Brexit: Ramifications on the UK and the EU (Best dissertation writing services uk)

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BREXIT: RAMIFICATIONS ON THE UK AND THE EU An Academic presentation by Dr. Nancy Agnes, Head, Technical Operations, Tutors India Group www.tutorsindia.com Email: [email protected]

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Transcript of Brexit: Ramifications on the UK and the EU (Best dissertation writing services uk)

  • BREXIT: RAMIFICATIONSON THE UK AND THE EU

    An Academic presentation by Dr. Nancy Agnes, Head, Technical Operations, Tutors India Group  www.tutorsindia.comEmail: [email protected]

  • Introduction

    Implications of Brexit on the UK and EU

    Impact on the UK

    Growth

    Jobs

    Impact on the EU

    Conclusion

    OUTLINE

    Today's Discussion

  • INTRODUCTION

    31st December, 2020 was officially the last day of the transition period that allowed theUnited Kingdom (UK) to make their exit from the European Union (EU).

    The end of this transition period which was a rather lengthy procedure was overseen bytwo Prime Ministers and was also bogged with many extensions and delays, which splitthe UK (Shannon Schumacher, 2019).

    The process of making an exit from the EU was not an easy process and was quiteintricate.

  • [Exclusive Assignment Topic ideas help from Experts Academic researchers] Theerstwhile Prime Minister of the UK – Theresa May, subsequent to the will of thevoters’, processed the notification for withdrawal as under Article 50 to the EU on 29thMarch, 2017.

    An agreement for withdrawal was deliberated with the EU which presented their newterms of association. However, since the Parliament was divided, she failed to acquirean approval (Nigel Walker, 2021).

    May was succeeded by Boris Johnson who took over from her as the Prime Ministerof the UK.

  • The Conservative party of Johnson was successful in subsequently acquiring a majorityduring the royally mandated election which was held on 12th December, 2019 (Baker &Uberoi, 2019).

    This facilitated Johnson to acquire the necessary approval from the Parliament for thewithdrawal agreement which was negotiated with the EU.

    The agreement received the required legislative royal assent on 23rd January, 2020. Itwas on this date that the queen agreed to convert this bill into a law (UK Parliament,2021).

    Formally, the UK made it exit from the EU on 31st January, 2020 but they moved into aperiod of transition which eventually came to an end on 31st December, 2020.

  • Agreement with regards to the EU-UK Trade and Cooperation was accepted on 24thDecember, 2020 and signed six days later (European Council, 2020) i.e, on the 30thDecember, 2020.

    Everything said and done, now that the UK has officially made its exit from the EU,therefore it is necessary to comprehend the insinuations of this exit for the UK as wellas the EU.

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  • IMPLICATIONSOF BREXIT ON

    THE UK AND EU

    The decision of the UK to exit the EU has forone created a lot of uncertainty with regards tothe future of relationships in terms of tradefollowing Brexit.

    It has been stated by Klaus Schwab (2017) thefinancial repercussions arising from the UK’sexit vote could already be felt. In addition, thereis tremendous scope that such impacts woulddefinitely increase following the implementationof Article 50 from the Lisbon Treaty.

  • The Bank of England has remarked that owing to Brexit, a material slump has beenwitnessed in the prices of certain European area risky assets, for example, bankequities, where a drop in prices would be aggravated through concerns pertainingto the profitability of certain banks in the Europe region (Bank of England, 2016)and this was even before the leave vote was approved.

  • Brexit has already made a tremendous impact on the UK. There has been a drasticslowdown in the UK economy and several organizations have shifted theirheadquarters to the EU.

    Needless to say it has also impacted jobs and growth.

    IMPLICATIONS OF BREXITON THE UK AND EU

  • The growth of the economy has been severely impacted by Brexit and this is largelyattributed to the uncertainty that revolves around the eventual outcome.

    The economic growth of the UK slowed from 2.4% during 2015 to 1.0% during 2019owing to uncertainty from Brexit.

    It has been estimated by the government in the UK that the growth of the UK wouldbe further lowered by 6.7% over the forthcoming 15 years.

    Though the prevalent terms of free trade were assumed, immigration continued to berestricted (Daniel Harari, 2019).

    GROWTH

  • Figure 1: Long-term GDP Impact from Brexit in the UK Source: Daniel Harari, (2019)

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  • JOBSYoung workers in the UK were most hit by Brexit.

    A shortage of 3 million skilled workers will be experienced by Germany by 2030 (TheLocal, 2017).

    However, following Brexit, these jobs might not be readily available to workers from theUK. Further, employers across the UK are finding it challenging to find candidates as EUborn workers left the UK, and their numbers dropped by 95% during 2017.

    This has made a massive impact on low-skilled and medium-skilled occupations largely.

  • IMPACT ON THEEU

    Brexit is largely deemed as a vote that was not in favourof globalization and as an outcome it has weakened theforces across the EU that were in favour of incorporation.

    Members from the right-wing anti-immigration partieswere especially anti-EU within Germany and France.

    If they managed to gain much ground, they would be in aposition to compel an anti-EU vote.

    In case either France or Germany makes an exit, the EUstands to lose its most robust economies and it wouldlead to a dissolution of the EU as such.

  • At the same time, a large segment of citizens from the EU continue to extend their fullsupport to the union.

    The Pew Research Center conducted an extensive research throughout tenEuropean nations has revealed that almost 75% of the respondents who participatedin the research were of the belief that peace was promoted by the EU, while 55%opined that the EU supported prosperity.

    Also, a third of the respondents perceived a diminishing role of the UK (Wike et al.,2019).

  • In short, it has been observed that following the referendum of the UK to exit fromthe EU, the standard measures are indicative of a substantial growth in the level ofuncertainty.

    Furthermore, it has been noted that there is high scope that Brexit would impat notjust the UK but also the economy in other parts of the EU via diverse channels oftransmission, for example; trade, immigration, uncertainty and investment.

    Moreover, it is clear that in the near future, the major brunt of Brexit would prove tobe increased uncertainty in terms of economic as well as political aspects.

    CONCLUSION

  • Such issues have the potential to reduce the pace of investment growth and privateconsumption along with foreign trade, essentially within the UK; though the impactof Brexit would also be felt majorly within the EU too.

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