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Top Ten Benefits Of Brexit For The UK

Brexit infographic describes benefits for the UK
Brexit benefits for the UK

Why Britain Is leaving the European Union

The UK held a referendum on 23 June 2016 to decide whether it should remain a member of the European Union or leave it which was won by the “Leave” campaign – the process known as Brexit. The voting results showed 51.9% voted to leave (a margin of 3.8 percent points above those voting to remain) and a voting turnout of 72.2%.

Many leading economists believe that Britain is getting out of an arrangement that has, at best, uncertain benefits for the entire country, and that the UK is likely to thrive outside the EU and the single market.

Here are the top ten benefits of Brexit:

Freedom to Negotiate Trade Deals

Because of EU customs union and common commercial policy, the UK is not allowed to negotiate its own trade deals with countries that are not members of the EU. Studies show that the UK may have missed out on trillions of pounds in trade due to EU membership.

in a whitepaper “Myth and Paradox of the Single Market“, author Michael Burrage spells out how benefits of membership of the Single Market to the UK have actually been mis-sold. Burrage compared the free trade agreements concluded by the EU on behalf of the UK compared with those negotiated by a number of countries including Switzerland, which is not an EU member state.

After analysing data from big business, it was found that the EU has opened services markets of $4.8tn (approximately £3.3tn) to UK exporters, whereas the Swiss have opened markets of $35tn (approx £24tn) within the same time period. The author went on to conclude that there is no empirical basis for the supposed advantages that the Single Market confers on the British economy.

In fact, what the evidence clearly shows is that the UK has sacrificed many years of freer trade for its exporters of both goods and services due to its membership of the Single Market, potentially costing the UK economy trillions of dollars.

Furthermore, only 68 per cent of the trade agreements concluded by the EU on behalf of the UK included services. Considering the strength of the UK’s service sector, this has not been great for Britain. Brexit means the UK will be free to negotiate its own bilateral trade deals with the world’s wealthiest nations.

Freedom from EU Bureaucracy

The EU’s strict directives, rules and regulations govern every aspect of British everyday life from the food consumed by Brits to the advertisements watched on TV. New EU rules have also imposed £2.7 billion in net costs on UK businesses since 2013. In fact, it has been estimated that EU regulation costs the UK £27.4 billion a year and British businesses view Brexit as a cure for suffocating red tape. Brexit also means the EU will have no influence on how Brits choose to run their lives.

Cheaper Goods

According to a report by the IEA, Brexit means the UK would avoid the crippling cost of complying with the EU’s Common Agricultural Policy. Brexit could see a reduction in the cost of food by up to 40% and the cost of clothing and footwear by up to 20%.

Immigration Control

EU citizens are free to move, live, trade and work anywhere in the EU. Today, dangerous criminals from EU countries that have been convicted of murder, rape, robbery and drug trafficking cannot be deported from the UK because of EU open border rules. Leaving the EU means the UK will be able to take back full control of its borders.

English Law to Prevail

The European Court of Justice is the supreme law of the land within the UK. This means EU rules by unelected judges in the European Court are applied as the law of the land in the UK. Consequently, when English law contradicts EU law, EU law prevails. Brexit means Britain will be free of the shackles of the EU, and will be free to make its own laws subject to UK courts.

A More Competitive Economy

The reduction in input tariffs means a more competitive economy which will ultimately lead to cheaper bills in Britain. The economy is soaring and has been since the referendum last June. Indeed, leading economic experts believe that Britain is poised for an age of prosperity following Brexit, with British trade taking off around the world.

Control of Fishing Waters

Withdrawing from the EU’s unpopular Common Fisheries Policy will allow the UK to control access by foreign vessels to UK waters. Coastal communities such as Cornwall, Grimsby and Fleetwood that were sacrificed for the good of the EU could become prosperous again.

Brexit Britain Is a Tourist Haven

The fall in the pound as a result of Brexit has led to a significant boost in tourism, with record numbers of Europeans and North Americans travelling to Britain. According to the Office for National Statistics, non-UK residents made 4m visits to Britain in July, an increase of 6% on last year and spent £2.7bn, up 3% on July 2016.

Savings on the EU Budget Contribution

Britain is the second largest payer to the EU after Germany, and the UK’s net contribution has been estimated at £29 million a day. There are considerable savings to be made on the EU budget, and the EU membership fee could be spent on training 25,800 more doctors in the UK, freezing fuel duty for 29 years or training over 184,285 extra nurses.

Safeguard the Pound

Even though the UK is not part of the eurozone, the risks remain that it could be exposed to the existential crisis that the euro has faced. This is due to the fact that the UK’s economic, financial and political structures are so closely integrated with the Eurozone. Brexit removes the risks of the pound being exposed to this crisis.

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