Brexit Flashcards

1
Q

When was eu formed

A

1957

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2
Q

When did uk join eu

A

1973

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3
Q

How big is eu economy

A

Second largest in the world = 18.3 percent

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4
Q

How is trade affected by distance

A

As distance doubles trade halves

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5
Q

Who stated that uk is very sensitive to trade distance

A

Eaton and Kortum 2018

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6
Q

In what area does uk have comparative advantage

A

Consulting , financing , it and insurnace

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7
Q

How much of exports went to eu

A

Half

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8
Q

What caused rapid growth and trade creation within the eu

A

FTA

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9
Q

When joining eu, how did UK’s real gdp per capita change

A

Grew substantially outperforming synthetic uk

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10
Q

How much of mining exports went to eu

A

45%

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11
Q

What happened between 1996 and 2016

A

Eu kept increasing regulations on exports

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12
Q

How reliant was uk on non uk workers

A

Heavily reliant as about 12% sector average on non uk workers

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13
Q

Why was there a big increase in immigration

A

Labour gov didn’t restrict workers coming from eu8 countries

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14
Q

What happened to sterling after referendum

A

Fell off a cliff and sterling fell by 8% compared to the dollar which is the largest one day fall in 3 decades

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15
Q

What happened when inflation initially rose quickly

A

Real wage fell by 1.8% compared to synthetic uk

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16
Q

What happened to uk growth

A

Fell and was bottom of G7 countries as business confidence fell

17
Q

How did brexit affect productivity

A

Decreased productivity by 2-5% due to brexit planning

18
Q

How much did uk fdi fall compared to syenthetic

19
Q

Why did uk to eu investment increase

A

Firms setting up subsidiaries in eu so they can access eu market

20
Q

What happened when TCA initially announced

A

Increased imports greatly so firms could stock up before increase in fees

21
Q

How did TCA affect SME’s

A

Export Relationships fell by 30% as smes couldnt afford new fees

22
Q

What proportion of uk exports was services

A

20 percent

23
Q

Which sector received the biggest increase in fees due to TCA

24
Q

How much lower are exports compared to synthetic

25
What was EY report
7500 jobs lost and 1.2 trillion assets from uk to eu
26
Why haven’t we seen full effect of brexit
Due to covid
27
How much did business investment fall by
11 percent
28
How much did gdp fall following referendum
between 1.7 and 2.5 percent
29
What percentage of good exported were to eu
48 percent
30
What percentage of service was exported to eu
36 percent