In the United Kingdom, the term Brexit is widely used to refer to the withdrawal of the UK from the European Union (EU). This was established after holding a referendum in 2016 to pass new move of the nation. Although, it is not official yet the United Kingdom will still be associated under the umbrella of the European Union by securing a full membership. This paper will give an in-depth analysis of the main focus issues that can result in developing a successful Brexit regarding economics and other necessary considerations supporting the exit (James 2016).
First, the European Union and the United Kingdom must consider the prices of goods and services. This is the main idea that Brexit should focus because there are many direct transactions that are performed by the majority of the UK and European Union countries. This will raise the level of living standards of different people in the United Kingdom. However, Brexit should focus on the reduction of prices of basic commodities ranging from food and drinks. Moreover, Brexit should consider the evaluation of the exchange rate to develop UK’s trading activities and other EU members (James 2016).
Secondly, the Brexit should cater specialization in the United Kingdom about the international economic level. This can be achieved by introducing an excellent various sectors and the European exchange rate that is putting the nation at an advantage. Specializing will require determining how most prolific economy sectors will be affected by Brexit. Specialization ought to expound these sectors in high levels without having a direct effect on the economy. The primary role that the Brexit should practice has ways that will lead to the establishment of different industries in the different European Union countries.
Thirdly, the Brexit will have to consider the industrial and regional imbalances that will enable the UK achieve new industries without the presence of their neighboring countries. Brexit is given a chance to a way and opts the best criteria to know how the structural funds will be put in place.
Fouth, Brexit should have excellent services to the United Kingdom and the European Union to meet their required obligations. However, the Brexit should not have a negative impact in term of supply and demand of the public services they deliver to the citizens. These services Brexit should have a well-strategized way of making sure that there is equality. Moreover, through Brexit, the ruling government of various nations will be required to make sure that there are the best standards of education in all the regions. Regarding shelter, the Brexit will be required to ensure that there is no such problematic issue rising.
Fifth, regarding investment Brexit, is required to develop its reputation in such a way that investors who invest their money in the UK or European Union will be comfortable. Creating good environment the investors will have their way in and this will develop the export and import of good and services to the Europe Union community. However, Brexit is required to emphasis on well-elaborated ways of settling disputes since there is a will of withdrawing from EU by the United Kingdom and there will be no legal resource( Menon & Salter 2016).
Lastly, macroeconomic differences will be a question that Brexit is required to tackle to make sure that sustainable macroeconomic without differences. Many of the EU countries have been having an imbalance in macroeconomic. There is some different deficit from different sections that eventually are affecting the economic development of the EU countries. A chance of Brexit this will give a chance to the UK to balance the economy and become more stable. Therefore, the supply and the demand of commodity will be at a balance point in the market. This will reduce the country relying upon to London and South East mostly. This will be possible without destroying the benefit gotten from them regarding the tax that they end up giving the country in exchange. The withdrawal of UK from EU should lead to prospering economy security that will be stable in future.
In conclusion, the withdrawal of the United Kingdom will lead to the development of the success of the Brexit in term of economic reason. Therefore, the United Kingdom will have ample chance to develop economically having withdrawn from the European Union.
- James, P., 2016. Exit Europe, stage right. Arena Magazine (Fitzroy, Vic), (143), p.14.
- James, H., 2016. Britain and Europe: what ways forward?. International Economics and Economic Policy, 13(4), pp.523-530.
- Menon, A. and SALTER, J.P., 2016. Brexit: initial reflections. International Affairs, 92(6), pp.1297-1318.
