Home | Impact of Brexit on International Trade: Level 7 Diploma Insights
Understanding the Impact of Brexit on International Trade: Level 7 Diploma Perspectives
As the United Kingdom officially left the European Union on January 31, 2020, the impact of Brexit on international trade has been a topic of great interest and concern. In this blog, we will delve deep into the realm of understanding the impact of Brexit on international trade from the perspective of Level 7 Diploma holders. Let's explore some crucial data and statistics in the table below to gain a better understanding of the situation:
| No. | Impact of Brexit on International Trade |
|-----|-----------------------------------------|
| 1 | Increased tariffs and trade barriers |
| 2 | Disruption to supply chains |
| 3 | Changes in regulations and standards |
| 4 | Impact on currency exchange rates |
| 5 | Potential loss of access to EU markets |
1. Increased tariffs and trade barriers: One of the major impacts of Brexit on international trade is the potential increase in tariffs and trade barriers between the UK and the EU. This could lead to higher costs for businesses and consumers, as well as a decrease in trade volume.
2. Disruption to supply chains: Brexit has the potential to disrupt supply chains, as companies may need to find new suppliers or adjust their production processes to comply with new regulations. This could lead to delays in delivery and increased costs for businesses.
3. Changes in regulations and standards: With Brexit, the UK will no longer be bound by EU regulations and standards. This could lead to differences in product quality and safety standards, making it more challenging for businesses to trade with both the UK and the EU.
4. Impact on currency exchange rates: The uncertainty surrounding Brexit has already had an impact on currency exchange rates, with the British pound fluctuating against major currencies. This could affect the competitiveness of UK exports and imports in the international market.
5. Potential loss of access to EU markets: One of the key benefits of being part of the EU was access to the single market. With Brexit, the UK may lose this access, making it more difficult for businesses to trade with EU countries and potentially leading to a decrease in trade volume.
In conclusion, the impact of Brexit on international trade is complex and multifaceted. Level 7 Diploma holders need to stay informed and adapt to the changing landscape to navigate the challenges and opportunities that Brexit presents.
Source of data: Office for National Statistics (ONS) and World Trade Organization (WTO)
