UK PROSPECTS EVALUATION AFTER BREXIT
DOI:
https://doi.org/10.35774/jee2020.01.065Keywords:
European Union, Brexit, trade, export, import, Association Agreement, referendum, international trade, SWOT analysis.Abstract
The key aspects of political plans, conditions, key events and changes for Brexit are considered. The impact of Brexit referendum held in 2016 on how the citizens of Britain and other countries perceive the UK and the EU is researched. Survey results concerning the United Kingdom’s decision to leave the European Union are considered. SWOT analysis on the effect of Brexit on the UK is provided. Primarily the attention is focused on the benefits for the UK such as improved border security and reduction of terrorism, no need to pay an annual fee to the EU treasury. New opportunities for the UK are also defined, namely free choice of policy not restricted by EU conditions, the opportunity to defend the interests of national producers and consumers, preservation of cultural values and traditions. Detailed consideration is given to significant weaknesses for the UK such as re-concluding agreements with each EU member, perceive the UK as a competitor rather than a partner, higher tariffs, finding talented workers, decrease in tax revenues, and the Brexit price. Settlements between the UK and the EU (that forming the Brexit price), as well as the mechanism for calculating UK contributions to the EU budget are analyzed. The main threats are also substantiated, namely uncertainty, unsolved problems with the border between Ireland and Northern Ireland, Scottish reluctance to leave the EU, decrease in trade with EU countries and investment attractiveness. Own interpretation of the prospects for Brexit is suggested.
JEL: F15, F36, F53.
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