Contemporary Issues in Business Symptom of the European Crisis

Question: 1. The identification and justification of a contemporary issue in business for investigation. This issue should be consistent with your programme title and level 6 study (worth 20 marks); 2. The development of a coherent and critical literature review consistent with the identified contemporary business issue drawing on both academic and practitioner sources (worth 40 marks);3. The development of a coherent and critical synthesis of the academic and practitioner literature resulting in the identification of best practice with respect to the management of the identified contemporary issue in business. Answer: Introduction Various contemporary issues are faced by a business and the problem mainly includes the legal and the technological issues. The withdrawal of the United Kingdom (UK) from the European Union (EU) is termed as Brexit. The British will exit from EU, and that is the reason it is termed as Brexit. The new local developments are abreast by the firm planners. Uncertainty has been created after the UK made the decision to leave the EU as the Tech companies which are based in the UK normally employ the nationals from EU (DesJardins McCall, 2014). The report mainly provides a newsworthy introduction to the business environment in the UK. The aim of the report is to provide a basic understanding of the theory and the factors that lead to the contemporary issues. The European Union that is EU is the largest trade partner of the UK which accounts for half of the exports and imports in UK. The economy of the UK is also affected by the EU membership, and it leads to lower barriers to trade. However, if UK leaves EU, it will result in less trade between the UK and the EU which, is mainly due to higher tariff and non-tariff barriers to trade (Koutrakos, 2016). In the long-run one of the contemporary issues that will be faced in the UK, business is the slower productivity growth. The foreign direct investment and the economic regulation in the UK will also be affected if the UK leaves the EU. The yearly net immigration has more than doubled from the EU which reached almost 183,000 in the year 2015 (Green et al., 2016). The future relationship between the UK and the EU will decide the power of the UK to restrict immigration. In order to retain the full access to the single market, the UK needs to allow the free trade between the UK and the EU. More than of the exports in the UK depend on the EU. As a result, more than 63 percent of the UK goods exports of the multinational companies are associated with the EU membership (Dustmann Frattini, 2014). Identification of contemporary business issue One of the primary sources of concern related to the businesses in Britain is the possibility that the UK might leave EU that is the European Union. This will, in turn, damage the UK economy as well as the business in UK. As a result, the regulatory divergence will get increased over the time which in turn will reduce the volume of trade in the UK. This will have an impact on the businesses that has invested in the Europe and also the trading that takes place in the UK. The UK will have the probability of striking new trade deals based on the domestic precedence. However, the country will have a lower priority in other countries as compared to that of EU (Eleftheriadis et al., 2016). Year Imports from EU/Total imports Exports to EU/Total Exports 1975 45% 43% 1985 55% 53% 1995 51% 55% 2005 48% 52% 2015 45% 50% Figure: The imports from and the exports to EU (Source: Foundation, 2016) The quantitative model is considered in this case to show the estimate of how leaving EU will affect the multinationals in the UK regarding trade. The Multinationals in the UK would end up with little control over the financial rules if they leave EU. The single market in EU employs three tools in order to increase the trade in UK. It is mainly done by eliminating the tariff on the goods. It also reduces the cost of the probable exporters (Darvas, 2016). The EU generates minimum authoritarian standards and as a result, it requires all the member states to allow goods that meet the terms of the criteria. The multinational company in the UK brings in employers from other countries with the help of intra-company transfers to a superior degree than elsewhere in the EU. As a result, the firm makes use of the knowledge of the workers regarding the market of the domestic country. The contemporary business issues faced by UK Multinational companies after UK leaving EU Trading Block are as follows: