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The implications for the UK businesses if the country separates from the European union ( see full detail attch on folder) - Essay Example

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Implications for the UK Businesses If the Country Separates From the European Union The European Union (EU) is an economic and political association of 27 states primarily located in Europe. The member states in the EU associates through a system of independent institutions and intergovernmental negotiated decision…
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The implications for the UK businesses if the country separates from the European union ( see full detail attch on folder)

Download file to see previous pages... According to Dearden (1997), European Union (EU) is the United Kingdom’s (UK) most crucial export market, with the 2011 statistics indicating that the market accounted for 53% of the goods exported. United Kingdom involvement in the European Union has advantages and disadvantages which play a key role in the analysis of the implications of the UK businesses in the event of a separation. The essay below focuses on the impacts of the separation on imports, growth, politics, business and immigration as well as its advantages and disadvantages. Exports Some of the UK exports to the EU include weapons, pharmaceutical drugs, plastics, aerospace products, electronic equipments and books (Smith, 2005; UK Trade and Investment, 2007). One of the advantages of the sector is that it supports three million jobs. This implies that the population is poised to loose a high number of jobs in the event of a separation. Currie (2008) asserts that the growth in exports is the prominent factor that made UK to avoid the negative impacts of recession. However, if the country leaves the European Union it can still be allowed to sell their goods through single markets. Such a case has been successfully applied in Switzerland, Iceland and Norway. This will limit the powers and influence of the United Kingdom because the country will not be able to set the rules that govern the European market. Those who hold the opinion that the United Kingdom should detach from the European Union argue that this will provide an opportunity for the British manufacturers to focus on exporting to other destinations such as Brazil. This generates more income to the business fraternity. According to Frederick Taylor’s Theory of Scientific Management, the possession of abundant financial resources improves the economic proficiency or the productivity of the workforce. If the business people are assured of abundant profits, their productivity increases. Imports Most of the imports to the UK are manufactured products such as beverages, food, tobacco, chemicals, fuels and footwear (Pattichis, 2002). Separation will affect the imports that the UK obtains from the members of the EU. Britain also imports many goods from the members of the European Union. Milne (2004) study affirmed that the country imports more than its imports. The 2011 business statistics indicates that UK exported ?159bn compared to the imports that amounted to ?202bn (Great Britain, 2012). The deficit provides the country with a leverage to demand for budget rebates from other countries. However, this notion is misguided because the country can only import the goods they require and not the ones intended to benefit the exporting country. Such an economical benefit cannot be attained if the country separates from the EU. If Britain abandons the E.U, it may be obliged to impose more tariffs on the European imports. This will discourage imports leading to business difficulties because the market might experience shortages. The importers will also be disadvantaged because their competitive power will be lower than that of the local products. This will be contrary to Elton Mayo’s Behavioural Theory of Management because importers will feel singled out or victimised (Drucker and Maciariello, 2008). This will negatively affect the business proficiency of Britain in the European market. The EU market might respond to the increased exports in the UK market by increasing the tariffs ...Download file to see next pagesRead More
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