Brexit Flashcards
When was eu formed
1957
When did uk join eu
1973
How big is eu economy
Second largest in the world = 18.3 percent
How is trade affected by distance
As distance doubles trade halves
Who stated that uk is very sensitive to trade distance
Eaton and Kortum 2018
In what area does uk have comparative advantage
Consulting , financing , it and insurnace
How much of exports went to eu
Half
What caused rapid growth and trade creation within the eu
FTA
When joining eu, how did UK’s real gdp per capita change
Grew substantially outperforming synthetic uk
How much of mining exports went to eu
45%
What happened between 1996 and 2016
Eu kept increasing regulations on exports
How reliant was uk on non uk workers
Heavily reliant as about 12% sector average on non uk workers
Why was there a big increase in immigration
Labour gov didn’t restrict workers coming from eu8 countries
What happened to sterling after referendum
Fell off a cliff and sterling fell by 8% compared to the dollar which is the largest one day fall in 3 decades
What happened when inflation initially rose quickly
Real wage fell by 1.8% compared to synthetic uk
What happened to uk growth
Fell and was bottom of G7 countries as business confidence fell
How did brexit affect productivity
Decreased productivity by 2-5% due to brexit planning
How much did uk fdi fall compared to syenthetic
19%
Why did uk to eu investment increase
Firms setting up subsidiaries in eu so they can access eu market
What happened when TCA initially announced
Increased imports greatly so firms could stock up before increase in fees
How did TCA affect SME’s
Export Relationships fell by 30% as smes couldnt afford new fees
What proportion of uk exports was services
20 percent
Which sector received the biggest increase in fees due to TCA
Services
How much lower are exports compared to synthetic
38% lower
