A No-Deal Brexit Could Be Disastrous for Britain
When Britain voted in favor of Brexit back in 2016, its leaders had no idea how to handle the situation. Now, as the finalization of the event draws closer, everyone is still just as clueless. Britain no longer has any working relationships with its closest neighbors. If this no-deal Brexit were to occur, the effects on Britain would be disastrous. Here are five things the country could be dealing with come May 29, 2019.
A Crashing Economy
If Britain leaves the European Union with a no-deal Brexit, their economy could crash. The country relies heavily on exports to other European entities. If their ties were to be severed, Britain could be facing an almost 50% decrease in trades. This would be a devastating blow. However, there are worse things in store for the country if no trade deals are made.
A Change in Trade Relations
There is a chance that Britain would still be able to keep its trade relations with the E.U. intact. The downside is that they would have to do it in compliance with the World Trade Organization’s rules. This would completely change how they buy and sell goods. It would also cause nightmarish customs issues.
A Suffering Medical Industry
Customs issues resulting from a no-deal Brexit would heavily affect the medical industry. British citizens may see increased prices on the medications that they need. The medical supplies held at hospitals might also be in short supply due to increased costs. But these customs issues could bring even larger problems to the country.
Since 30% of the food that is consumed in Britain comes from the E.U., a no-deal Brexit could spell problems. Stores won’t be able to supply customers with the fresh produce they are used to. Eventually, this problem would regulate itself. However, citizens could see decreased quality and quantity along with increased prices. Unfortunately, the food industry won’t be the only one to see a reduction in the quality of goods.
Without independent trade deals, British citizens will see an influx of unregulated goods. The number of rotted foods and broken products that arrive in the country will definitely increase. Certain businesses may simply choose to relocate to the E.U. because of this. If you haven’t realized it already, Britain won’t come out on top if a no-deal Brexit occurs.