t the moment, one of the European countries with the most uncertain future is the United Kingdom. On 23 June 2016, a referendum was held in which
it was decided to leave the European Union. The Government has activated Article 50 of the Treaty on European Union (Treaty of Lisbon - TEU), notifying the European Council of its intention.
The UK has suggested the implementation of a transitional period of two years. The Union shall negotiate and conclude an agreement with that State, setting out the arrangements for its withdrawal, taking account of the framework for its future relationship with the Union. After 30 March 2019, the United Kingdom, as a third country, will no longer participate in the EU institutions and in the decision-making process of Union bodies.
During this transitional period, the United Kingdom will continue to participate in the Customs Union and the Single Market (including the four freedoms), to respect EU trade policy, to apply the Community customs tariff and to collect its customs duties, as well as to control of the Union's external borders in relation to third countries.
It should be noted that the United Kingdom is already outside the EURO (maintains monetary autonomy), the Schengen Area and the Banking Union, although common Single Market agreements have been established. In order for British companies (export) to continue to have access to the Community market many of the existing European rules / standards, such as environmental and technical ones, will have to be met.
When leaving the EU, the United Kingdom will no longer be part of the network of Free Trade Agreements that the European Union has signed with more than 50 third countries. In this way, it regains competence in matters of commercial policy which had been transferred as a whole when it joined the Community. It must now negotiate trade agreements with third countries, such as the elaboration of an external tariff, where customs tariffs will be established for goods coming from abroad, in particular on goods of Community origin.
As already mentioned, until the conclusion of the agreement on the conditions of withdrawal and the establishment of the legal framework between the parties, the United Kingdom will remain a full member of the EU 28, with all the rights and obligations inherent, in particular as regards the application of the existing Community legislative acquis to the Single Market and the four freedoms.
ECONOMY
The British population is about 65 million, of whom approximately 84% reside in England, 8% in Scotland, 5% in Wales and 3% in Northern Ireland. Nearly 19% of the population is under the age of 15, 64% are between 16-64 and 18% are over 64.
According to the World Bank, the United Kingdom (UK) is the 5th largest economy in the world and the second largest in the European Union. The country was the 4th world importer of goods (2nd European) and 6th of services (4th European) in 2016. It also stands out as 2nd world exporter of services (1st European) and 10th of goods (5th European).
Financial services held the largest stock of UK foreign direct investment (around 45% of the total), accounting for 8% of GDP and 12% of tax revenue. The country is a world leader in the digital economy, hosts the world's leading engineering and architectural firms and has one of the fastest growing creative industries in Europe.
According to The Economist Intelligence Unit (EIU), in 2016 the British economy grew by 1.8%. This evolution was driven, in large part, by private consumption (+ 2.8%) and, on a smaller scale, by investment (+ 1.3%) and public consumption (+ 1.1%). Exports of goods and services slowed down (+ 1.1%) and imports (+ 4.3%).
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MERCADO / MARKET
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