Brexit referendum results are out, and the UK has voted to leave the European Union. In this short article, we will look at and analyze, how the UK fairs by leaving the European Union.
Benefits of Being Member of the EU
- First and foremost, the EU is a tariff-free trade zone for export and import between the member nations.
- Also, being a member of the EU opens up opportunities for having better trade deals, which EU agrees with countries around the world.
- This opportunity is one of the single largest benefits of being a member of the EU.
- For instance, recently EU has been conducting talks with the US to develop collaboration with it, to become the world’s largest free trade zone.
The United Kingdom without the European Union
By leaving EU, the UK stands to lose all these benefits of trade deals. Brexit Leave campaign members argue that the UK can negotiate with EU to continue sharing business benefits as part of the leaving package. However, stronger EU members like Germany and France argue that allowing the UK to continue with trade benefits would encourage other EU nations to ask for similar deals for themselves.
The biggest benefit for the UK in leaving EU is cost savings from the Annual fund outflow towards EU membership. Last year, the UK paid 13 billion pounds and received 4.5 billion pounds from the standard EU funds.
Pro Brexit campaigners argued that UK’s development could utilize the cost savings. By being in EU, UK borders were open for all member nations. By this, the UK citizens were also free to work or settle down in any other member nations.
In recent years, there were a significant number of immigrants settling down in the UK from other EU countries. With UK leaving EU, UK will have firm control of its border and can build a secure nation for its citizens.
The UK is one of the major financial centers in Europe. Major multinationals and industries are located in Europe considering the free tariff export to other EU countries. For example, car makers are established in the United Kingdom only considering the free exports it can get to other EU nations.
With UK exiting from EU, the industries would look forward towards subsequent negotiation which the UK leaders will have with EU leaders and decide on their future course of action.