How will a no-deal Brexit affect the UK’s economy?
A no-deal Brexit will lead to roadblocks on roads, resulting in food and medicine shortage. However, some Brexiters see it as new dawn that will enable the UK to enhance trade with the rest of the world. The Dover port will be significantly affected; therefore, businesses relying on the port will shut down or reduce operations until a better deal is made. Food and supplies will become more expensive due to high customs duty imposed. Besides, services will be changed because of the impossibility to trade in some areas. Data flow to the UK will also suffer the impact of the no-deal Brexit. Banks will also suffer losses due to the need to lower interest rates (Howe, 2018).

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Should the UK stay in the customs union and/or single market after leaving the EU?
The UK should not stay in the customs union after exiting the European Union (EU). Custom unions warrants operation of same external tariffs by member states. The country will lose its mandate to exercise an independent trade policy. It will also be impossible to conclude its trade agreements with states located outside the EU. Consequently, the cost for UK consumers will rise (Howe, 2018). From an economist’s point of view, staying within the customs union is crucial. However, it is likely to exert profound political and constitutional consequences.

Is it better for the UK to remain in the EU?
UK’s exit from the EU has its pros and cons. Brexit will result in cost saving as no more contribution to the EU is warranted. Trade and other services will be offered without restrictions. The British people will also get back their sovereignty (Furlong, 2019). The immigration rate to Britain will reduce, hence, problems of housing and service provision will reduce. Insecurity brought by the EU support for immigrants will also go down since the borders will be less porous. However, the UK will no longer serve as a gateway to the EU; therefore, it risks suffering the financial consequences. Reduction in immigration will lead to a shortage of skills, thus, directly affecting the economy (Furlong, 2019).