Effects of Brexit on the UK (Term Paper Sample)

Effects of Brexit on the UK Student’s Name Institutional Affiliation Course Instructor Date Effects of Brexit on the UK Brexit is the withdrawal of the United Kingdom from the European Union, following the referendum held in 2016 in which 51.9 per cent of voters supported the move. The move has several effects on the United Kingdom; both positive and negative. The Brexit is significant because it is likely to help UK decrease overcrowding, solve the multi-currency problems, and lower taxes leading to economic growth. It will help the UK in decreasing overcrowding, which has been one of the major causes of high unemployment rates among UK born individuals. Over the years, the UK has been complaining about congestion because it has the best economy in the European Union. It has led to several individuals from other EU member states to relocate to the UK to seek employment opportunities. The overcrowding has negatively impacted the UK economy on a large scale because most of its skilled workers are forced to work in other EU member states due to lack of adequate opportunities locally. However, Brexit will provide an opportunity for the UK government to bring talent back home, which will give the HR a chance to find the right persons for the appropriate occasions (Whyman & Petrescu, 2017). Consequently, it will lead to a decline in unemployment rates among individuals born in the United Kingdom. Brexit will help the UK solve multi-currency problems. As a member of the European Union, UK residents are forced to accept euros and pounds during transactions. Although the euro the s the currency for the union, it is inferior to the pound which is the UK currency. Most individuals find it hard converting pounds to euro and vice versa, especially in the financial markets. However, the Brexit will enable the UK government to declare pound as the legal and sole currency after Brexit, which will solve the problem of converting euros to pounds and vice versa since only one currency will be available. Furthermore, it will help individuals plan for their earnings appropriately as employers will only be allowed to quote salaries in pounds (Hassan & Gunson, 2017). Consequently, the UK will be able to enjoy an independent monetary policy, which is not possible as long as it is a member of the European Union. Finally, Brexit will help the UK government to lower taxes and grow the economy significantly. As one of the European Union member states, the UK has to pay an annual fee of 7 billion pounds. Raising money is a great challenge because the government also has to fund its functions. As a result, the UK government has always been forced to increase taxes on most items to raise enough funds to pay membership and fund g...