Sterling One of the most vital contemporary business issues that will be faced by the UK Multinational corporations is the sink in the pound sterling 30 percent. As per the former chief European strategist at the investment bank UBS, the danger of leaving EU is much larger than one can imagine. According to him, a 12 percent fall in the pound against the dollar is one of the biggest dangers. This, in turn, will affect the multinational companies in the UK as the price of the fuel will accelerate on a larger basis. As a result, the foreign holidays will be more expensive (Crines et al., 2016). Figure: The estimate of the impact of Brexit on the British economy (%GDP) (Source: Woodford Funds, 2016) Trade The exports will, as a result, become comparatively cheaper due to the fall in the sterling. However, the exports will become cheaper for a relatively shorter period of time. The UK multinationals company would face the barriers to trade in the form of higher tariffs. It has also been reported, that the GDP in the UK will be more than 2 percent lower than in the counterfactual in the year 2030. It will be mainly due to the combined impact of the trade (Schoof et al., 2015). Year Exports Imports 2004 9.5 3 2005 9.9 4 2006 14 4.8 2007 16 4.9 2008 22 5.2 2009 18 4.2 2010 17 4.2 2011 20 4.5 2012 19.9 4.4 2013 19.8 4.4 Figure: The Trade of the UK with the EU (Source: Woodford Funds, 2016) Employment The service sector that mainly trades with the EU will be hugely affected. As a result, the business that profoundly depends on the migrants will switch to employing the UK nationals. The multinational company in the UK mostly employs the nationals from the EU. However, the decision of UK to leave EU will lead to uncertainty. This also affects the non-UK based employees negatively. The EU workers will also not be able to live in the UK in the long-run. The Multinationals which are mostly IT based will find it difficult to get the IT professionals as it becomes costly for them to recruit the IT professionals from EU. The government in the UK, as a result, has faced appeal to remain open to the EU talent from the multinationals who operate out of UK. Multinationals The multinationals will be significantly affected, and the US rivals will gain a competitive advantage. Rolls-Royce, for instance, is one of the key employers that have warned against leaving the EU. Three-quarters of the workers employed by Rolls-Royce are from EU, and the major customers of Rolls-Royce are the European Aircraft maker Airbus. The multinationals in the UK will face a period of uncertainty, and the uncertainty will be such that the multinationals will not be able to cope with. The business of the multinationals will be greatly harmed as the industries are mostly foreign owned. EU Funding The EU funding will be hugely affected as Britain is one of the principal beneficiaries of the EU funding. As per the reports, the EU research funding to the UK has topped 04 billion. The funding has helped most of the multinationals to set in motion. As a result, most of the EU startups also moved to the UK capital. However, these companies will now be under threat, by some approximation. An assurance was won by UK that it will not suffer any unfairness being outside the euro zone. The reason for the assurance was that Europe was the major financial center of UK, and the underlying reason was to protect the country. In turn, the UK promised not to block deeper euro zone incorporation (Ottaviano et al., 2014). The reduction in the fiscal contribution As per the reports, the average annual gross contribution to the EU from the average of the UK is around 9 billion. Hence, if UK leaves EU in that case UK will no longer be able to make any budgetary contribution. Year Net Contribution Public Sector Receipts UK Rebate 2008 2 8 14.8 2009 5 9 14.9 2010 9 11 15.4 2011 8 11 15.2 2012 10 14 16 2013 11 14.9 17 2014 9 14.8 19 2015 8 11 18 2016 12 15 19.5 2017 7 14 18 2018 8 14.9 18.9 2019 9 15 20 Figure: The contribution of UK to the budget of EU (Source: Hargreaves Lansdown, 2016) Critical literature review The economic consequences are complicated due to the decision made by the UK to leave EU. The reduced integration with the EU countries will be expected to cost the UK economy far more than is achieved from lower contribution to the EU budget. As a result, the GDP of the UK will fall which will be mainly due to the static losses due to the lower trade with the EU. The UK will also not be the part of the contentious TTIP trade deal between the US and the EU. The UK-born workers