The United Kingdom’s potential decision to leave the European Union, or ‘Brexit’, has been the topic of debate for many weeks or even months now. Experts have highlighted many reasons as to why the UK must stay or leave the EU (of course they have their reasons to justify each option).
In the previousarticle we covered the details pertaining to the impact of the Brexit on the UK on very broad terms. This is going to be the first in the series of articles covering the impact of this Brexit on various aspects of the UK Economy as well as its potential Economic Policies.
Before we Begin:
A Country’s Economy comprises of many different aspects and I cant possible cover the impact this Brexit is going to have on the UK Economy in a single article. In fact, I don't think we can cover everything even if given an opportunity to write for 100 pages. Nevertheless, this article will be the starting point and we will add more info in the subsequent articles.
Will Brexit Benefit or Harm the UK Economy?
Experts from across the globe have been very vocal in their predictions about how this Brexit is going to impact the UK. The Proponents of the Leave EU Movement predict that the UK GDP will grow by as much as 10% in the next decade while the Proponents of the Stay in EU Movement predict the opposite – a fall by 10% in the GDP.
Exactly how much this Brexit benefits or harms the UK Economy would of course be determined by how good an exit deal UK can sign with the EU. Currently the United Kingdom is part of the single market, with free movement of goods, services, people and capital within the European Union’s border. It is likely that Brexit would change this. In an optimistic scenario the UK could get away with a great trading agreement with the EU which could potentially have little to no impact on its GDP. But on the hindsight if the EU nations play hardball and are not in a forgiving mood to budget to the demands put forth by the UK, experts expect a fall in GDP ranging between 6% – 10%
In the upcoming articles we are going to cover the impact of Brexit on various aspects of UK’s Economy. They are:
Impact on the Property Market in the UK
Lets get started on the detailed analysis, shall we?