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Introduction Of Impact of BREXIT on the UK Economy Assignment
The economy of the UK is stable, which promotes the value and growth of business in many factors (Minford, 2019). It promotes the value of people within the nation by generating financial stability and economic growth. BREXIT has generated specific issues in people's views through taking an exit from the European Union (Portes, 2022). The political factors within the business play a critical role along with the development of the economy as a whole. The creation of a network within business and the generation of a stable economy plays a critical role in sustainability and GDP growth. It can be directly linked to the standard of people and the quality of improvement brought about in the nation.
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Research Rationale and justification
The research finds its importance in the analysis of a nation after taking an exit from vital collaboration. It not only has a deep impact on the views of business and political people but also on the views of the common public. Through the research, the impact of BREXIT on the UK economy will be highlighted critically. The research will enable the people to highlight the critical changes before and after BREXIT while aligning them directly o the economy and values of the people within the nation (Minford, 2019). Economic growth is essential as it helps in the identification of state capacity and supply factors within the nation (Portes, 2022). The law of supply and demand within the nation plays an essential role in the identification of the flow of goods. It helps in the generation of revenue that contributes to GDP growth (Minford, 2019). The supply and demand for the products in the UK have had a deep impact after the BREXIT. Analysis of the impact on the economy in the case of the UK is important as it is a fast-growing economy. Identification of key challenge areas will help in the mitigation of risk based on which stability can be regained within the market and economy as a whole.
Project Aim and Objectives
BREXIT is considered a political activity that has brought about various changes in the UK related to the economy and its development in the long run factors. The project aims at evaluating the impact of BREXIT on the UK economy.
- To evaluate the economic challenges faced by the UK after the BREXIT policy based on present and future aspects.
- To determine the business challenges faced by leaders in the creation of productivity within the nation.
- To generate effective strategies based on which the existing challenges further BREXIT can be reduced to a certain extent in the UK.
Literature Review
Through the analysis of literature, the existing views of various authors and researchers will be analysed. The impact of BREXIT on the economy has generated huge challenges along with positive factors as well (Portes, 2022). It helped in the generation of individual identity and promotion to the business within the UK countries. It helped in the removal of any state interference from the system, which enabled them to make effective decisions through the identification of independence. It helped in the generation of own control of money, water borders and the generation of democratic aspects. It engages the system of trade in a free manner within the non-EU markets. In the views of Gudgin et al. (2018), BREXIT was initiated in the generation of gravity-related trade thinking and the creation of independence on trade factors. As per the views of Chang (2018), separation from the EU has led to the generation of immigration factors within the nation. Factors of immigration and relation to demand have visualised severe threats to the supply of products within the UK economy.
Factors of negotiation and rates of exchange in trade factors crashed at severe levels (Tetlow and Stojanovic, 2018). In the long run, applying the economic theory tends to generate pressure on the tax system of the nation. Bargaining in two-sided factors was highlighted within the UK visualised, visualised a drastic shift of power within the economy. Along with the economic factors, BREXIT has generated various results upon political and social factors as well. Through the analysis of the UK market, it can be stated that the unstable economy in recent times has generated huge issues for an existing businesses. To a certain extent, it is restricting new entry and their business within the UK economy. Based on the views of Tetlow and Stojanovic (2018), FDI within the UK economy helps in the generation of effective productivity and profit. Most multinationals organisation has generated boosted revenue in the UK through FDI within the nation. The current scenario is fluctuating in nature due to BREXIT. FDI cannot analyse the future implications within the UK market that resists them while investing in the nation. It has become a two-way thinking scenario for investors within the market.