are especially harmed regarding jobs, wages as well as access to the public services due to the immigration of the individuals from (EU Novy, 2014). The reduction in the financial output as well as the movements that is associated with a possible exit of the UK from the EU will have a negative impact on both the demand as well as the investment. This will in turn lead to the reduction in the employment in the multinational companies in the UK. The employment level is estimated to fall between 1.7 percent and 2.9 percent (Ottaviano et al., 2014). Figure: The Impact of the EU exit (Source: Created by Author) As per the reports, the industry in the UK has benefited from the partnership of the research in Europe, and the researchers have performed well in the EU competition. However, outside EU, the UK would lose the benefits from scale and influence over policy in areas such as energy. As per most of the economists, Brexit will lead to awful ripple effects and as a result, UK will lose the favorable access to the markets in the Europe. The business investment will eventually desiccate and UK will in turn fall over into recession (Piris, 2016). If UK leaves EU, the multinationals will face the uncertainty as the investment activities will be lowered and this will, in turn, lead to the lowering of hiring. The multinationals would also lead to an instant slowdown of growth. One of the major reasons that will lead to the negative future of the UK Multinational companies after UK leaving EU Trading Block will be that the companies will no longer be able to get benefitted from lower tariffs. The growth prospect of the country will be hurt due to the restriction on the immigration. The country will become poorer due to Brexit (Busch Matthes, 2016). As opined by Minford et al., (2015), by removing the tariff as well as the non-tariff barriers which are erected by EU, the UK will gain benefit due to the significant fall in the price of the imports. As per the reports, the tariff-equivalent of EU of all protectionist measures is around 16 percent. If for instance, Jaguar cars are taken into consideration, in this case, it can be noticed that there are a certain price around the world as a brand of luxury car. Jaguar a car mainly competes with the luxury brands which includes BMW, Mercedes, Porsche as well as Audi. As a result, Jaguar has to price its product in such a manner such that it is compatible with the price of its competitors. The prices of the product are mainly drive by the upper middle class in such a way that the demand for the product equals its supply. However, if for instance, the UK leaves EU in that case, Thailand, for example, can impose a higher tariff on the Jaguar. As a result, the price of the Jaguars will increase dramatically in Thailand. Figure: The impact on the GDP of the UK due to Brexit (Source: Created by Author) As opined by Booth et al., (2015), the majority of the trades in UK are conducted by EU. The European Commission also represents the UK as it is the full member of the EU. As a result, the EU has a broad-ranging regulatory impact on the entire financial system of the UK. They further opined, If the EU and the US are successful in concluding an agreement, withdrawal from the EU would see the UK potentially excluded from the two biggest preferential trading arrangements in the world. There will also be a high probability of the cost of losing access to the single market. The single market in the Europe is more than a free trade agreement without tariff. The goods can, as a result, move freely as all the members adhere to common services (Pelkmans, 2016) As opined by Oliver Williams, (2016), if the UK leaves EU it will lead to inward investment which will be mainly due to the outcome. It will also lead to the fear that the makers of the car will downsize, or they might even end their production in the UK. As a result, the vehicles will no longer be exported tax-free to Europe. Most of the employees would lose their jobs due to the fall in trade and investment. This will, in turn, affect the multinational companies in the UK. If UK leaves EU, in that case, a decline in immigration will create more jobs for the local people. However, the shortages in the labor will hold back the economy and as a result, will reduce the potential for growth. Brexit will have a little impact on the UK growth in the medium term. As a result, there will be a chance that will lead to inflation. Brexit will probably have a negative shock to the economy which, will lead to the uncertainty about the future of the multinational