Brexit and the UK Economy (Revision Webinar Video)
- AS, A Level, IB
- AQA, Edexcel, OCR, IB, Eduqas, WJEC
Last updated 9 Jul 2017
Here is the video from a revision webinar on the possible effects of Brexit on the UK economy.
There are a range of possible outcomes for, and paths to, the United Kingdom’s withdrawal from the EU and this revision webinar covers some of the alternatives.
In March 2017, the UK Government notified the European Council of the United Kingdom’s intention to withdraw from the European Union. This initiated, under Article 50 of the Treaty on European Union, a two-year period for the United Kingdom and the European Union to negotiate and conclude a withdrawal agreement.
- Means that the United Kingdom leaves the EU Single Market and trades under World Trade Organization rules
- Under WTO rules, each member must grant the same market access—including charging the same tariffs—to all other members as the most favoured nation
- Involves the option of staying in the Single Market (like Norway)
- As a member of the European Economic Area (EEA), Norway has a free trade agreement with the European Union, which means that there are no tariffs on trade between the two
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