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BREXIT’s effect on Trade Agreements could plunge UK into Economic Recession
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BREXIT’s effect on Trade Agreements could plunge UK into Economic Recession

Staff

The UK may face great economic hardship for the next few decades, all thanks to BREXIT forcing them to renegotiate their trade agreements from scratch.

 

The amount of negotiations is so high, not to mention the logistics of setting up internal policy to enforce and uphold them, that experts on both sides agree it would be impossible to manage them all before BREXIT takes effect March 29, 2019. Until the agreements are ratified, prices of food could increase while access to imported medicine could suffer.

 

Due to the nature of the UK leaving the EU, they are unable to simply copy the trade agreements they’d previously been using, nor can they simply fall back on any default terms with the World Trade Organization.

 

The UK will be stuck facing increased sanctions, as well as possibly losing access to certain markets, for the next seven or so years. What’s worse, the effect on the economy could be more powerful than the great depression, and last for as long as 30 years.

 

These are troubling times, for both UK entrepreneurs and enterprises around the world, as the financial consequences will be felt internationally. Thankfully, Exima is here to offer a platform where businesses and market experts can work together to work through these challenges.

 

Source: https://www.theguardian.com/politics/2019/jan/27/uk-cannot-simply-trade-on-wto-terms-after-no-deal-brexit-say-experts

 

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