companies in the UK (Baker et al., 2016). It has also been pointed out by the author that if UK leaves EU, in that case, UK, will be able to reinstate itself as a genuinely sovereign nation with association with the rest of the world. However, Brexit will lead the country to give up its influence in Europe by turning back the clock and moving back from the global power network of the 21st century (Dorling, 2016). As opined by Leahy Gottlieb, (2016), the multinationals in the UK will have the hardest hit as the pound sterling, and the share prices will fall significantly. In order to stalk the fall in sterling, the Bank of England will increase the rate of interest in the short term. The foreign direct investment in the UK increases the national productivity and also the output and wages. The multinational firms bring in better technological and decision-making knowledge. The international firm comparatively pays higher wages as compared to the domestic companies and as a result, FDI brings in more benefits. However, if the UK leaves the EU, it might lead to the fall in the FDI. The UK is an attractive export platform for the multinationals as it is a single market and they do not bear potentially large costs from tariff as well as non-tariff barriers. The multinationals in the UK also have a multifaceted supply chain and many organization costs between their headquarters and the local branches. However, if the UK leaves the EU, it will become tough to manage. The FDI will also be dampened due to the uncertainty over the shape of the future trade arrangements between the UK and the EU (Ebell Warren, 2016). As opined by Bloom et al., (2012), the multinationals in the UK boost the productivity through the improved technologies as well as the administration practices. The UK multinational companies which are operating in EU needs to comply with the product standards of EU as well as the competition rules of EU. The UK, as a result, needs to continue to operate under the competition rule of EU. As a result, Brexit will provide both cost and benefit to UK and EU. As per the employers of the multinationals, the immigrants from the EU are likely to be much better as compared to that of the UK citizen. They are much more talented and as a result, it will affect the future production of the multinational companies. As opined by Dhingra et al., (2016), the most successful part of the UK manufacturing is cars. However, as per the recent trend, most of the investments that are performed by the car manufacturers are on the new automobiles which will be mainly for sale in the EU market. The automotive industry contributed to more than 5.1 percent of the UK exports in the year 2014. In the case of the automobile industries, Brexit will prove to be disadvantageous. The car production in the UK will become less attractive due to the increase in the trade cost. As a result, it will be made more expensive to ship to the rest of Europe. The coordination cost between the headquarters and the local production plants will also get increased. As opined by Springford, (2014), the immigrants from the EU acted as a boon and not as a burden for the multinational companies in the UK. The immigrants are mainly young and energetic and as a result, they pay more in taxes as compared to the benefits that they take out. The EU immigrants are less likely to take up the benefits as compared to that of the local population in the UK. However, if the UK leaves the EU in that case the government in the UK will have the major probability to restrain the immigration from rest of the Europe. However, immigration, on the other hand, has affected the existing population of the UK in terms of employment. The average UK workers will be worse off due to the fact that the increased immigration had affected the local population. Though, the output and the production of the country and the companies are increased due to a large number of EU individuals migrating to the UK but, the overall population rate is getting affected. This, in turn, will also affect the multinational companies in the UK (Forde Slater, 2016). In recent decades, the demand for both the high and the low-skilled workers has increased in the UK. As a result, the demand for the immigrants has also increased from EU and the supply of the immigrants has also increased (Czaika De Haas, 2013). Identification of best practices Best practices are mainly defined as the methods which are mostly suitable under the circumstances that are considered satisfactory as well as regulated in business. As per the eurosceptics