The debate on Brexit came and went, and the result of the referendum by the citizens of the United Kingdom to exit the European Union caught many in the world by surprise but we ended up accepting the result and now it’s time to prepare for and face the reality of Brexit.
Many people keep asking this question to date, was the Brexit good for the UK? Well I have two answers in this article that will answer this question in the affirmative.
It will result in an annual savings of £8.5bn for the UK
Did you know that member states of the EU actually have to pay an annual fee for their membership? And for your info, it’s not a small fee. The UK for instance pays a whooping £13.1bn annually for its membership. When you then subtract some of the direct financial benefits that the UK receives in exchange which totaled about £4.5bn, UK’s total contribution becomes £8.5bn.
The Brexit means that the UK will end up saving this sum which can be directed in other economic building activities say like reducing the cost of education or cost of living for the citizens.
The UK will have the freedom to negotiate trade deals
Did you know that member states of the EU jointly negotiate their trade deals? This is because the EU is an economic block therefore the deals are negotiated as a block and this therefore means that individual countries are not able to negotiate their own trade deals. Considering it’s a block, the deals have to benefit each member and this involves a lot of concessions.
Thanks to the Brexit, the UK will be free to negotiate its own trade deals and this means that it won’t have to make as much concessions as it did when it was a member of the EU. This simply means, better trading terms for the UK.
With such benefits which will trickle down to the ordinary UK citizens, the Brexit now makes so much sense.