ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It would increase
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It would decrease
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It would remain the same
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None of the above
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Detailed explanation-1: -What will happen after we leave the EU? The European Communities Act will be repealed on the day we leave the EU – meaning that the authority of EU law in the UK will end. We will convert the body of existing EU law into domestic law and then Parliament will be free to amend, repeal and improve any law it chooses.
Detailed explanation-2: -Research released today (19 October 2022) by the ESRI shows reductions in UK to EU goods trade by 16% and trade from the EU to UK by 20% relative to the scenario in which Brexit had not occurred.
Detailed explanation-3: -The Pound Is On Track for its Worst Year Since 2008 The latest leg down has taken its decline so far this year to 17%, surpassing the 16% loss it suffered in 2016, when the country voted to leave the European Union.
Detailed explanation-4: -In 2018, the UK had the fifth highest nominal GDP in the world and the second largest in the EU. Brexit resulted in the EU experiencing a net population decrease of 13% between 1 January 2019 and 1 January 2020. Eurostat data suggests that there would otherwise have been a net increase over the same period.