Good morning everyone and welcome to today’s event. This global summit aims to discuss and understand various changes that happened in the economic world in the past few years. I feel honored to be given this opportunity to share my take on a certain topic that I deem worthy enough to be discussed today.
Most of us would be familiar with the term Brexit and would have heard about it a million times in different news channels, but what is Brexit? The United Kingdom European Union membership referendum, commonly known as the EU referendum or the Brexit referendum, was formed to ask the electorate whether the country should remain a member or leave the European Union. In simpler words, it was the exit of Britain from the European Union hence the name Brexit.
Even though the withdrawal process began in 2016, the official exit was completed on 31 January 2020. When the withdrawal was announced, it was heavily debated, and many economists concluded the effect this political move would have on the economy of the country. That is when the question of whether Brexit will hurt or help the UK’s economy comes into existence.
Many people who supported the UK remaining in the European Union claimed that the union had a very positive effect on the trade income of the country and on the other hand the non-supporters of the same claimed that this withdrawal meant the taxes would get cut down or there will be an increase in the government spending.
The immediate impact of Brexit, according to a few studies conducted, was that the per capita income went down a few percentages and hence the national income was also reduced. Also, the uncertainty around the withdrawal and the changes that will bring about the trade policy of the country was another reason that contributed to the reduction in investment and the increase in unemployment.
Many European companies also reduced investments to the companies of the UK, but many economists claim that the macro-economic forecasts conducted by the banks were much more pessimistic and the actual effects were comparatively very low when compared to these results.
Even in the long-term aspects of the withdrawal, economists almost unanimously agree that the economy of the country will be adversely affected and the degree of the effect will be felt by the people of the country. The membership in the European Union had a huge influence on the trade of the company, and when today that membership is no more, many companies will hesitate to invest in companies based in the United Kingdom.
In conclusion, an economy doesn’t need to function according to the reports that are created by either the banks or the economists, but the actual results will not be so far away from the reports as experienced economists create these, and according to the reports, the withdrawal is bound to have adverse effects on the economy of the country.
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