British exit
- 2. CONTENTS • Introduction oWhat is European Union? oWhat is BREXIT? • History • Reasons • 2016 Referendum • Impacts of BREXIT oImpact on Economy oImpact on Trade oImpact on Society • Impact of BREXIT on INDIA • Conclusion
- 3. What is European Union? The EU is a unique economic and political partnership between 28 European countries that together cover much of the continent. It was formed in 1993 for the purpose of achieving political and economic integration. The fundamental purposes of the European Union are to promote greater social, political and economic harmony among the nations of Western Europe.
- 4. What is BREXIT? Brexit is an abbreviation for "British exit," referring to the UK's decision of leaving the European Union (EU). BRITISH + EXIT=BREXIT The decision was proposed in June 23, 2016 referendum.
- 5. BORIS JOHNSON “Former London Mayor” One of the famous person who supported BREXIT
- 6. Reasons for declaration of BREXIT EU threatens British sovereignty. The EU strangling the UK in burdensome regulation. The EU allows too many immigrants. UK could have a more rational immigration system outside the EU. The UK could keep the money it currently sends to the EU.
- 8. History 1975 Referendum • In 1975 the United Kingdom held a referendum in which the electorate was asked whether the UK should remain in the European Economic Community (EEC). • All of the major political parties and mainstream press supported continuing membership of the EEC. • Since the cabinet was split between strongly pro-European and strongly anti-European ministers, Harold Wilson suspended the constitutional convention of Cabinet collective responsibility and allowed ministers to publicly campaign on either side.
- 9. Outcome of 1975 Referendum Yes Votes Yes(%) No Votes No(%) 17,378,58 1 67.2 8,470,073 32.8 On 5 June 1975, the electorate were asked to vote yes or no on the question: "Do you think the UK should stay in the European Community (Common Market)?" Every administrative county in the UK had a majority of "Yes", except the Shetland Islands and the Outer Hebrides. In line with the outcome of the vote, the United Kingdom remained a member of the EEC.
- 10. Reason of BREXIT To make stronger trade deals with other nations. To control our national borders. To restore Britain’s special legal system. To improve the British economy and generate more jobs. To make major savings for British consumers. To restore British customs and traditions.
- 11. 2016 REFERENDUM
- 12. 2016 Referendum On June 23rd 2016 the UK voted in a referendum to leave the European Union. The votes were counted in eight locations in Northern Ireland but collated and declared as one result. Prime Minister David Cameron resigned the morning after the vote on 24th June. A few weeks later ,Theresa May was elected as the leader of the conservative party and new Prime Minister.
- 13. IMPACT OF BREXIT ON UK
- 14. Impacts of BREXIT on UK Impact on Economy oImpact of Brexit could lead into lower GDP of 2.2% in 2030 or hopefully into higher GDP of 1.6%. oLeaving the EU also affected Foreign Direct Investment, immigration and economic regulation in UK. oOne in every ten UK jobs are linked to the trade with the EU. Therefore Brexit affected their jobs directly or indirectly.
- 15. Impact On Trade oTrading freely with the EU allows UK businesses to grow. Being able to trade freely with the EU helps UK businesses grow and create jobs . Therefore, leaving EU puts all this at risk. oFour out of five UK small businesses say, access to EU markets is important to their future growth, in case of UK leaving EU, these small business might suffer losses. oThe pound fell dramatically after the Brexit vote at the end of June. It then declined to a three-year low against the euro following Theresa May's announcement that the UK would begin formal Brexit negotiations by the end of March taking its fall from a pre-referendum rate of over 1.30 euros to a low of 1.09 euros in October.
- 16. Impact on Society oBeing in European Union means lower prices for UK families, because it's cheaper to trade and there’s more choice. Since UK left the EU, the cost of imports could rise by at least £11 billion leaving UK families out of pocket as prices rise. oIndependent experts estimate the benefits of being in the EU are worth £3,000 a year to the average UK household - due to lower prices and more jobs, trade and investment. These were all lost as UK left the EU.
- 17. IMPACT OF BREXIT ON INDIA
- 18. Impact of BREXIT on INDIA Many Indian businesses have their offices in Britain so they can avail benefits and continue to remain a part of the EU. But with Brexit, this benefit will be taken away and may result in companies relocating their business set ups to other places. Brexit might also have a positive effect, but these results may not show up immediately. The process might take time considering that the new government will take time to design and implement their policies.
- 19. Conclusion There were 17.4 million votes for “leave” (51.9%). There were 16.1 million votes for “remain”(48.1%). “Leave” won the highest share of the vote in England and Wales. “Remain” won the highest share of the vote in Scotland and Northern Ireland. Finally we come to the conclusion that BREXIT has damaging effects on the economic development in the entire EU. It also caused some severe political damage and weakened Europe geopolitically.
- 20. THANK YOU Group Members Trinayan Borah (DC2016BTE0111) Abhijit Dey (DC2016BTE0174) Marlom Bey (DC2016BTE0195) Paonam Govind Das Singh (DC2016BTE0236)