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Unit 2 Written Report Level 5 Higher National Certificate

612 Downloads I Published: 24 Apr ,2020

Introduction

Brexit define as such moment when British sign a contract for retrenching themselves to longer be a part of EU. This moment stroke most of the UK as well as EU economy in nature where vast range of business used to get impacted (Wright, W., 2016). Thus, this report will going to focus on about the Brexit impact on business so that UK government used to support them in better and define manner. Although, it will also define about the reasons for Brexit so that appropriate understanding could be done regarding topic and its influences. Many industries got impacted but the most one is Airline industry. In this consideration, EasyJet got impacted most by this harsh decision of British government. Thus, all basic evaluation will going to conclude from this project in better and define manner.

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Brexit definition

Brexit stands for the abbreviation which suppose to get determine with combination of two aspects one of British and the another one is exit. On 23rd June 2016, Britain voted for referendum to leave the EU. England voted for Brexit with53% votes in comparison with 46%. Some more countries also engage in this moment whom want to made their economy to be independent rather than depend on others. This voted result in fall down of pound in comparison with US dollar prices and get to a level from past 30 years. The formal process of leaving would get started from the March 29th 2017. As a result Britain required to pay exit bill of £35 billion to £39 billion which define that harm for UK will be more as compared with saying no to this decision.

Main Body

There are many business got impacted through Brexit which made a vast interference on firm working and operations. One of a major industry which got impacted after Brexit is Airline industry where a major fall got identify on Easyjet with 20% fall in their share prices. The three major reasons for Brexit are define as follow which need to understand by business associations so that they could understand the harm as well as preparing strategies for the same.

One of a major reason behind Brexit was economy where Eu used to get failed to improve the economical condition of a country which arrive from 2008. The best example of lack of efficiency in improving economical condition associated with 20% unemployment. Europe as a whole become stagnated economy where 4.2% unemployment found in Germany as well. All such aspects used to create problem in resolving the issues which could be arrive at the moment and UK will not going to resolve them. This signify that Easyjet also going to face this problem in near future course and thus, management need to take some better steps to deal out. This could be define a major reason behind Brexit where Britain think that such condition will not going to improved by EU at any cost.

Another aspect which could be suspected as major reason behind Brexit was political elitism which got done by the EU on other countries (Bergin, A. and et. al. ,2016). The entire European Union enforce things to done on better and effective thing. Hence, this was determine as major reason behind such practices.

Although, all such practices used to made negative influence on business and operations. Like economical crises enable them to do and provide better things. A major consideration got evaluated in context for EU and UK airline and aviation industry. Overall 75% of UK holiday makers visited to EU every year where as 66% business travelling used to take place. Although, many trips got impacted under this consideration and many of the airline industry individual already took step to dealing out with worst consideration.

Some positive and negative aspects of Brexit to the UK business models are define as follow:

  • Britain now become free to invest in any kind of operations properly where they suppose to support small business of their own country. Although, UK invested around £13 billion to the EU budget. The net contribution is of around £8.5 billion. Thus, now they become free to invest in any kind of business and its associated operations so that better and defining outcome could be gain.
  • Business previously have to follow some regulations of UK as well as some of the EU. But after this happening, now they only have to follow the UK regulations. This made their working and operations easy to ga9in free follow which further assist in deriving better and supportive outcome.
  • One of a negative influence is for the big firms or associations where they required to move out their headquarters from EU to UK. This will reflect a huge destruction in their operations which further influence negative and inappropriate outcome fro the same. Through dealing this aspect, management need to take some appropriate steps where cost cutting is a major and beneficial steps. Along with this, Brexit provide sufficient time period to move down their headquarters to some other place.
  • EasyJet already frame and craft their strategies in better and supportive manner where they become able to deal with diverse consideration in effective frame. They already take licensee from EU so that operations at such locations could be facilitate in better and supportive manner (Cumming, D .J. and Zahra, S .A., 2016). This will contribute them to gain positive attribute and freely operate in EU and other parts of the world. This will support them in trading properly without any restrictions.

Conclusion

It get concluded from the project that Brexit made so many harmful aspects towards big and small business. But some steps also reflected positive attribute in the form of made regulations free to trade. This will support them in defining better and effective outcome. Along with this, small business firms, many business already take licensee from EU and UK parts so that they could maintain and facilitate their working operations properly. Britain also used to cut down their investment budget which could be support to many small business to grow and expand them properly which assist them in deriving effective and suitable gain.

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References

  • Wright, W., 2016. The Potential Impact of Brexit on European Capital Markets. New Financial.
  • Bergin, A. and et. al. ,2016. Modelling the medium to long term potential macroeconomic impact of Brexit on Ireland (No. 548). ESRI Working Paper.
  • Cumming, D .J. and Zahra, S .A., 2016. International business and entrepreneurship implications of Brexit. British Journal of Management. 27(4). pp.687-692.
  • Coulter, S. and Hancké, B., 2016. A bonfire of the regulations, or business as usual? The UK labour market and the political economy of Brexit. The Political Quarterly. 87(2). pp.148-156.
  • Ziv, G., and et. al. ,2018. The potential impact of Brexit on the energy, water and food nexus in the UK: A fuzzy cognitive mapping approach. Applied Energy. 210. pp.487-498.
  • Gudgin, G. and et. al. ,2016. The macro-economic impact of Brexit: using the CBR macro-economic model of the UK economy (UKMOD). Centre for Business Research, University of Cambridge.
  • Kraemer-Eis, H. and et. al. ,2017. European Small Business Finance Outlook: December 2017 (No. 2017/46). EIF Working Paper.
  • Ramiah, V., Pham, H. N. and Moosa, I., 2017. The sectoral effects of Brexit on the British economy: early evidence from the reaction of the stock market. Applied Economics. 49(26). pp.2508-2514.
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