Back in June 2016, Britain voted to leave the European Union (Brexit). Leaving the EU has presented a lot of opportunities, independence to individuals and businesses are able to take steps towards global future. You should be concerned about how the decision to leave EU could impact your business.
Pros:
1. Free International trade: Leaving the EU, Britain will be able to independently access the international trade deals. You will have an opportunity to negotiate for new deals and a chance to move goods freely.
2. No membership cost: You no longer have to pay for EU membership fee which can hinder the free movement of goods to the international market.
3. No more EU trade regulations costs: Exit from EU will allow Britain to set its own regulations for the members. E.g. rules on value-added tax.
4. Reduced red tapes: Reduced policies have enabled firms to increase their productivity potential and reduce cost spend on adhering to bureaucratic policies. Consumers can also benefit from reduced cost.
5. Lower Costs: Lower supermarket costs reduced barriers to customs and tariffs and other trade costs will save the British household £933 per year.
6. Control immigration: The UK government will be able to control and regulate the immigration of individual in its member state.
7. Security: The new immigration laws will make it difficult for a terrorist to enter the UK and also make it easier for the UK to deport violent criminals which were a difficult task with EU courts.
8. Independent: Britain will have a chance to influence world decisions as an independent nation.
9. Better Employment: Increased wages and job creation. Exit from EU will lead to fewer regulations in the workplace environment. This encourages talent pools from neighboring countries.
10. Opportunity for Companies: Britain companies will no longer have the mandate to follow the strict laws set by the EU.
Cons :
1. Loss in Business: Membership to EU will make Britain attractive for foreign investment and exit from EU, they will lose 45% and 50% of UK’s Export and import.
2. No Free Trade Negotiations: Britain will not take part in the world largest free trade negotiations between EU and the US.
3. Loss of influence: Leaving the EU will limit Britain’s opportunity to take part in EU’s decisions concerning world affairs or in setting European laws.
4. Barriers to EU workers: With the implementation of Brexit, there will be a skills gap in the market because of the barriers put in the workplace.
5. Impacts on the economy: Leaving EU has an impact on the economy, businesses and individuals will have a hard time raising funds for any developments.
6. Increase Energy Bills: EU negotiates for energy bills for its member state, leaving EU will increase energy bills for Britain. They will also not be able to uphold the EU plans for reducing air pollution.
7. Less Educational Funds: EU offers support funds to a lot of educational programs in the UK. Exiting EU will have an impact on students since the Britain government regulates the costs for EU students.
8. Less Educated Manpower: Controlling immigration by Britain will affect its economy and the society at large. Most immigrants from EU are more educated than the UK nations and can contribute up to 34% of UK finances.
9. Reduced investment fee: Most of the jobs in the UK are due to trade with the EU making the UK receive an investment of £66 from the EU jobs.
10. More Policy in Ground: Exiting from EU, Britain will have the responsibility of setting policies to protect human consumption through laws that ban any harmful additives from food and maintain a wide animal welfare standards.