Through the macroeconomic analysis within the UK market, the investments within the car manufacturing industry have been visualised at huge levels. The sale of the automotive industry within the nation had grown to huge levels after the BREXIT had attracted the views of investors when they started investing in the car manufacturing organisation. In the views of Gudgin et al. (2018), an analysis of BREXIT within the UK market visualises that The UK aims at striking deals with non-EU countries. It would reduce trade costs within the nation and boost the FDI in the generation of future business opportunities. It visualised the promotion of the economy of the UK in the future and is predicted to be growing in the long run through the generation of GDP. The UK aims at a non-compromising situation with the EI countries for the generation of trade and business through labour shortages, and a negative impact on the supply chain process in the UK has been visualised that degraded the business quality by 5.35 per cent (Portes, 2022). The bargaining factors enjoyed by the EU in relation to the UK have been eradicated from the process. From the above analysis, it can be stated that BREXIT has created a negative impact on a generation of FDI that has reduced the inflows by 23 per cent.
The loss of investment within the UK has damaged productivity and has reduced the real incomes by 3.3 per cent and tends to damage in future as well. The static economic loss within the trade factors created huge pressure on the UK economy. Free labour mobility within the nation has reduced to a great level that has had a deep impact on the productivity of the business within the nation regarding time management and supply chain factors as well. It has led to the over-allocation of costs within the economy that generated outflows as compared to that inflows. Based on the analysis of Tetlow and Stojanovic (2018) through impact within the supply chain process, it was visualised that possible delays within the borders had led to inventory delays within the market. Most of the organisation has withdrawn their business, especially the large-scale operators, from the nation. It generated a huge blow to the financial stability of the UK in the past few years. The financial service provider within the UK failed to align most of the regulatory laws generated after BREXIT. It has led other banks to uncertain situations that create barriers to providing loans and generating a source of revenue in the GDP contribution of the nation. The complex tax structure system initiated by the UK government failed to meet the requirements of the financial institutions within the UK during BREXIT (Portes, 2022). The UK banks in the initial stage of BREXIT were unable to access the European markets, which generated huge demands in their aspects. At the engagement of the financial year 2019, the financial organisations shifted various assets from the UK to Europe, which was valued at around $1.01 trillion.
Intended Methodology
This section analyses the process by which the research will be carried out through the generation of the required information. The gathered information will be aligned with the requirements of the topic while meeting the objectives at the same time. The application of theories and concepts within the research methodology will help in a better analysis of the research topic. Through the application of research methodology, the researcher will understand the overall procedure required to analyse the particular research-related impact of BREXIT on the UK economy. It will be carried through better analysis, the reason for which proper selection of research methodology process is important to determine the sustainability of the research topic.
Research Philosophy
The application of the positivist research philosophy within the research study will help in gaining the required data related to the research topic Alharahsheh and Pius (2020). The analysis of BREXIT and its impact on the economy will be evaluated through the application of theories backed by logical factors and reasoning. It will help in improving the quality of the study through the application of the scientific method within the research process. The positivism philosophy in the research study will help in data extraction and gaining information about hidden factors related to the research topic. The study within the UK market and factors of BREXIT is time-consuming in nature that suits the application of positivism.
Research Strategy
Qualitative data are helpful in the collection of the narrative form of data that will be integrated with the research study to add a better description to the research study (Lobe, Morgan and Hoffman, 2020). Qualitative data will be used by the researcher as it helps in the application of various theories and concepts for improving the depth and quality of the study. It will provide easy understanding to the readers and help them in linking to the objectives through analysis of the applied theories and concepts. By giving a brief description of the ideas of the research topic, the application of qualitative data can help in the successful presentation of the topic.
Data Sources
Sources of data are considered to be helpful in penetrating the research topic in the required way. It helps in the extraction of required information through which the research study can be carried out. The application of secondary data sources have been highlighted but the researcher for conducting the study. The secondary sources related to the application of various concepts can be widened in the study and further elaborated. It helps in understanding the research topic and also provides better study (Mezmir, 2020). The application of secondary data sources provides huge sources of information that are based on the description. Critical analysis through secondary data sources can be carried out to improve the quality of the study.
