In a global economy that is absolutely intertwined, where the creation of a simple mobile phone requires parts that can be traced all over the world, is it worth it to strike out alone as a nationalistic power? This is the question that Great Britain is answering, nearly 4 months after the terms of Brexit became official, which effectively removed them from the European Union. In a quest to create more international trade instead of relying only on the European Union, Great Britain has upended their financial world and has changed the game of trade throughout the European Union, and therefore the world.
Economic Impact
The economic impact of the Brexit decision has been vast, even after only 100 days. Over 450 U.K. financial services firms (including 92 money managers) have moved out of Great Britain. “Money managers and insurance firms have also transferred more than £100 billion ($138.3 billion) in assets to Europe because of the U.K.’s withdrawal from the European Union.”
As the New York Times reported, 7 percent of Britain’s gross domestic product are financial services, so this rapid loss of business is alarming and many experts say it will affect their bottom line long into the future.
“The shift in business, assets and legal entities will gradually chip away at the U.K.’s influence in the banking and finance…
