Great Britain’s Economy in the Context of Transformation of Relations with the EU

Abstract

The article analyzes the current features of development of the Great Britain’s economy in the context of membership in the European Union. The country’s positions both in the world and in the integration grouping are disclosed in terms of the economy size, the volume of foreign economic relations, and the degree of development of national production. The structure of the economy and the leading industries in the United Kingdom are characterized. The dynamics and current status of the min macroeconomic indicators of Great Britain are analyzed. The general economic and institutional-economic reasons for the vote to leave the European Union are considered. Options for transforming the relationship between Great Britain and the European Union are described, including: a hard Brexit (Great Britain’s exit from the common market and the development of trade relations with the EU under WTO rules) and a soft Brexit (conclusion of agreement with the EU and development of further relations in the format of a free trade zone, customs union or common market). The expected positive and negative consequences, opportunities and threats of the Great Britain’s exit from the EU are covered. In general, in view of the increased risk of the spread of disintegration trends in the world, it is suggested that this complex phenomenon requires further research.

Keywords

• great britain
• european union
• brexit
• regional economic integration
• disintegration