discuss mainly on the opportunities and risks that these businesses will face as a result of Brexit. As the world already knows, ‘Single Market’ is greatly known for European Union’s biggest achievement and†¦show more content†¦Despite of that, it is always argued that Brexit would not make the UK government subsidise in agriculture, or even match the current level of subsidy under CAP (Emily Gosden and Marion Dakers, 2016). Nevertheless, even if the case of subsidies being cut down, there is always opportunity that Brexit will bring in to the farmers, but left unknown. For example, the UK government might think of better ways to support the farmers or better yet introduce an improved scheme. The latter, without doubt will provide even better and higher support to the farmers. In conclusion, farmers might lose but Brexit can possibly offer an opportunity to the whole system. On top of that, the biggest export market for UK is claimed to be Europe (Anon, 2016). Hence, making a decision to leave the European Union will only affect the UK economy even further, particularly to the small businesses in UK. Additionally, the weaker pound will only put the small businesses under high risk. This statement is further reflected from one of the most world known engineering-based company, ’the Group’ as its executive chairman once said that their revenue was broadly flat as a result of Brexit and the orders remain weak and patchy as well (Andy Bounds and Chris Tighe, 2016). This is indeed associated with the absenceShow MoreRelatedNotes On The European Union Essay1496 Words   |  6 PagesNO 1 INTRODUCTION 2 IMPACT OF BREXIT ON BRITAIN’S Economy a immigration b Trade and manufacturing industry c Financial servies d Foreign investment e Consumption and property market 3 One month now, what do we know and don’t 4 Impact on Indian market 5 Global impact 6 What can be the future impacts INTRODUCTION: What is European union? The European union (EU) is an economic and political partnership involving partnership of 28 European countries (Austria , belguimRead MoreImpact of International Trade and European Union on the British Companies1429 Words   |  6 PagesImpact of International Trade and European Union on the British Companies Table of Contents 1. Introduction 1 2. Findings 2 2.1. Benefits of International Trade 2 2.1.1. Adoption of technologies 2 2.1.2. Access to raw materials 2 2.1.3. Lesser dependency on one market 2 2.2. Relation of British Companies to the World Economy 2 2.3. The impact of European Union policies on British manufacturing organizations 2 2.4. Policies Impacting Decisions for Export within the EURead MorePolitical And Economic Impacts Of The British Voters985 Words   |  4 PagesThe British voters have spoken on the June 23 referendum that they want their country out of the European Union. The leave side has prevailed with 52 percent voters supporting Brexit, or Britain s exit, while the remain side getting 48 percent. Some of the political and economic impacts have been already felt in the United Kingdom and registered in Europe and across the world. The others will come as political and economic uncertainties continue. In the United Kingdom, the Conservative Prime MinisterRead MoreA Report On The European Union1646 Words   |  7 PagesThe European Union contains just 7% of the world’s population, but produces 1/3 of the world’s Gross National Product (Delegation of the EU to the US). A single market merges all 28 countries of the EU into one economic free-trade zone with no trade tariffs imposed on one another. The EU accounts for 51% of all trade that the UK conducts with the world (The Data Team 2). Since its admittance to the Union in 1973, Britain’s economy has grown from 326 million Euros per capita to 6,116 million EurosRead MoreEconomic Integration and Global Markets to Uk Business Organizations1735 Words   |  7 Pagesof international trade---------------------3 Economic integration and global markets to UK business organizations-----------------------------------------4 The impact of two policies of the European Union on UK business organizations------------------------------------5 The impact of fiscal policies on the UK business------------5 The impact of monetary policy on the UK business---------6 The economic implications for the UK of entry into EMU--------------------------------------------------------------------6Read MoreThe European Union ( Eu ) Essay1264 Words   |  6 PagesThe European Union (EU) was created when the Maastricht Treaty, or now known as the Treaty on European Union, was signed in the early 1990’s. The document marked an essential milestone in the success and development of many European countries. It paved the way for many other future treaties and it also created the EMU or the European Monetary Union (â€Å"Europe Without Frontiers†). Though there were other economic European federations prior to the EU, the EU has by far been the more prosperous one.Read MoreImpact Of The European Union On Britain s Economy Essay1085 Words   |  5 Pagessupported this idea. People who support thought that being part of the European Union was leaving Britain without identity as a nation, therefore leaving European Union was necessary to restore thei r culture, sovereignty and to have the complete control over their decisions as a country. One of the main reasons why Britain’s leaders decided to leave was immigration, they did not want to accept refugees and as part of the European Union they had to accept them. The referendum took place on June 23rd byRead MorePost-Communist Transition Economies Touched by the Euro Zone Crisis1360 Words   |  6 Pagespaper is on post communist transition economies touched by the Euro Zone crisis. The negative influence it has made to economic dynamics was felt by everyone living in Central and Eastern Europe. Despite the actual collapse of some economies in Central and Eastern Europe, lower standards of living in parts of the region, protests and social anxiety, little attention was paid to the crisis and the recession in the post-communist countries that joined the European Union in 2004 and 2007. With their currenciesRead MoreThe European Union : An Important Part Of Europe1503 Words   |  7 Pages In 1945 the European Unity (formally established as the European Union when the Maastricht Treaty came into force on 1 November 1993 ) was a political development, which was reinforced and inspired by leading British politicians, especially Sir Winston Churchill. In his 1946 Zurich speech a kind of United States of Europe his intent was for the European Unity to be led by France and Germany and he specifically had no intention of involving Britain. It was evident that in these early stages ofRead MoreMacroeconomic Affect On Uk From Long Term And Short Term Sides1590 Words   |  7 Pagesfor the stay in Europe camp won 17,410,742 votes, off the European camp won 16,141,241 million votes; calculate as a percentage of 51.9% to 49.1%. And it will be reaching an agreement after 2 years even the time may be extended. The European process has aroused strong concern in the world, the results have also been the uproar of the world, a variety of evaluation and attention has been following co nsistently. Obviously, British economy will be changed; whether it is long-term or short-term, and