The United Kingdom’s decision over four and a half years ago to exit the European Union still has many businesses and citizens alike wondering what the future will bring. Britain, a country which has always been seen as the ‘gateway’ between the EU and the world, is set to officially leave on the 1st of January 2021 and the repercussions of this are likely to be felt everywhere from financial markets to trade talks.
The EU will of course be feeling the impact too and it is seeking to strengthen its economy by breaking away from the UK and reasserting Europe as the world’s largest trading bloc – one which can still remain competitive without relying on the UK’s contribution. To put it simply, Brexit will mean Europe has to take on Britain and in this article, we’ll take a closer look at the strategies and policies being put in place by the EU to ensure it remains a superpower and can take on Britain after Brexit.
What Britain Is Taking Away From Europe
The UK may be leaving the bloc but that doesn’t mean it is taking nothing with it in the process. Before looking at how Europe is gearing up to take on Britain, let’s first take a look at the resources Britain is taking away from the EU on its departure.
Firstly, the UK will no longer be making contributions to the EU budget, a major setback for the bloc as the UK was one of its largest net contributors. This could potentially spell financial trouble for some projects which are solely funded by the EU.
Next, the UK leaving the EU also means there will be fewer people to take on responsibilities for various initiatives the EU undertakes on an ongoing basis. This might cause a bit of a challenge in terms of coordination and moving projects forward.
The final major loss for the EU will be the expertise the UK could bring to the table. The UK has been a major player in many areas from finance and banking to international trade negotiations, so there will be a noticeable gap in expertise left by the UK.
How Europe Is Preparing To Take On Britain
Though the UK leaving the EU has presented some challenges, the EU is already taking steps to ensure it can remain competitive and potentially even strengthen its negotiating powers post-Brexit. Let’s take a look:
The European Commission has proposed several measures to ensure the EU remains a major player on the global stage. One of these is to investigate possible trade deals with non-EU countries, in particular countries in the Far East and Latin America. Such deals could potentially replace existing trade agreements with the UK and help to offset any losses due to Brexit.
Another measure being proposed by the Commission is the creation of an EU-wide digital platform which could potentially reduce transaction costs and make transactions more efficient. This could go some way in helping to make up for any disruptions to trade caused by Brexit.
The European Commission has also proposed measures which could strengthen the bloc’s negotiating power when it comes to trade negotiations with other countries like the US and China. This could potentially be done through increased investment in technology and tariff reform.
Finally, the EU is also encouraging member states to invest in areas such as research, development, and education in order to ensure its long-term economic success and competitiveness.
Brexit is an event that will be sure to have major repercussions, both for Britain and the rest of the EU. However, with the European Commission already looking into possible measures which could help the EU remain competitive and potentially even strengthen its negotiating powers, it seems the EU is well on its way to ensuring a successful future after the UK’s departure.
Ultimately, Brexit may be a challenge but with the right strategies in place, it could also be an opportunity to carve out a strong future for the European Union and take on Britain, proving that Europe can thrive even without Britain.
