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The consequences of BREXIT for UK trade and living standards

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Project Dissertation:

The consequences of BREXIT for UK trade and living standards 

Student Name: Mustapha Benelasry

Name of the University: SIST British Education

Executive summary

The European Union is considered as the largest trade partner of the UK. Approximately a half of the UK’s trade is with the European Union. The membership of EU minimizes costs in trade between the UK as well as the EU. Hence, Leaving the EU would make lower trade between the UK as well as EU as there is higher tariff as well as non-tariff barriers to trade. Moreover, the UK would gain advantages less from future market integration within the organization. This paper is focused on both the positive and negative impact of BREXIT over the trade and the living standards of United Kingdom. It has been found that the referendum of United Kingdom is able to shape the relation of the country along with one of the largest European Union (EU).  In order to conduct the research work, a vast investigation has been done while choosing the most suitable research methodologies in terms of research philosophy, approaches, data techniques, data collection and ethical consideration also. The top destination of export and origin of imports are measured with the help of statistical information. The standards of both United Kingdom and European Union will help to shape the familiar guidelines principles to make sure that all the legal order is accordingly followed. In order to conduct the research work, the plan changes in United Kingdom are also illustrated.  For this research work both the primary and secondary data are gathered and all current secondary information are considered to demonstrate the research resultants.  

Acknowledgement

Professional research on this topic is one of the most identifiable and enriching experience of my life ever. I think after successful completion of this research my knowledge base and research skill will automatically enhance a lot.  During the research study, I have obtained sufficient knowledge about the consequences of BREXIT considering the standard living trade of UK. In order to gather information for conducting this research, my supervisors helped me a lot. I would like to thank my supervisor…….. for supporting me throughout while collecting and analyzing the key research findings. Not only this but also I would like to thank my friends because they also helped me a lot for gathering secondary data in terms of journals and articles. Moreover, I would also like to thank the other professionals who helped me a lot while conducting survey in the retails industries. I have got inspiration and support as well from these above-mentioned people for helping e throughout the research study.

Thanks and regards

Yours Sincerely,


Table of Contents

Executive summary        1

Acknowledgement        2

Chapter One: Introduction        5

1.1 Introduction of the research topic        5

1.2 Background of the research        5

1.3 Research Aim and objectives        6

1.5 Research Questions        7

1.6 Structure of the Study        8

Chapter Two: Literature Review        9

Chapter Three: Research Methodology        19

3.1 Method Outline        20

3.4 Data Collection Process        20

3.4.1 Data Sources: Primary and Secondary        20

3.4.2 Data Techniques: Qualitative and Quantitative        21

3.5 Research effort and time        22

Chapter Four: Analysis and Discussion        24

4.1 Introduction        24

4.2 The meaning of Brexit for USA        24

4.3 History of the UK economy and Financial analysis        25

4.4 PESTEL analysis of UK        26

4.5 Major Consequences of BREXIT in UK Trade and Living Standards: Findings and Implications        27

4.5.1 Free Internal Market        27

4.5.2 Affected countries such as Belgium, Netherlands, and Germany        27

4.5.3 Future UK trade flow        31

4.6 Estimation of BREXIT Consequences in UK Trade and Living Standards: Findings and Implications        32

4.6.1 Increment of Trade Cost        32

4.6.2 Influence on Transfer Pricing        34

4.6.3 Reconsideration of Locations for Supply Chain and Value Chain        35

4.6.4 Future UK Trade Flow        36

4.7 Effect of BREXIT on Migration, Foreign Investment and Regulation        37

4.7.1 EU Membership impact on FDI        39

4.7.2 Changes in FDI for impacting on UK incomes        40

4.8 Analysis Summary        42

Chapter Five        42

5.1 Conclusion        42

5.2 Recommendations        46

References        48

Chapter One: Introduction

1.1 Introduction of the research topic

The study aims to state the impacts of BREXIT over Trade and living standards in UK. Outcome obtained from EU (European Union) membership in UK’s referendum has potential for shaping up country’s relationship along with largest trading partners in EU membership.  Membership of EU is likely to reduce the cost for trading between UK and rest of Europe (Dhingra et al. 2016). In obvious way, between EU members, the ‘customs union’ exists and this means that multiple tariff barriers are removed within EU. The removal of tariff barriers allows free trading of goods and services (Wadsworth et al. 2016). However, in equally important way, the reduction of trading cost is identified as lessening non-tariff value barriers that resulted into EU’s continue efforts for creating independent and single market in Europe.    

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