One of the major drawbacks for the United Kingdom, of remaining in the European Union was the single currency market and the regular billion pound payments annually, which were required from the state to the European Union. Following only as recent a paying off Second World War’s loans as late 2006, and the recovery from multiple national recessions it does not seem like a wise idea to count additional payments for the United Kingdom as a necessity simply because of a European Union membership. Two of the underlying principles of Brexit should, to that end, be about securing a better future for the United Kingdom than before, through a mercantile approach to the national economy and by addressing the big migration question.
Migration to the United Kingdom
Despite the United Kingdom’s longstanding welcoming multicultural outlook, proof of which can be seen in the nation’s demographics – approximately 217,000 British citizens were born in Bangladesh, most of the migration happens from countries such as Spain, China, India, and Pakistan. When Brexit happened, ‘freedom of movement’ for EU citizens was expected to be curbed because what is nationally desired is a balanced control on net migration numbers, and as per demand for both low-skilled and high-skilled labour. Only last year, did migration numbers balloon into Leeds’ population and there have also been wage cuts for low-skilled workers, in job sectors such as catering for increased migration rates and these workers do not have a large income to begin with.
Britain’s economy is naturally in want of labour from overseas and some trade areas are already too reliant on such migratory labour. However, workers from the EU might now require a work permit to get a job in the United Kingdom, and there is also worries about a brain-drain situation occurring for Eastern Europe and how EU citizens’ access to the welfare state might bear down too much on the British public purse. Meanwhile, one of the primary reasons for high migration rates was possibly joblessness in the rest of Europe, and this is inclusive of poor European states, since migration could act as a problem solver for many migrants from Europe to the United Kingdom. If Brexit could provide better access to public goods for British people, it would resolve a major migration problem.
Mercantile and the United Kingdom
Brexit is offering that rare opportunity to carve out better trade channels with Commonwealth member states, such as Australia, Singapore, Canada, Bangladesh, India and Malaysia. The nation’s imperial past can never be erased and the significance of understanding its important place in United Kingdom’s society, politics etc. is crucial to creating a better national economy. The country use to be a great trading nation, not so very long ago, and through effective diplomacy and trade ideals, post-Brexit, trade with former British colonies can be a surplus. Already in 2015, 16percent of exports to the EU came from Commonwealth states, and trade routes inbetween the Commonwealth and the United Kingdom is both strong and had also in 2015, seen an increase in earnings. Meanwhile, trade with other important nations, for example China, Israel, Saudi Arabia and UAE should be considered, alongside maintaining better ties with the United States of America, a world-leading military and economic powerhouse, which could makeup for any lost momentum of power for United Kingdom, following Brexit.