Using Economic Policy analysis, outline and evaluate the possible positive and negative effects of BREXIT on standards of living in the UK.

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North South University INB 372 35 Using Economic Policy analysis, outline and evaluate the possible positive and negative effects of BREXIT on standards of living in the UK. Introduction: ... The United Kingdom's resigning from the European Union is referred to as "Brexit." It's a mix of the words "Britain" and "exit." The UK and the EU signed a temporary free-trade deal on December 24, 2020, ensuring that the two sides can export products without tariffs or restrictions. But, significant aspects of the new agreement, including trade in services, which accounts for 80% of the UK economy, remain unclear [ CITATION ADA21 \l 1033 ]. Brexit has far financial and political consequences for both the UK and the EU, necessitating scholarly investigation.[CITATION Bul18 \l 1033 ]. The first examines how Brexit would affect essential policy areas such as the single market, finance, and population. Because they are connected to the Single Economy's "four freedoms," the policies chosen are those in which the implications of Brexit are most likely to be substantial. The second section delves into significant ‘horizontal' or structural concerns, such as the knowledge gained from Brexit for theoreticians [CITATION Bul18 \l 1033 ]. The people who live in the existing EU are the stakeholders of Brexit, as everyone will be affected to some degree by the UK quitting, whether that be a harsh or gentle exit. Impacts on the UK have already been noticed, such as the decrease in the pound's value versus the euro, and there will be so many to come, some positive, some terrible, as the months pass and people know more about the form of Brexit. In terms of the global economy, the United Kingdom will continue trading. Brexit does not imply that it will disappear or that purchasing and selling would suddenly cease. The outcome of the US elections will have a considerably more significant impact on it than the outcome of Brexit. [ CITATION Pau21 \l 1033 ]. We first discuss the relevance of Brexit for the British people in this brief paper. The impacts of Brexit on the people. Also, the difficulties that the administration has in putting the plan into action. Significance of Brexit for British People: The Conservative Party first proposed the referendum in 2015. The majority of pro-Brexit supporters in England's rural were elderly, working-class people. They were concerned about the unrestricted mobility of immigration, arguing that residents from poorer nations were stealing jobs and benefits in the procedure. EU tariffs irritated small firms as well. Some believed that exiting the EU would result in employment creation. Many people believe the United Kingdom contributes more to the EU than it receives. The majority of those who voted to remain in the EU were from London, Scotland, and Northern Ireland. They supported free trade with the EU and stated that the vast majority of EU immigrants were youthful and willing to work. The majority of people believed that leaving the EU would harm the United Kingdom's economy. Brexit has already harmed the United Kingdom. The economy has stalled, and many firms have relocated to the European Union. Here are some of the effects on employment creation and growth. There will also be ramifications for Ireland, London, and Scotland separately.  Development The most significant consequence of Brexit is the harm it does to the UK's economic growth. The majority of this is due to the ambiguity around the eventual result. Brexit uncertainty had reduced the United Kingdom's growth from 2.4 percent in 2015 to 1.0 percent in 2019. According to the UK government, Brexit may reduce the country's growth by up to 6.7 percent over the next 15 years. It was based on existing free trade agreements but with certain limitations[ CITATION Mue21 \l 1033 ]. [Show More]

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