in the UK, it is claimed that the membership of the UK has been destabilized by the fall in the proportion of the trade in UK which, is accounted for by the EU. As per the reports, Britain will hardly have any problem while negotiating a free trade agreement with the EU due to the fact that UK has a large trade deficit with the rest of the Union (Vasilopoulou, 2016) The best practices that are identified after the UK left EU is that the UK will also get liberated from loads of the regulation of EU. As a result, the multinational companies will be able to boost the trade with faster-developing parts of the world. This can be done by getting rid of the tariff as well as signing trade agreements without the restraints of the membership of the EU. The EU has become a less imperative market for the UK as the euro zone has not been able to engineer a continued economy recovery (Crafts, 2016). The UK multinational company needs to utilize the natural workers turnover in order to decrease the number of highly skilled immigrant workers they hire. As a result, the companies in the UK need to scrutinize their strategy of talent in order to ensure that they sustain top talent in the companies (Kierzenkowski et al., 2016). The best practice should also include the fact that the companies should invest more on the education of the domestic employees in order to replace them with the employees of the EU. This will by far be the best practice that the UK decided to exit EU. The reason is that the British will now get their money back. Most of the taxes that are paid by the UK go the European Union. However, the money does not come back to the UK in the form of subsidiaries to the companies in the UK. Regarding the biggest contributor, UK is the second largest contributor to the EU budget after Germany (Simionescu, 2016). The EU members also allow most of the citizen from EU to enter the UK and work for their multinational companies. As per the reports, more than 257,000 EU national entered UK to work in the year 2015. The multinational companies in the UK also had to undergo the laws that were implemented at the EU level (Featherstone, 2016). The UK will no longer be the part of the VAT treaty of the EU. As a result, the best practice will include the fact that the UK will have the liberty to select its low rate of VAT to stimulate the economy. The trade will also become flexible after the exit takes place. The UK will be benefited if it joins the 26 obtainable agreements along with Switzerland in order to negotiate the free trade agreement (Edward, 2013). The aim to leave EU acted as a positive and a constructive vision of sovereignty as well as openness to the world. The positive spirit will help to drive the country for the next steps. The country has got a chance to get rid of the political superstructure of the EU. The multinational companies in the UK that employ the EU employees will need to consider the inherent authority of the British Exit that is Brexit on their future hiring and the overall best practices (Todd, 2016). The labor force management solution will help the companies to fulfill with the employment legislation that includes the right-to-work law. The competitive multinational corporations will be able to retain their best talent if they make use of the tools such as the availability management, flexible benefits and shift trading (Baker Schnapper, 2015). Figure: Economic Interaction in the GCE Model (Source: Created by Author) The GCE model facilitates to account explicitly for the impact of trade relationship. It mainly focuses on the trade relationship as it is obvious that the trade relationship will change once UK leaves the EU. The GCE model takes into account the various macroeconomic variables that include GDP, employment, exports as well as imports and investment, in order to venture the impact of the exit of UK from EU. In the GCE model, the government performs two roles. The two roles that are played by the government involve the collecting of the taxes and the spending of money (Tao et al., 2014). The UK also needs to sign more trade deals with the non-EU countries. The UK also requires submitting of the new schedule after the conclusion of an exit agreement with the EU. This needs to be carried out by the UK in order to remain a WTO member. The new schedule needs to be carried by each of the members of the WTO. As opined by Busch Matthes, (2016) Trade is a very important part of the transmission mechanism through which much of the benefit of the Single Market filters through. The US and the UK can