If United kingdom choose to exit the EU it means that they must to create a deal on all tariff lines, this means covering its total trade portfolio. Almost 100% of the Britains trade would have to be agreed When it comes to the United kingdoms trade, they would need to negoatiate almost all of it. Trade is one of the crucial things in the British economy, this is why everybody wants to make sure that they won’t underestimate the challenges that possibly come. One of the consequences of Brexit would include that Britain would most likely lose their preferential entry to markets that are covered by thirty six trade agreements and 58 other countries, that were negotiated by the EU. The Britain will then need to enforce higher traffis on imports from those countries and they would need levy their own surcharges on British exports. Added tariffs on goods would end up costing United kingdom consumers, approximately, an extra nine billion pounds. Accountants in Lisburn say – This would mean gearing up for negotiations that will end up taking years. It’s very difficult and difficult to negotiate these trade agreements; as well as time consuming. Once United kingdom have decided they are ready to negotiate with other consumers, it doesnt mean that the other countries will want to or be prepared to negotiate deals with them. Brexit outcomes would reduce trade or increase the price of trade between the Britain and the rest of Europe, this will be damaging for both sides. Brexit could reduce other countries attention within the UK and could decrease investments from different parts of the EU.
Even though, the UK may have difficulty to attract as much new commitment following Brexit, the UK has numerous advantages which would be unaffected by Brexit like as language, light regulation and deep capital markets. The overall impact Brexit can have on the economy is still not 100% known as it could go one of many ways. Instead it will depend on a number of tough decisions within the UK and Europe. It has been worked out that by 2030, the worst case scenario is that the GPD would be generally 2.2% lower, than it would if the UK stayed in the EU. The most excellent outcome is that by 2030, the Britain managed to make an agreement with the EU. This possibly result in the United kingdom GPD being roughly 1.6% higher than if it remained within the EU. Brexit could consequence in most of the British banking industry losing entry to the single market, prompting major banks to think about relocating to maintain entry to the Euro market. There could be political opposition within the UK itself as a outcome of Brexit.