2. European Union (EU)
The EU is a unique economic and political partnership
between 28 European countries that together cover much
of the continent.
In 1957 European Economic Community was formed.
• In 1973 the UK joined to the European Economic Community.
• In 1993 the European Union was formed.
• In 2002 the Euro became the currency of Eurozone.
3. Purpose of EU
The fundamental purposes of the European Union are to
promote greater social, political and economic harmony
among the nations of Western Europe.
Some Facts
Total population is 506m.
GDP is €13.08 trillion.
Per capita income €25,500.
4. Main Characteristics of the EU Single
Market
The EU single market is built upon four key freedoms:
Free Trade in Goods: Businesses can sell their products anywhere in the EU’s
member states and consumers can buy where they want with no penalty.
Mobility of Labor : Citizens of EU member states can live study and work in any
other country. The aim is to improve the mobility of labor.
Free Movement of Capital: Currencies and capital can flow freely between
member states and EU citizens can use financial services in any member state.
Free Trade in Services: Professional services such as pensions, architecture,
telecoms and advertising can be offered in any member state.
5. Brexit:
Brexit is an abbreviation of "British exit" that refers to the possibility of Britain's
withdrawal from the European Union.
1975 REFERENDUM: In 1975 the UK held a referendum in which the electorate
was asked whether the UK should remain in the EEC. All the political parties and
mainstream press supported continuing membership. However, there were
significant splits between strongly pro-European and strongly anti-European.
6. Cont.
2016 REFERENDUM :Thursday 23 June, 2016, A referendum was held to decide
whether the UK should leave or remain in the European Union. Leave won by 51.9%
to 48.1%. The referendum turnout was 71.8%, with more than 30 million people
voting. Britain got a new Prime Minister - Theresa May. The former home secretary
took over from David Cameron, who announced he was resigning on the day he lost
the referendum. She became PM without facing a full Conservative leadership contest
after her key rivals from what had been the Leave side pulled out.
7. Reason for Brexit
ECONOMY:
The relative health of the UK economy.
The UK tax payers money goes directly into European
Union, £ 14.5 billion a year.
The European Union regulations cost UK businesses over £ 600 million every week.
IMMEEGRATION:
IDENTITY:
8. Impact on trade
Trading freely with the EU allows UK businesses to grow. Being able to trade freely
with the EU helps UK businesses grow and create jobs . Therefore, leaving EU
might put all this at risk.
4 out of 5 Small Business back the EU. Four out of five UK small businesses say
access to EU markets is important to their future growth, in case of UK leaving EU,
these small business might suffer losses.
70% of major business expect damage if UK leave the EU. A new survey shows
70% of FTSE 350 firms, some of the UK’s largest companies, think they’ll be hit if
UK leaves the EU.
TTIP (Transatlantic Trade and Investment Partnership) deal between US and EU will
not benefit UK if they leave EU.
CETA (The Comprehensive Economic and Trade Agreement) between Canada and
EU will also not benefit UK if Brexit happens.
9. Impact on Currency
Investors are worried about the possible economic impact of a decision to leave
the EU.
The Sterling Pound is falling against all major currencies.
It was down by 2% against US Dollar and hit the lowest since 2009.
It’s dropped 1.3% lower against the Euro.
10. Impact on Society
Being in European Union means lower prices for UK families - because it's cheaper
to trade and there’s more choice. If UK left the EU, the cost of imports could rise
by at least £11 billion (sources: HMRC & WTO) – leaving UK families out of pocket
as prices rise.
Independent experts estimate the benefits of being in the EU are worth £3,000 a
year to the average UK household - due to lower prices and more jobs, trade and
investment. This will be all lost if UK leave the EU.
11. FAQ
What is Article 50: Article 50 is a plan for any country that wishes to exit the EU. It
was created as part of the Treaty of Lisbon - an agreement signed up to by all EU
states which became law in 2009. Before that treaty, there was no formal
mechanism for a country to leave the EU.
What date will the UK will leave the EU:For the UK to leave the EU it had to
invoke Article 50 of the Lisbon Treaty which gives the two sides two years to agree
the terms of the split. Theresa May triggered this process on 29 March, meaning
the UK is scheduled to leave on Friday, 29 March 2019. It can be extended if all
28 EU members agree, but at the moment all sides are focusing on that date as
being the key one, and Theresa May is seeking to put it into British law.
12. FAQ
What do 'soft' and 'hard' Brexit mean: So at one extreme, "hard" Brexit could
involve the UK refusing to compromise on issues like the free movement of people
even if it meant leaving the single market. At the other end of the scale, a "soft" Brexit
might follow a similar path to Norway, which is a member of the single market and has
to accept the free movement of people as a result of that.
What is the single market: The single market is seen by its advocates as the EU's
biggest achievement and one of the main reasons it was set up in the first place. Britain
was a member of a free trade area in Europe before it joined what was then known as
the common market. In a free trade area countries can trade with each other without
paying tariffs - but it is not a single market because the member states do not have to
merge their economies together.
13. FAQ
How long will it take for Britain to leave the EU: The
Article 50 process lasts two years so the intention is for the
UK to leave the EU on 29 March 2019. EU law still stands in
the UK until it ceases being a member. But there is
currently uncertainty about how final the break will be on
that day - a number of UK and EU figures back the idea of
having a "transition" period of around two years to allow a
smooth implementation of whatever Brexit deal is
negotiated and minimize disruption to businesses and
holidaymakers etc.
14. Thank You
Team Members
Hamza Matloob (BITF14A541)
Shahid Bhatti (BITF14A514)
Mohammad Sharjeel (BITF14A523)
Waleed Ahmed (BITF14A546)
Sami Ullah (BITF14A516)
