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Monday, 13 July 23:57 (GMT -05:00)

Business And Politics News

Brexit May Cost EU 5% GDP

As you probably know, it is still unclear whether the UK is going to stay an EU member. The local officials seem to be against the so-called Brexit. However, the plain folks are going to make the final decision. The thing is that the authorities are going to conduct a Brexit referendum to let the people decide whether to stay in the European Union or quit it.




In the meantime, financial experts and observers keep on pondering on the consequences of a possible Brexit. Some of they say that the EU is going to end up as a loser if London does quit the union. Still, Great Britain is not going to benefit from such a step as well. Some experts have calculated that if the UK quits the EU, the British economy may lose up to 100 billion pounds or some 145 billion dollars by 2020. All in all, in this case the British economy is going to lose 5% of GDP.


Apparently, if that’s the case, this is going to affect plain folks first. The thing is, if the UK quits the EU, this is going to trigger mass layoffs. As a result, up to 950 000 British citizens may end up losing their jobs. Even in the best-case scenario, the United Kingdom is still going to face some economic challenges. This is what the British government keeps on rotating in the media to influence the public opinion and eventually make the people vote for staying in the EU during the forthcoming referendum, which is scheduled for June 23rd 2016. 
After the EU gave the UK some more privileges as an EU member, the British authorities got more stimuli to stay in the union even though some of them used to be promoting the Brexit idea at first. Now, they are trying to talk the plain folks into voting against the Brexit.
At the same time, Masterforex-V Academy experts say that the abovementioned challenges are only some of those problems the UK may face in case of quitting the EU. In reality, the British population risks facing some more problems in a future outside of the EU.
For example, if the Brexit scenario does manifest itself, Great Britain is going to see air ticket prices skyrocket like never before. Why? Because the Brexit is going to cancel multiple agreements and existing privileges. British tourists are going to be on the losing side in this case since they are automatically deprived of the opportunity to fly across Europe at a major discount.
Another extra challenge to face is the fact that in case of quitting the EU, the UK cannot avoid losses in terms of consumer right defense, which is now backed by multiple agreements. In this case, people will have to forget about compensations in case of flight delays as well as high-quality free healthcare insurance. The list rather long, and the potential victims start beware of that.


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