Master's Thesis from the year 2019 in the subject Business economics -
Economic Policy, grade: 1,7, University of Trier (Lehrstuhl für
Internationale Wirtschaftspolitik), language: English, abstract: Is a
hard Brexit economically better, or should it be tried to retain the
existing economic relations as much as possible? What economic and
political impacts will the Brexit have on the United Kingdom and on the
European Union? Finding the right answer to these questions is
incredibly difficult, since it is still unclear how Britain and the EU
will regulate their relations when Brexit takes place; hence, all
critical evaluations of the consequences can only be based on
assumptions. By answering these questions, I will show that Brexit is
most likely to harm the English and European economies. This is
independent of whether a soft or a hard Brexit occur. However, it should
be mentioned that at the time of writing this master thesis, the shape
of the future EU-UK relations is unclear. The United Kingdom (UK) joined
the European Community in 1973. Only two years later, there was a first
referendum in which the British voted on the membership in the
Community. Sixty-four percent of voters used their voting rights, and 67
percent of these voters spoke in favour of remaining in the European
Community. Since then the British have seen the European cooperation
only as having added value in the single market, but the goal of a
political union has remained foreign to them. Due to the pressure of the
UK Independence Party (UKIP), England's right-wing political party led
by Nigel Farage, on British Prime Minister David Cameron to hold a
referendum on the membership of the EU, Cameron criticized in his speech
at Bloomberg in 2013, among other things, the high level of debt or
declining trust in Europe's institutions. The British feel deceived by
the European Union, as it draws more and more power and concludes new
contracts without responding to the interests of the United Kingd
