The time for Brexit is getting close, and many of us already know about the threats it poses to the E.U. But, for those of you who can’t remember, weren’t paying attention or were just waiting for a convenient, easy to digest video summary of those ‘dangers’, here’s a list of the most important changes we will face in these 10 Ways Brexit could easily break Europe.
There will be tariffs and other barriers in terms of imports and exports between states of the EU and UK. Financial services will also be affected. So that means that markets will be affected too. The UK will lose power internationally.
Tax revenues would drop if companies moved their headquarters back into the EU particularly banks. Carmakers could scale back or even end production in the UK if vehicles could no longer be exported tax-free to Europe.
The country will give up its influence in Europe. EU membership involved a worthwhile exchange of sovereignty for influence. So Britain had a seat around the negotiating table but now it won’t.
Under EU law, any citizen of another member state could come to live in the UK, and Britons benefited from an equivalent right to live and work anywhere else in the bloc. However, now they will have some difficulties with housing and service provision.
Economic growth has slowed since the referendum, but employment remains high. And, while it still remains unclear how Brexit will affect the jobs market, the expectation is to lose 3 million jobs but it all depends on the negotiations the Government does.
The EU is very important in terms of security. Especially at times of instability in the Middle East, in the face of resurgent Russian nationalism and aggression, the EU will lose a very important strength letting the UK go.
7) Gross Domestic Products
The EU will lose some points in this scale as the UK has the fifth highest GDP in the world and the second largest in the EU. So to fix that, the European Commission has looked at reductions in regional spending of up to 30% which could affect poorer member states that are greatly dependent on regional funds.
8) Agencies located in the UK
The UK was currently hosting the European Medicines Agency and the European Banking Authority. As an EU agency could not be located outside the Union, now they would relocate to Amsterdam and Paris. And The backup data centre for the security behind the Galileo satellite navigation system will move to Spain. Those changes will cost a lot.
9) Social difficulties
Ethnic minorities in Britain are facing rising and increasingly overt racism, with levels of discrimination and abuse continuing to grow in the wake of the Brexit referendum, nationwide.
10) Loss of power
Brexit has strengthened anti-immigration parties throughout Europe. If these parties gain enough ground in France and Germany, they could force an anti-EU vote. If either of those countries left, the EU would lose its most robust economies and would dissolve.
Do you know of any other way Brexit could break Europe?