If Britain choose to exit the EU it means that they must to create a deal on all tariff lines, this means covering its complete trade portfolio. Approximately all of the UK’s trade would one way or another have to be negotiated. Trade being one of the most imperative things in the British economy, means that its crucial that everybody knows the likely consequences of Brexit. One of the consequences of Brexit would involve that Britain would most likely lose their privileged access to markets that are covered by thirty six trade agreements and fifty eight different countries, that had been negotiated by the EU. This means that the Britain would then have to impose higher tariffs on imports from the 58 countries, while they would need to levy their own surcharges on British exports. Further tariffs on goods would end up costing British consumers, roughly, an extra 9 billion pounds. Accountants in Farnborough Say- This means they would be planning for negotiations that may take years. It’s very complex and complicated to negotiate these trade agreements; as well as time consuming. Still if we United kingdom are ready to immediately negotiate with others, it doesn’t mean the other members will be in the position to trade with them. One of the negative consequences of Brexit would be that it could be harmful for the Britain and the EU, as they could either decrease trade or rise the price of their deals with each other. Brexit might cause investments from the EU to shrink, as it might cause Europe to lose attention and find the Britain less attractive.
Even though there are numerous negative effects of Brexit there are good ones too, such as things which wont be affected like the language. Though, the extact influence that Brexit possibly have on the economy is not apparent just yet. This can be affected by a assortment of different decisions that are waiting to be made. It has been worked out that by 2030, the worst case situation is that the GPD would be roughly 2.2% lower, than it would if the UK stayed in the EU. The top case scenario is if by 2030, the United kingdom strikes a Free Trade Agreement with the EU, and pursues ambitious deregulation of its economy. Plus if it opens up approximately completely to trade with the rest of the world, Britain GDP would be roughly 1.6% higher than if it had remained within the EU. An additional probable outcome of Brexit might be that the British banking industry loses entry to the single market and major banks would mull over relocating to the Euro market. Brexit can also consequence in there being powerful political resistance in the UK itself.