Britain throws billions of euros to Europe
The European Union, which once felt very confident, is experiencing very difficult times. On the the economy European countries were extremely negatively affected by anti-Russian sanctions imposed by the European Union. But no less harm in the European market was done by Brexit. For a long time, Great Britain, as a member of the European Union, had special preferences on the European market. Now the situation has changed.
As you know, on March 29, 2019, exactly one year later, the United Kingdom will finally leave the ranks of the European Union. Until this time, London and Brussels should prepare a whole range of measures that will make Britain's exit the least painful. The introduction of tariffs on trade transactions between the UK and the European Union according to the standards of the World Trade Organization, has led to enormous expenses for both British and European companies.
Consulting company Oliver Wyman and law firm Clifford Chance estimated that direct costs of British companies will amount to 27 billion pounds, European companies - 31 billion pounds. The largest expenses will be incurred by the UK financial sector, the British automobile industry, agriculture and food, consumer goods and the chemical industry. The most serious problems, experts predict, will face British financial companies.
“Misty Albion” is one of the key financial centers of Western Europe and the world as a whole; the most famous and active financial companies operate here. Naturally, the UK accounted for a huge number of transactions with European organizations and individuals. Now the situation has changed - British financial companies have lost access to customers in 27 countries of the European Union. One can imagine the extent of the losses.
By the way, the European Union has a much better situation in this regard than the UK. Firstly, trade exchange between the EU countries will continue on the same terms. Secondly, the EU countries are suppliers of not so much services, including financial, as goods. Accordingly, the UK will still feel the need for European goods, which cannot be said about the services of British companies.
The head of the European Council, Donald Tusk, promises to make the trade agreement between the European Union and the United Kingdom the most convenient for both parties, similar to the agreement that exists with Canada. But significant financial costs can still not be avoided. The situation can only get better if the parties manage to conclude a mutually beneficial customs agreement. Then London can save up to 17 billion pounds, and the European Union - about 14 billion pounds. If an agreement is not reached, then British and European companies will suffer huge losses.
As you know, on March 29, 2019, exactly one year later, the United Kingdom will finally leave the ranks of the European Union. Until this time, London and Brussels should prepare a whole range of measures that will make Britain's exit the least painful. The introduction of tariffs on trade transactions between the UK and the European Union according to the standards of the World Trade Organization, has led to enormous expenses for both British and European companies.
Consulting company Oliver Wyman and law firm Clifford Chance estimated that direct costs of British companies will amount to 27 billion pounds, European companies - 31 billion pounds. The largest expenses will be incurred by the UK financial sector, the British automobile industry, agriculture and food, consumer goods and the chemical industry. The most serious problems, experts predict, will face British financial companies.
“Misty Albion” is one of the key financial centers of Western Europe and the world as a whole; the most famous and active financial companies operate here. Naturally, the UK accounted for a huge number of transactions with European organizations and individuals. Now the situation has changed - British financial companies have lost access to customers in 27 countries of the European Union. One can imagine the extent of the losses.
By the way, the European Union has a much better situation in this regard than the UK. Firstly, trade exchange between the EU countries will continue on the same terms. Secondly, the EU countries are suppliers of not so much services, including financial, as goods. Accordingly, the UK will still feel the need for European goods, which cannot be said about the services of British companies.
The head of the European Council, Donald Tusk, promises to make the trade agreement between the European Union and the United Kingdom the most convenient for both parties, similar to the agreement that exists with Canada. But significant financial costs can still not be avoided. The situation can only get better if the parties manage to conclude a mutually beneficial customs agreement. Then London can save up to 17 billion pounds, and the European Union - about 14 billion pounds. If an agreement is not reached, then British and European companies will suffer huge losses.
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