Answer to Question #277471 in Economics for Shehri

Question

The advocates of ‘’Resource Dependence’’ approach believe that they want to create their monopoly and there is no need to rely on others rather others should rely on them.

In this context, discuss the BREXIT referendum initiative took by United Kingdom to exit from European Union?

Analyse the BREXIT’s impact on UK’s economy.

Develop arguments whether UK’s decision to remain aloof bear fruitful results for it?

Answer 1

The impact of Brexit on the UK economy will be worse in the long run compared to the coronavirus pandemic.

Leaving the EU would reduce the UK's potential GDP by about 4% in the long term.

Both the pandemic and Brexit have played a part in current supply chain issues across the UK, and have further exposed the scarcity of lorry drivers, which has resulted in recent shortages of products for businesses and some empty shelves for customers.