8.1 - Impact of EU on the UK Flashcards
BENEFITS FOR THE UK
BENEFITS FOR THE UK
What did membership of the EU provide the UK with?
Duty-free access to the world’s largest trading bloc
What % of British trade was with the EU in 2016?
43%
How much did EU citizens living in the UK pay in tax in 2013-14?
£14.7 billion
How much did EU citizens living the UK claim in tax credits and child benefit in 2013-14?
£2.6 billion
How much is it estimated that UK GDP will drop as a result of leaving the EU?
4%
How much has business investment decreased as a result of Brexit?
£340 billion
Where did Astrazeneca decide to move a factory to despite planning for it to be in the UK?
Ireland (EU member)
Why did a Chinese car maker say they will not open a factory in the UK?
‘Because of Brexit’
Where is the UK passport ranked in the passport index?
Tied 13th
Where was the UK passport ranked in the passport index in 2010?
1st in the world
Arguments against membership of the EU
Arguments against membership of the EU
What has the EU been accused of?
Having a democratic deficit at its heart
How much did the think tank Open Europe estimate the implementation of EU regulations cost the UK every year?
£33 billion
How much was the UK’s net contribution to the EU in 2017?
£8.9 billion
In what case was the Merchant Shipping Act found incompatible with EU law?
Factortame case 1988
ECONOMIC IMPACTS OF BREXIT
ECONOMIC IMPACTS OF BREXIT
What was the rate of inflation in March 2023?
10.1%
How much lower are post-Brexit investment levels than the pre-referendum trend?
30%
How much higher is post-Brexit investment in the EU than the pre-referendum trend?
2% higher
What is the only economy in the G7 to not have reached pre-pandemic size?
The UK economy
According to a study by the Centre for European Reform, what % poorer is the UK economy than it would have been if it had stayed in the EU?
5.5%
How much higher would tax revenues be in 2023 if the UK had stayed in the EU?
£40 billion
How much is the UK Australian trade deal estimated to increase the UK GDP by?
0.08%
What is the estimate for the decrease in the size of the UK GDP as a result of Brexit?
4%
What large corporation decided to set up a factory in Ireland instead of the UK?
Astra Zeneca
In March 2023, how much did the OBR predict imports and exports would decrease by in the long run?
15%
