Brexit - Economic Consequences for the United Kingdom #948476

On June 23, 2016, the United Kingdom held a referendum on its membership of the European Union. 51.89% of voters voted for Leave, the exit, against 48.11% in favor of Remain, the permanence, with a turnout of 71.8% of the electorate (over 30 million people). The country was very divided. Scotland (62%), London (59.9%), Northern Ireland (55.8%), and the overseas territory of Gibraltar (95.9%) were in favor of Remain. The vote also appeared very divided demographically, with young people between 18-24 and 25-34 years old who voted 73% and 62% respectively to stay in Europe.
In this book, I investigate the situation in which the United Kingdom withdraws from the European Union, focusing on the economic consequences. I describe the UK's history with the EU and the possible frameworks for their future relationship. I produce analyses of the economic changes to UK trade, focusing on the benefits of the Single Market, the City of London and the financial sector, and the labor market in response to changes in immigration. I discuss the probability of each possible future relationship, based on UK and EU preferences, and evaluate the consequences for the UK. Overall, my findings suggest that the UK will negotiate a Free Trade Agreement with the EU but will suffer significant economic repercussions from exiting the Union. This is mainly because the UK will have to relinquish sovereignty over trade for market access, and it is disinclined to do so.