to increasing unemployment. A high unemployment rate and high budget deficit will lead to a lower confidence in the economy and harm GDP growth. Also, leaving the EU will depreciate the pound a lot. Although it may increase exports, in the short term it is harmful to the expansion of economy. As the UK leaves the EU, terrorist attacks will become a huge concern to UK. This is because there is no more help from other neighboring countries. Defense Secretary Michael Fallon has also said the UK benefitted from being part of the EU. "It is through the EU that you exchange criminal records and passenger records and work together on counter-terrorism," he said. "We need the collective weight of the EU when you are dealing with Russian aggression or terrorism." From this, we can see that the policies on attesting criminals in the EU zone is a huge benefit for the UK as it will lower its crime rate, which is really important to UK residents as it means they will be safer. In addition, leaving the EU means the UK will no longer be part of one of the biggest business zones. This is problematic as the UK exports 50% of its exports to the EU zone; if it leaves EU, the decrease in exports will not just affect the economy but also the competitiveness of the UK. Leaving the EU also means the US will give less support to the UK as the US need the UK to access the EU. Thus, if the UK quits, the US will need to find another partner to expand its economy and power, so the UK may be abandoned.
Therefore, I can conclude that staying in the EU is the right decision for UK to achieve its economic aims.
References
http://futureofworking.com/11-advantages-and-disadvantages-of-the-european-union/
http://www.theweek.co.uk/brexit-0
https://en.wikipedia.org/wiki/European_Union
__________________________________________________________________________________________ __________________________________________________________________________________________
- OTHER -
J ASPER G OODSELL
What are the economic implications of the Rio Olympics for Brazil?
The Olympics is one of the largest sporting events in the world. It is one of great happiness but also upset as the world gathers around to see their nation’s athletes compete for national pride and arguably more importantly the illustrious medals that accompany victory. Although for many the focus is on the performance of various athletes, for the hosting nation especially, the buildup and time of the Olympics can be one of great discord. The question must be asked: what is Brazil doing as a nation to prepare for the Olympics and what does it mean for their economy?
20
Made with FlippingBook Annual report