E. Modern Brexit

Question 1

How has the EU been economically affected by Brexit?

Answer 1

1. EU lost 1/6 of its economic power
2. EU-UK trade relations shrunk by about 1% to both imports and exports
3. The massive budgetary gap filled by the UK leaving as it was a net contributor
4. Decreased labour mobility due to the loss of British workers
5. Massive supply delays between EU-UK, with news focussing mainly on Dover
6. British financial and digital service providers have found it difficult to provide services in the EU

Question 2

How did Lizz Truss provoke the Northern Ireland issue?

Answer 2

Threatened to invoke Article 16 which would allow the UK to unilaterally alter the Withdrawal Deal in regards to Northern Ireland

Question 3

What are the main trade barriers to EU-UK trade post-Brexit

Answer 3

1. Tariffs - UK secured lower tariff rates but they still exist
2. Re-regulation of British firms to be able to sell into the EU

Question 4

What are the diplomatic consequences of Brexit?

Answer 4

1. Northern Irish problem threatens EU-UK trade war
2. EU lost a lot of its foreign and security policy weight
3. Lost its 2 P5 vetos in the Security Council

Question 5

What are the financial consequences of Brexit?

Answer 5

1. The loss of London being inside the union has reduced the financial flows within the union due to the introduction of increased financial bureaucracy
2. increased cost of EU firms raising capital

Question 6

Which EU countries lose the most trade as a result of Brexit?

Answer 6

Ireland, the Netherlands and Denmark

Question 7

How has the EU-negotiating team proven itself?

Answer 7

1. Resisted Theresa May’s cherry-picking
2. Secure win over fishing rights in the BJ withdrawal agreement
3. Secure Irish Sea backstop early in the negotiation
4. UK still engage in security cooperation

Question 7

What are the benefits to the EU of Brexit?

Answer 7

1. Loss of one of the largest eurosceptics paving the way for future integration
2. Shift of British firms to continental Europe