Data Collection
The research will be carried out through secondary qualitative data analysis. For analysis of the impact of BREXIT in the UK, various articles, newspapers, journals and research papers will be accessed by the researcher to gather the required information. The selected tools for secondary data collection will be effective from the viewpoint of the researcher, which will help in the fast collection of data required to be implemented in the study. Literature sources are effective in upholding the views of various authors, which improves the quality of study through critical analysis (Mezmir, 2020). Highlighting the existing research gaps, the current research study is carried out to highlight the key impact of BREXIT on the UK economy in terms of negative and positive factors.
Analysis Techniques
The analysis of the study will be carried out by setting themes based on the research topic. It will be aligned as per the requirements of the research topic while linking directly to the objectives. Analysis of objectives will be carried out under data analysis, which is considered as the results generated for the research initiated by the researcher.
Ethical Considerations
The researcher aims to generate the required standards to safeguard the values and ethics of individuals involved in the research process (Nichol, Mwaka and Luyckx, 2021, May). The use of data will be limited to applications in academic fields only. After the completion of the research study, the researcher will destroy or encrypt the data using various devices such as pen drives or HDD. Based on the views of Nichol, Mwaka and Luyckx (2021, May), the use of critical information within the study will be backed with proper references and evidence by eradicating the process of data manipulation to a certain extent.
Cost and Timeline
The cost required in the study is negligible as the researcher aims at the generation of secondary sources and access to free papers. It has generated effective information required for the researcher to be integrated within the study. Travelling expenses are not required as it is secondary data. It saves a lot of time and cost budget factors for the researcher.
| Main activities/ stages |
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| Topic |
| Data collection |
| layout |
| Literature review |
| research Plan |
| Selection of Research Techniques |
| Analysis |
| Findings |
| Conclusion |
| Rough Draft |
References
Alharahsheh, H.H. and Pius, A., (2020). A review of key paradigms: Positivism VS interpretivism. Global Academic Journal of Humanities and Social Sciences, 2(3), pp.39-43. https://gajrc.com/media/articles/GAJHSS_23_39-43_VMGJbOK.pdf
Chang, W.W., (2018). Brexit and its economic consequences. The world economy, 41(9), pp.2349-2373. https://onlinelibrary.wiley.com/doi/abs/10.1111/twec.12685
Gudgin, G., Coutts, K., Gibson, N. and Buchanan, J., (2018). The Macro-Economic Impact of Brexit: Using the CBR Macro-Economic Model of the UK Economy (UKMOD). Journal of Self-Governance & Management Economics, 6(2). https://www.ceeol.com/search/article-detail?id=676841
Lobe, B., Morgan, D. and Hoffman, K.A., (2020). Qualitative data collection in an era of social distancing. International journal of qualitative methods, 19, p.1609406920937875. https://journals.sagepub.com/doi/pdf/10.1177/1609406920937875
Mezmir, E.A., (2020). Qualitative data analysis: An overview of data reduction, data display, and interpretation. Research on humanities and social sciences, 10(21), pp.15-27. https://core.ac.uk/download/pdf/356684456.pdf
Minford, P., (2019). The effects of Brexit on the UK economy (No. E2019/1). Cardiff Economics Working Papers. https://www.econstor.eu/bitstream/10419/230434/1/1048210502.pdf
Nichol, A.A., Mwaka, E.S. and Luyckx, V.A., (2021, May). Ethics in Research: Relevance for Nephrology. In Seminars in Nephrology (Vol. 41, No. 3, pp. 272-281). WB Saunders. https://www.sciencedirect.com/science/article/pii/S0270929521000784
Portes, J., (2022). Immigration and the UK Economy after Brexit. Oxford Review of Economic Policy, 38(1), pp.82-96. https://academic.oup.com/oxrep/article-abstract/38/1/82/6514758
Tetlow, G. and Stojanovic, A., (2018). Understanding the economic impact of Brexit. Institute for government, pp.2-76. https://www.instituteforgovernment.org.uk/sites/default/files/publications/2018%20IfG%20%20Brexit%20impact%20[final%20for%20web].pdf
