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Brexit Will Not Benefit Britain

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Brexit will do more harm than good for Britain and is not a prudent decision on the country's part. 

According to Investopedia, "Brexit" refers to Britain's decision to leave the European Union. This decision was made through a referendum that took place on June 23, 2016. The vote was a close one with "Remain" garnering 48.1 percent of the votes, and "Leave" winning with only 51.9 percent.

According to the BBC, British Prime Minister Theresa May has begun the process of withdrawing Britain from the EU by invoking Article 50. Under Article 50 -- the clause which, according to Investopedia, outlines the process for a country to leave the EU voluntarily -- negotiations for Brexit cannot begin until Britain formally notifies the EU of its intention to leave. 

May is planning to write a letter to the EU to formally declare Brexit on March 22. Donald Tusk, president of the European council, said he would present a draft of guidelines for the exit to the remaining EU countries 48 hours after May makes a formal declaration. Under this plan, Brexit is expected to occur in March of 2019.

While many people in Britain evidently believe that Brexit is a prudent decision, the opposite could not be truer. While there are indeed some disadvantages to being part of the European Union, Britain will only endure hardship through their decision to leave.

First and foremost, leaving the EU will have a terrible effect on the economy of Britain. According to Debating Europe, Britain's trade with the EU accounts for more than half of Britain's exports. This relationship could be severely damaged by Brexit. In addition, it is estimated that leaving the EU will result in a 10 percent decrease in GDP. 

In fact, the economic effects of Brexit have already been felt. Immediately following Brexit, the British pound fell to its lowest level against the U.S. dollar since 1986, according to Investopedia. 

In addition, according to Metro, Brexit will make it more difficult for British citizens to travel to other EU countries. Under the current system, Britain citizens can travel throughout the EU without a visa. When Brexit occurs, they will no longer be able to do so. 

More importantly, leaving the EU will also spell disaster for Brits seeking to find employment outside of Britain. British citizens currently have the ability to work anywhere in the EU without applying for a work visa. Brexit will make it much more difficult for British citizens who are struggling to find a job in their home country to find one abroad. 

Lastly, many of those in favor of Brexit have argued that the presence of immigrants from other EU countries has been harmful to Britain. This is simply not true. According to Metro, immigrants from the EU have contributed 34 percent more to the country than they have taken away. With Brexit on the horizon, Britain stands to lose the contributions of immigrants from the EU, which will -- again -- be very harmful to Britain's economy. 

With all this in mind, it is clear that Brexit is not a prudent decision for Britain. The country stands to lose much more than it will gain, and it is evident that Brexit will result in years of hardship for British citizens. 

Click here for the opposing view on this topic.

Sources: Investopedia (2), BBC, Debating Europe, Metro / Photo credit: Bankenverband - Bundesverband deutscher Banken/Flickr

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