Brexit

Question 1

When was eu formed

Answer 1

1957

Question 2

When did uk join eu

Answer 2

1973

Question 3

How big is eu economy

Answer 3

Second largest in the world = 18.3 percent

Question 4

How is trade affected by distance

Answer 4

As distance doubles trade halves

Question 5

Who stated that uk is very sensitive to trade distance

Answer 5

Eaton and Kortum 2018

Question 6

In what area does uk have comparative advantage

Answer 6

Consulting , financing , it and insurnace

Question 7

How much of exports went to eu

Answer 7

Half

Question 8

What caused rapid growth and trade creation within the eu

Answer 8

FTA

Question 9

When joining eu, how did UK’s real gdp per capita change

Answer 9

Grew substantially outperforming synthetic uk

Question 10

How much of mining exports went to eu

Answer 10

45%

Question 11

What happened between 1996 and 2016

Answer 11

Eu kept increasing regulations on exports

Question 12

How reliant was uk on non uk workers

Answer 12

Heavily reliant as about 12% sector average on non uk workers

Question 13

Why was there a big increase in immigration

Answer 13

Labour gov didn’t restrict workers coming from eu8 countries

Question 14

What happened to sterling after referendum

Answer 14

Fell off a cliff and sterling fell by 8% compared to the dollar which is the largest one day fall in 3 decades

Question 15

What happened when inflation initially rose quickly

Answer 15

Real wage fell by 1.8% compared to synthetic uk

Question 16

What happened to uk growth

Answer 16

Fell and was bottom of G7 countries as business confidence fell

Question 17

How did brexit affect productivity

Answer 17

Decreased productivity by 2-5% due to brexit planning

Question 18

How much did uk fdi fall compared to syenthetic

Answer 18

19%

Question 19

Why did uk to eu investment increase

Answer 19

Firms setting up subsidiaries in eu so they can access eu market

Question 20

What happened when TCA initially announced

Answer 20

Increased imports greatly so firms could stock up before increase in fees

Question 21

How did TCA affect SME’s

Answer 21

Export Relationships fell by 30% as smes couldnt afford new fees

Question 22

What proportion of uk exports was services

Answer 22

20 percent

Question 23

Which sector received the biggest increase in fees due to TCA

Answer 23

Services

Question 24

How much lower are exports compared to synthetic

Answer 24

38% lower

Question 25

What was EY report

Answer 25

7500 jobs lost and 1.2 trillion assets from uk to eu

Question 26

Why haven’t we seen full effect of brexit

Answer 26

Due to covid

Question 27

How much did business investment fall by

Answer 27

11 percent

Question 28

How much did gdp fall following referendum

Answer 28

between 1.7 and 2.5 percent

Question 29

What percentage of good exported were to eu

Answer 29

48 percent

Question 30

What percentage of service was exported to eu

Answer 30

36 percent