How will Brexit impact Britan's ability to do business with Europe and the US?
Effect of Brexit on Britain’s ability to do business in Europe
Brexit translates to the fact that the trade agreements that it had under EU will be terminated. Therefore, it will need to reach new trade agreement with trade partners or even the EU. In this case, the ability of Britain to conduct business in Europe will be affected. It will tend to appear weak in the new trade deals. In the two-year deadline that Britain was allocated by EU to establish itself after Brexit, it has to carry out the task under pressure. This may make it submit to some aspects under the new trade deals that portray that its ability to do business with other countries in Europe will be affected. For instance, higher tariffs are expected to be imposed on its good under a new trade deal with EU (Dhingra et al., p.1).
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Effect of Brexit on Britain's ability to do business in the U.S
Brexit will also have an impact on the ability of Britain to conduct business with the United States. Murad (par.1) explains that Britain and the United States have strong trade ties especially through U.S companies that operate in Europe. There are also citizens of the U.S who work in Europe.
Brexit tends to dampen the growth of the business activities between the countries. The uncertainty regarding the fate of the U.S citizens in Britain after Brexit is also contributing to the tension between business relations between the two countries. Companies from the United States may also be reluctant to invest in Britain over this uncertainty. This change in business relationships between Britain and the United States portrays that Brexit tends to take Britain off the leading platform of the financial world.
Begg, Iain, and Fabian Mushövel. "The economic impact of Brexit: jobs, growth and the public finances." (2016).
Cappelen, Aadne, et al. "The impact of EU regional support on growth and convergence in the European Union." JCMS: Journal of Common Market Studies 41.4 (2003): 621-644.
Dhingra, Swati, et al. "The consequences of Brexit for UK trade and living standards." (2016).
Emmanouilidis, Janis A., and Corina Stratulat. "Implementing Lisbon: narrowing the EU's democratic deficit." EPC Policy Brief, Brussels: European Policy Centre (2010).
FT Reporters. “How Brexit will Affect Sectors of the UK Economy.” Financial Times, 23 June 2017, www.ft.com/content/602f3674-573a-11e7-9fed-c19e2700005f. Accessed on 8 Feb. 2018.
Murad, Andrea. “Six ways Brexit could affect the US.” ICAS, 29 March 2017, www.icas.com/ca-today-news/six-ways-brexit-could-affect-the-us. Accessed on 8 Feb. 2018.
New York Times. “How ‘Brexit’ Could Change Business in Britain.” 17 September 2017, www.nytimes.com/interactive/2016/business/international/brexit-uk-what-happens-business.html. Accessed on 8 Feb. 2018.
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