Why The Brexit May Be Beneficial for Britain?

Two and a half year ago, the British people had voted to leave the European Union. This vote went through by a narrow margin. This is the reason why it has been challenged several times ever since. Also, many political commentators have been using television and other mass media to explain exactly how leaving the European Union would be catastrophic for Great Britain.

At the present moment, politicians and the media are busy discussing whether an agreed upon Brexit would be more favourable than a no deal Brexit. However, there are many who believe that the terms are not as important. As long as Britain simply exits from the European Union, it will be better off.

In this article we will have a closer look at why Brexit may be beneficial for the economy of Great Britain:

Freedom from Unelected Bureaucracy

One of the biggest problems with the European Union is that the people who make most of the decisions are unelected officials. This means that there is a supra-national government in Brussels which makes decisions that impact people all across Europe. This arrangement was a problem for Great Britain since they believed that the people in Brussels were not being held accountable for the decisions. Hence, if some of their policies were causing mayhem in member countries, the bureaucrats were still largely unaffected.

Once Britain exists the European Union, it can once again have responsible bureaucrats making policy decisions. If the decisions don’t work out, the officers will have something to lose. Britain has alleged that the European bureaucrats in Brussels are corrupt. The policy decisions that they make have very little to do with the economic reality on the ground. Instead, they just make decisions based on kickbacks that they receive.

Financial Benefit

The membership of the European Union does not come free of cost. Countries have to pay an annual membership fee. Critics in Great Britain argue that a very hefty membership fee has to be paid out to the European Union. Many critics claim that the UK has to spend close to $500 million per week to the European Union just to be a member. The fact of the matter is that the European Union also gives several rebates to the United Kingdom. Hence, the net amount of money paid out is closed to $375 million per week.

Most Britons rightly argue that the United Kingdom pays much more in membership fees than it receives in terms of benefits from the EU. Britons argue that their country has paid in $11 billion more each year. That is a lot of money and can be used for other purposes.

Membership to the EU only means that Britain will continue paying even more money in the future. This is because it is no secret that many countries in the EU are on the verge of bankruptcy. Hence, the expectation of the EU will be that stable economies such as the UK should contribute more to help revive other countries. Most Britons believe that this will be like throwing good money after bad. This is the reason why they believe that opting out of the EU is a wise decision.

Jobs and Immigration

One of the preconditions of the European Union is that member nations should allow free movement of goods and even people across the country. Britain has been following this condition in the past. However, given the fact that the economy of the United Kingdom is more developed as compared to other European countries, a larger number of European immigrants live in the United Kingdom than vice versa.

Once the Brexit deal goes through, Britain is expected to regain control of its borders. This would mean that some amount of trade and jobs would be lost. However, this would also mean that many of the immigrants currently living in Britain would have to go out. This would also end up creating more jobs.

The problem with the media is that it is biased. It speaks about the possibility of job loss without speaking about the possibility of the possible increase in employment opportunities that will be caused by the exodus of European immigrants.

Trading With Other Countries

At the present moment, the European Union is the number one trading partner of the UK. UK exports more than 44% of its produce to other European nations. It would be wrong to assume that if Brexit happens, these exports will stop happening. The main reason behind these exports is the fact that the European market serves as a duty-free zone for British goods.

As Brexit happens, Britain will have the freedom to negotiate with other countries and enter into trade deals with them. Britain is already looking at other nations such as the United States, India, Australia, and New Zealand in order to execute these deals.

Britain needs to find other nations so that they can continue with their trade without having to pay $11 billion in annual membership fees to have the privilege.

The bottom line is that Brexit may not be such a bad thing. The Eurozone is a failed idea. This can be ascertained from the fact that a large number of countries in the zone are inching closer to bankruptcy. Brexit will allow Britain to shield itself from the imminent crisis that looms large over the Eurozone.

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