1.
What will be the impact if Great Britain withdraws from the European Union?
Over 30 million residents of Ireland, Scotland, and England turned out for the referendum on June 23 to decide whether UK should remain within the EU. 51.9% said they want to exit the EU (Brexit).
The economic impact of the vote will perhaps be far greater than the political consequences. It will affect all sectors ranging from agriculture to financial services. Financial firms based in the UK will no longer be able to spread their businesses all across the EU. Banking institutions like HSBC and JPMorgan might shift some of their operations (and many jobs) to Frankfurt, Paris, or Dublin to serve EU clients.
Farming subsidies will be another area that will take a major hit. In the EU budget last year, the EU allocated 3.1 billion pounds to agriculture in UK.
Trade will also be adversely affected. Currently, UK is the second-largest car market in the EU. After Brexit, the automotive sector in the UK will have to bear EU’s import tariff of 10%.
Movement of human resources will also be far more limited, which will affect the labor market and, consequently, the services and retail sectors.
What will be the impact if Great Britain withdraws from the European Union?
What percentage of voters were in favor of remaining within the European Union?
What is EU’s import tax for the automobile sector?
The automotive sector in the UK will have to bear EU’s import tariff of 10%.
In the above sentence, what does the word bear mean?
The EU ____ 3.1 billion pounds to agriculture in UK.
Which of the following options would you use to complete the sentence?
What will happen if British residents are not permitted to move freely across the EU?
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