The Brexit process began in 2016 when the UK voted to leave the EU. Europe is the most important source of foreign investment for the UK and its membership in the EU has helped London cement its position as a global financial center. So here this article gives the pros and cons of Brexit to better understand this topic.
Advantages or Pros of Brexit:
- The EU is a single market in which imports and exports between member countries are duty-free and subject to no other restrictions. Services, including financial services, can be provided across the continent without restriction.
- Pro Europeans argued that if the city of London was no longer seen as a gateway to the EU for US banks. The UK’s status as one of the world’s largest financial centers would suffer.
- Sovereignty was seen as a simple win for brexiteers, even the most ardent reminders had to admit that EU membership meant relinquishing some control over domestic affairs. At the time, pro-Brexit labor MP kate hoey described the EU as an attempt to replace democratic power with a permanent administration in the interests of big business.
- Euroskeptics believe that Europe’s free movement principle leads to excessive immigration into the country, as well as insecurity and possibly, terrorism.
- Smaller British businesses do not trade with the EU and thus would be unaffected.
- The UK has always been a close ally of the US and will continue to cultivate their traditional special relationship.
Disadvantages or Cons of Brexit:
- Membership in the EU allows citizens to freely move to and work in the UK and vice versa. There are hundreds of British ex-pats in Spain and France. There might not be easy access to health care there.
- British farmers may lose subsidies, jobs in multinationals may be relocated and millions of British workers may lose their jobs.
- Britain benefits from free trade among EU member states. Because British companies face no trade barriers when trading with other EU member states. Britain’s main trading partner in Europe.
- Britains influence on financial markets, as well as the city of London’s reputation Europes largest financial center, may suffer.
- The US prefers that the UK remain an economically, politically, and militarily strong member of Europe. The UK would lose influence and become an outsider in Europe. Consider with fewer friends and little chance of rejoining the EU.
- Isolationism is simply not possible in a globalized world. Global issues such as climate change affect all countries and as an EU member. Britain wields far more power than a middle-ranking country on the periphery.
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