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Transcript of BREXIT
BREXIT is the withdrawal of Britain from European Union.
The European Union is an economic and political union of 28 countries.
It was on June 23, 2016 that Britain voted itself out of the EU.
After the Second World War there was a new movement to create unity between Germany and France, which would ultimately lay the foundations for the European Union four decades later.
Britain not being a part of EEC applied for a membership in 1965 & again in 1967 , but were not elected as the president of France believed that the British economy & practices were incompatible with Europe.
UK’s third application was accepted after French president lost his possession of his presidency, on January 1st, 1973 UK entered EEC.
Why Britain wanted to leave EU
Freedom to make stronger trade deals with other nations.
Freedom to control Britain’s special legal system.
Freedom to make major savings for British consumers.
Freedom to restore British customs and traditions.
Freedom to generate British economy and generate more jobs.
Benefits on exiting EU
Savings on European Union contributions
More security and Stringent Immigration Policy
Benefits if Britain remain with EU
Exports and Investments
Freedom to work and study abroad- and easy travel
Peace and democracy
Equal pay and non-discrimination
Impact of BREXIT on the EU Countries
Impact on Global Economy
Shock waves through global market and UK market their worst drop since financial crisis.
The value of euro has drop down to , as low as it was 30 year earlier.
48% of all British exports were to the rest of the Europe, BREXIT will make exports expensive.
BREXIT will result in a halt in economic growth in the coming years.
Effect On India
BREXIT resulted in Sensex dropping by 605 points and Nifty by 181 points.
Will effect Indian IT & automobile companies in the UK as import as well as export duties are to be paid to import of parts and export of assembled cars.
Rupee weakened by 85 paisa.
With Britain cutting off ties with the EU, it will be desperate to find new trading partners and a source of capital and labor. India being UK oldest alliance could project itself as a trading partner.