P5
Identify the impact of EU membership on UK business activities i.e. The EU and the Euro
The European Union is a unique economic and political union between 28 European countries that
together cover much of the continent. The EU was created in the aftermath of the Second World War.
The first steps were to foster economic cooperation: the idea being that countries that trade with one
another become economically interdependent and so more likely to avoid conflict. The result was the
European Economic Community (EEC), created in 1958, and initially increasing economic cooperation
between six countries: Belgium, Germany, France, Italy, Luxembourg and the Netherlands. Since then, a
huge single market (also known as the European Market) has been created and continues to develop
towards its full potential.
Creating the single market involved passing more than 1,000 pieces of legislation as part of preparations
for integrations. It also meant that EU countries had to start developing ways for their businesses to deal
with company law, business rules and accounting principles in a similar way so that they would be able
to trade more efficiently across the EU. Removing barriers to trade has made it easier for businesses to
set up and operate across the EU whilst giving protection to customers everywhere with the same EU
laws regardless of which countries they are living in and which businesses they are working with.
The EU has delivered more than half a century of peace, stability and prosperity, helped raise living
standards and launched a single European currency: the euro. In 2012, the EU was awarded the Nobel
Peace Prize for advancing the causes of peace, reconciliation, democracy and human rights in Europe.
Thanks to the abolition of border controls between EU countries, people can travel freely throughout
most of the continent. And it has become much easier to live, work and travel abroad in Europe.
The single or 'internal' market is the EU's main economic engine, enabling most goods, services, money
and people to move freely. Another key objective is to develop this huge resource also in other areas
like energy, knowledge and capital markets to ensure that Europeans can draw the maximum benefit
from it.
https://europa.eu/european-union/about-eu/eu-in-brief_en
Another important aspect of EU membership is that while companies from other areas of the world are
still bound by the regulations and policies of respective European nations, businesses belong to the UK
and other member states are not. Thus they have a decidedly higher profit margin and success rate
within the EU. EU policies have also ushered a liberalization of policies and hence many products which
were prohibited from being traded can now be freely traded across different EU nations.
https://www.ukessays.com/essays/economics/the-impact-of-policies-of-the-european-union.php
However, in 2016 the UK decided to have a vote to on staying or leaving the EU, which turned out that
52% of the UK voted to leave. By leaving the EU, it can affect the UK if they can still retain benefits from
being in the EU such as moving freely through Europe, accessing the single market and trading with
Europe and other countries. For the UK businesses, such as Toyota GB, they may not be able to have
access to the EU's four freedoms, free movement of goods, freedom of movement for workers, the right
Identify the impact of EU membership on UK business activities i.e. The EU and the Euro
The European Union is a unique economic and political union between 28 European countries that
together cover much of the continent. The EU was created in the aftermath of the Second World War.
The first steps were to foster economic cooperation: the idea being that countries that trade with one
another become economically interdependent and so more likely to avoid conflict. The result was the
European Economic Community (EEC), created in 1958, and initially increasing economic cooperation
between six countries: Belgium, Germany, France, Italy, Luxembourg and the Netherlands. Since then, a
huge single market (also known as the European Market) has been created and continues to develop
towards its full potential.
Creating the single market involved passing more than 1,000 pieces of legislation as part of preparations
for integrations. It also meant that EU countries had to start developing ways for their businesses to deal
with company law, business rules and accounting principles in a similar way so that they would be able
to trade more efficiently across the EU. Removing barriers to trade has made it easier for businesses to
set up and operate across the EU whilst giving protection to customers everywhere with the same EU
laws regardless of which countries they are living in and which businesses they are working with.
The EU has delivered more than half a century of peace, stability and prosperity, helped raise living
standards and launched a single European currency: the euro. In 2012, the EU was awarded the Nobel
Peace Prize for advancing the causes of peace, reconciliation, democracy and human rights in Europe.
Thanks to the abolition of border controls between EU countries, people can travel freely throughout
most of the continent. And it has become much easier to live, work and travel abroad in Europe.
The single or 'internal' market is the EU's main economic engine, enabling most goods, services, money
and people to move freely. Another key objective is to develop this huge resource also in other areas
like energy, knowledge and capital markets to ensure that Europeans can draw the maximum benefit
from it.
https://europa.eu/european-union/about-eu/eu-in-brief_en
Another important aspect of EU membership is that while companies from other areas of the world are
still bound by the regulations and policies of respective European nations, businesses belong to the UK
and other member states are not. Thus they have a decidedly higher profit margin and success rate
within the EU. EU policies have also ushered a liberalization of policies and hence many products which
were prohibited from being traded can now be freely traded across different EU nations.
https://www.ukessays.com/essays/economics/the-impact-of-policies-of-the-european-union.php
However, in 2016 the UK decided to have a vote to on staying or leaving the EU, which turned out that
52% of the UK voted to leave. By leaving the EU, it can affect the UK if they can still retain benefits from
being in the EU such as moving freely through Europe, accessing the single market and trading with
Europe and other countries. For the UK businesses, such as Toyota GB, they may not be able to have
access to the EU's four freedoms, free movement of goods, freedom of movement for workers, the right
