Brexit would have an effect on both the EU and the Britain, even though the greater part of the impact would be on the Britain If Britain exited the EU they would have to achieve a deal on everything from hundreds of tariff lines covering its whole trade portfolio. Almost 100% of the United kingdoms trade would need to be negotiated When it comes to the United kingdoms trade, they would need to negoatiate almost all of it. Trade is one of the crucial things inside the British economy, this is why everybody needs to make sure that they won’t underestimate the challenges that will come.We spoke to accountants in Craigavon, they say- one of the consequences of Brexit would involve that Uk would most probable lose their privileged access to markets that are covered by 36 trade agreements and fifty eight different countries, which had been negotiated by the EU. A result of this would be that the UK would have to impose higher tariffs on imports from those countries. These further tariffs could end up costing United kingdom consumers nearly ten billion pounds. This means they would be preparing for negotiations which could take years. Trade agreements are a exceedingly complicated thing as well as can be difficult to negotiate; they can also be quite slow and time consuming. Even if we Uk are ready to rapidly negotiate with other consumers, it doesn’t mean the other members will be in the position to trade with them. One of the several things which could have have a bad outcome for both the UK and the EU is that trade will either be reduced or the cost may increase between the two. Brexit might reduce other countries curiosity inside the United kingdom and will reduce investments from other parts of the EU.
As a consequence of Brexit the United kingdom could struggle to obtain any new investments, there are several things that Brexit will not have any influence on such as deep capital markets and the language. The overall impact Brexit could have on the economy is still not 100% known as it could go one of numerous ways. This can be affected by a range of different decisions that are waiting to be made. The worst case scenario is if by 2030, the Britain fails to strike a do business trade with the rest of the EU and does not pursue a free trade agenda, the GDP would be 2.2% lower than if the UK had stayed in the EU. The best outcome is that by 2030, the United kingdom managed to make an agreement with the EU. This will result in the United kingdom GPD being roughly 1.6% higher than if it remained inside the EU. Brexit could result in most of the British banking industry losing access to the single market, prompting major banks to consider relocating to maintain entry to the Euro market. A bad result of Brexit might be serious political resistance within the UK.