European Union (EU) members are part of the custom’s treaty that ensures that there no tariffs on the movement of people or goods within member states. Nonetheless, there is a common tariff applied on goods and services entering EU. The union does not allow any member to function under independent trade policy, for instance forming trade agreement with other countries outside EU without informing the union (Miller 22). The multilateral or the bilateral trades are coordinated by an EU negotiator who is the EU Trade Commissioner. However, recently UK’s membership in the European Union (EU) has been overshadowed by some doubts as to whether it is fully committed to the union’s demands or whether one day it will quit in what would be referred to as Brexit. It is an abbreviation which stands for a British exit. It refers to the decision of the state to quit the Union, which occurred on June 23rd, 2016 via a referendum. Countries in the Eurozone gained, and equally experienced losses due to the exit and the same case happened to the UK. Britain experienced detrimental effects as a result of the decision to exit from the European Union in terms of an increased trade costs, reduced foreign investments, and loss of jobs for its citizens.
Brexit led to the UK experiencing …show more content…
According to Dhingra et al., migration aids growth and assist in the reduction of the deficit in a state’s budget (9). It happens in the absence of serious adverse effects on labor markets. Brexit made people with inadequate education not to move to those countries where they would have probably gained a lot. These citizens would come back to help in economic development of the country or else get employed in those states. They would have repatriated their earnings which would have aided in the reduction of the burden subjected on the national