Analyze the Brexit - BREXIT IMPACT ON ECONOMIC DEVELOPMENT...

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BREXIT: IMPACT ON ECONOMIC DEVELOPMENT, INTEGRATION AND LIBERATION OF THE ECONOMY. NAME:GEOFFREY KIVINDYO KING’OO REGISTRATION NUMBER: BCSM/41814/2016
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Brexit is an approach used by various individuals, political parties and advocacy groups to leave the European Union membership. The word Brexit means British Exit from the European Union (EU) which is a political and economic body established during world war two in order to improve trade and reduce future wars within the European countries. The union has 28 countries which operate within it and has since grown facilitating migration of people and allowing products to be sold in the global market. 19 of the member countries use the euro currency and their constitution is passed by members of the parliament who also address matters concerning the countries consumer rights, transport, environment and others like the mobile phone charges (Brian Wheeler and Alex Hunt, 2016). A single market is one of the biggest achievements which led to the formation of EU in 1992. This single market allows free movement of products and services, people and incomes within the union as if they are all in a single country. People are able to setup businesses anywhere within the countries, create jobs, boost trade among the countries and also lower the prices of commodities. The free movement has enabled people to migrate from their poor countries to the rich countries seeking for more employment and improving their standards of living. The latest campaign of the UK leaving the European Union will threaten the economy of the country, lowering pension rates, mortgage and investments. As the economy deteriorates the bank of England may raise interest rates to combat extra pressure on inflation and this may make mortgages and loans very expensive to repay.
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