The economic impact of Brexit on the UK. Social Sciences Coursework (Coursework Sample)
THE ECONOMIC IMPACT OF BREXIT ON THE UK
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The Economic Impact of Brexit on the UK
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The economic impact of Brexit on the UK
Brexit means the withdrawal of the United Kingdom from the European Union. The decision to withdraw from the European Union was made during a referendum conducted on 23rd June 2016. To avoid a chaotic withdrawal, Britain has to draft a withdrawal agreement with the European Union. The effects of Brexit can both be positive and negative, which depends on the mode of withdrawal that they choose. Brexit seeks to make the UK a fully independent country in terms of trading.
On the downside of Brexit, there will be adverse effects on economic growth, jobs, and also other macro-economic effects. An exit from the Brexit will slow down the rate at which the UK economy is expected to grow. The short term fall in Gross Domestic Product (GDP) may be as a result of currency volatility, and financial market reactions, which may result in financial instability hence fall in output hence GDP (Lawless & Morgenroth, 2019).
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