negotiate a free trade area based on the principles of national dominion and the monetary freedom. However, both the nation was unable to do so as the European Union acted as the barrier. The UK companies can also trade with the EU on the tariff free and quota free base. Under the common commercial policy of the EU, the UK needs to confer a single deal with 27 enduring states of the EU. The ability of UK to trade with the US will not be affected on the current terms (James Cardwell, 2016). The best practice is to remove the EU as it is acting as a barrier between the UK and the US in terms of free trade between the multinational companies. In order to regain the authority, the UK must leave the EU. As a result, the country will gain a broader control over the trade, and also the future of the multinational companies will flourish. The generation of the EU is known to create a much wider damage to the UK. The reason is that the UK has a much broader trading relation outside Europe that is with non-EU countries (Bevir et al., 2015). Although the EU is the largest market in the world, however, it is also the only declining trade bloc in the world. The importance of the EU has reduced due to the collapsing share of worldwide GDP and the lethargic rate of growth. The UK can freely pursue an international trade with both China and US in the absence of the EU (Bekaert et al., 2013). Figure: The decrease in the total imports and exports (Source: Trade Statistics, 2016) As per the above graph, it can be seen that the sales of the UK goods to the EU decreased by 8 percent to a six-year low of just 134 billion in the year 2015. The graph shows that the total export of trade in the month of May for the present year was 23.4 billion. This was a decline of 4.3 percent as compared to that of the last month. The total import of trade in the month of May for the present year was 36.1 billion. This was a decline of 11.1 percent as compared to the last month. Conclusion It can be thus being concluded that UK will have the probability of striking new trade deals based on the domestic precedence. However, the country will have a lower priority in other countries as compared to that of EU. The UK will no longer be the part of the VAT treaty of the EU. As a result, the best practice will include the fact that the UK will have the liberty to select its low rate of VAT in order to stimulate the economy. The car industry contributed to more than 5.1 percent of the UK exports in the year 2014. In the case of the automobile industries, Brexit will prove to be disadvantageous. As a result, the vehicles will no longer be exported tax-free to Europe. Most of the employers would lose their jobs due to the fall in trade and investment. The multinationals would also lead to an instant slowdown of growth. One of the major reasons that will lead to the negative future of the UK Multinational companies after UK leaving EU Trading Block will be that the companies will no longer be able to get benefitted from lower tariffs. If UK leaves EU, in that case, a decline in immigration will create more jobs for the local people. Brexit will lead to awful ripple effects and as a result, UK will lose the favorable access to the markets in the Europe. References Baker, D., Schnapper, P. (2015). Euroscepticism in Britain: Cause or Symptom of the European Crisis?. InBritain and the Crisis of the European Union(pp. 61-90). Palgrave Macmillan UK. Baker, J., Carreras, O., Ebell, M., Hurst, I., Kirby, S., Meaning, J., ... Warren, J. (2016). The short-term economic impact of leaving the EU.National Institute Economic Review,236(1), 108-120. Bekaert, G., Harvey, C. R., Lundblad, C. T., Siegel, S. (2013). The European Union, the Euro, and equity market integration.Journal of Financial Economics,109(3), 583-603. Bevir, M., Daddow, O., Schnapper, P. (2015). Introduction: Interpreting British European Policy.JCMS: Journal of Common Market Studies,53(1), 1-17. Bloom, N., R. Sadun and J. Van Reenen (2012) Americans Do IT Better: US Multinationals and the Productivity Miracle, American Economic Review 102(1): 167-201 Booth, S., Howarth, C., Persson, M., Ruparel, R., Swidlicki, P. (2015). What if...? The Consequences, challenges opportunities facing Britain outside EU.Open Europe Report,3, 15. Busch, B., Matthes, J. (2016). BrexitThe Economic Impact.A Meta-Analysis, IW-Report, (10). Crafts, N. (2016). UK Economic Growth Performance in a European Context: Has EU Membership Made Much Difference?. Crines, A. S., Spicer, A., Durodie, B., Spencer, D., Cairney, P., Taylor-Gooby, P., ... Dhingra, S. (2016). Brexit