The Impact Of Brexit On The Uk Economy

1982 WordsJan 10, 20178 Pages
To what extent would the predicted impact of Brexit, on the UK economy, come true? Brexit, Britain’s exit from Europe. On Thursday the 23rd of June 2016, Britain voted in favour of leaving the European Union and standing alone for the first time since 1973. Many predictions and economic forecasts were made pre referendum, but to what extent were these scaremongering tactics or how accurate were they? I intend to examine the economic impact of Brexit, so far, on the UK economy and whether it is ethically correct for politicians to predict the future without sufficient evidence to their claims. The background of the European Union: In order to understand the significance of Brexit we must first look at the history of the European Union and…show more content…
The long term objective put in motion was political union. Britain’s role: Britain was at first opposed to joining the EEC due the importance of its economic and political bonds with its colonies and former colonies. The non-participation of the United Kingdom created the main political problem that the EEC had to deal with in early years. The British government refused to join a customs union as they protected the establishment of a free trade area, which is when the internal customs rights were eradicated. However, national governments would still be able to enact their own tariffs with regard to third countries. The British were, and many still are, opposed to the objective of a European political union. Britain was totally against supporting a project whose long-term aim was to surrender the authority of national states to supranational European institutions. After any negotiations to integrate Britain in the EEC fell through, the British government proposed the idea of the European Free Trade Association (EFTA). The countries that joined this new organisation were Sweden, Switzerland, Norway, Denmark, Austria and Portugal. The idea was that the EFTA constituted a mere
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