According to Financial Times published on November 3, 2021, the UK government’s Office of Budget Responsibility calculated that Brexit would cost 4% of GDP per annum over the long term. 4% of the 2021 UK GDP is the equivalent of a £32bn cost per annum to the UK taxpayer. The following case study provides the opportunity to show what you have learned up to this point specific to the EU, Brexit, and the British economy.
Instructions
Read Chapter 9, Closing Case: The Cost of Brexit (pp. 304-306).
Write a minimum of 1 to 2 pages (double-spaced), not recapping the case history or repeating the material in the case. Make sure to address the following in your case study analysis:
· What have been the benefits of the EU to the British economy? What do you think have been the costs?
· Why did a majority of people in Britain apparently feel that it was in the best interest of the nation to exit the EU?
· There is evidence that the uncertainty surrounding the precise nature of the post-Brexit trade deal between Britain and the EU has lowered economic growth rates in Britain. Why do you think uncertainty over trade has this effect on growth?
· For Brexit to be a net positive for the British economy in the long run, what has to happen?
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