is on: Britain votes to leave the EUexperts respond.The Conversation. Czaika, M., De Haas, H. (2013). The effectiveness of immigration policies.Population and Development Review,39(3), 487-508. Darvas, Z. (2016).Single market access from outside the EU: three essential prerequisites(No. 15869). DesJardins, J. R., McCall, J. J. (2014).Contemporary issues in business ethics. Cengage Learning. Dhingra, S., Ottaviano, G., Sampson, T., Van Reenen, J. (2016). The impact of Brexit on foreign investment in the UK.Centre for Economic Performance (CEP), London School of Economics and Political Science (LSE). Dorling, D. (2016). Brexit: the decision of a divided country. Dustmann, C., Frattini, T. (2014). The fiscal effects of immigration to the UK.The economic journal,124(580), F593-F643. Ebell, M., Warren, J. (2016). The long-term economic impact of leaving the EU.National Institute Economic Review,236(1), 121-138. Edward, D. (2013). EU law and the separation of member states.Fordham Int'l LJ,36, 1151. Eleftheriadis, P., Armour, J., Enriques, L., Money-Kyrle, R., Williams, R. A., Young, A. L. (2016). Legal Aspects of Withdrawal from the EU: A Briefing Note.Available at SSRN 2809285. Featherstone, K. (2016). External perspectives on the UKs membership of the European Union: report of the hearing held on 1st March, 2016. Forde, C., Slater, G. (2016). Labour market regulation and the competition state: an analysis of the implementation of the Agency Working Regulations in the UK.Work, Employment Society, 0950017015622917. Foundation, I. (2016). [ARCHIVED CONTENT] UK Government Web Archive The National Archives. Webarchive.nationalarchives.gov.uk. Retrieved 25 July 2016, from https://webarchive.nationalarchives.gov.uk/20160105160709/https://www.ons.gov.uk/ons/rel/international-transactions/outward-foreign-affiliates-statistics/how-important-is-the-european-union-to-uk-trade-and-investment-/sty-eu.html Green, S., Gregory, C., Reeves, M., Cowan, J. K., Demetriou, O., Koch, I., ... Aiksz, S. C. (2016). Brexit Referendum: first reactions from anthropology.Social Anthropology. James Cardwell, P. (2016). The hokey cokeyapproach to EU membership: legal options for the UK and EU.Journal of European Public Policy, 1-9. Kierzenkowski, R., Pain, N., Rusticelli, E., Zwart, S. (2016). The Economic Consequences of Brexit. Koutrakos, P. (2016). Brexit and International Treaty-making.European law review, (1), 1-2. Leahy, P., Gottlieb, G. (2016). What if we left the EU?.The Bulletin of the Royal College of Surgeons of England,98(6), 236-239. Minford, P., Gupta, S., Le, V. P. M., Mahambare, V., Xu, Y. (2015).Should Britain leave the EU?: an economic analysis of a troubled relationship. Edward Elgar Publishing. Novy, D. (2014). TTIP has the potential to be a forum which sets 21st century trade rules, but needs more attention and support from the highest levels of government.LSE. Oliver, T., Williams, M. J. (2016). Special relationships in flux: Brexit and the future of the USEU and USUK relationships.International Affairs,92(3), 547-567. Ottaviano, G. I. P., Pessoa, J. P., Sampson, T., Van Reenen, J. (2014). Brexit or Fixit? The trade and welfare effects of leaving the European Union. Ottaviano, Gianmarco IP, et al. "The costs and benefits of leaving the EU." (2014). Pelkmans, J. (2016). Why the single market remains the EUs core business.West European Politics, 1-19. Piris, J. C. (2016). If the UK votes to leave.The seven alternatives to EU membership, Centre for European Reform, London. Schoof, U., Petersen, T., Aichele, R., Felbermayr, G. (2015). Brexitpotential economic consequences if the UK exits the EU. Policy Brief# 2015/05. Simionescu, M. (2016).The Impact of BREXIT on the Foreign Direct Investment in the United Kingdom(No. bep-2016-07). St Kliment Ohridski University of Sofia, Faculty of Economics and Business Administration/Center for Economic Theories and Policies. Springford, J. (2014). Is immigration a reason for Britain to leave the EU.Centre for European Reform. Tao, W. K., Lang, S., Zeng, X., Li, X., Matsui, T., Mohr, K., ... Kang, I. S. (2014). The Goddard Cumulus Ensemble model (GCE): Improvements and applications for studying precipitation processes.Atmospheric Research,143, 392-424. The economic impact of Brexit. (2016). Woodford Funds. Retrieved 24 July 2016, from https://woodfordfunds.com/economic-impact-brexit-report/ Todd, J. (2016).The UKs Relationship with Europe: Struggling over Sovereignty. Springer. Vasilopoulou, S. (2016). UK Euroscepticism and the Brexit Referendum.The Political Quarterly,87(2), 219-227.