The economy of the United Kingdom is a highly developed social market economy. It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest by purchasing power parity (PPP), and twenty-first by nominal GDP per capita, constituting 3.1% of nominal world GDP. The United Kingdom constitutes 2.3% of world GDP by purchasing power parity (PPP).
Environmental economics is a sub-field of economics concerned with environmental issues. It has become a widely studied subject due to growing environmental concerns in the twenty-first century. Environmental economics "undertakes theoretical or empirical studies of the economic effects of national or local environmental policies around the world. ... Particular issues include the costs and benefits of alternative environmental policies to deal with air pollution, water quality, toxic substances, solid waste, and global warming."
Prediction markets, also known as betting markets, information markets, decision markets, idea futures or event derivatives, are open markets that enable the prediction of specific outcomes using financial incentives. They are exchange-traded markets established for trading bets in the outcome of various events. The market prices can indicate what the crowd thinks the probability of the event is. A typical prediction market contract is set up to trade between 0 and 100%. The most common form of a prediction market is a binary option market, which will expire at the price of 0 or 100%. Prediction markets can be thought of as belonging to the more general concept of crowdsourcing which is specially designed to aggregate information on particular topics of interest. The main purposes of prediction markets are eliciting aggregating beliefs over an unknown future outcome. Traders with different beliefs trade on contracts whose payoffs are related to the unknown future outcome and the market prices of the contracts are considered as the aggregated belief.
Economic nationalism is an ideology that prioritizes state intervention in the economy, including policies like domestic control and the use of tariffs and restrictions on labor, goods, and capital movement. The core belief of economic nationalism is that the economy should serve nationalist goals. As a prominent modern ideology, economic nationalism stands in contrast to economic liberalism and economic socialism.
Anthony Patrick Leslie Minford is a British macroeconomist who is professor of applied economics at Cardiff Business School, Cardiff University, a position he has held since 1997. He was Edward Gonner Professor of Applied Economics at the University of Liverpool from 1976 to 1997. In 2016, Minford was a notable member of the Economists for Brexit group which, in opposition to the consensus view of economists, advocated the UK leaving the European Union and claimed large economic benefits, which did not occur.
Economic Partnership Agreements (EPAs) are a scheme to create a free trade area (FTA) between the European Union and other countries. They are a response to continuing criticism that the non-reciprocal and discriminating preferential trade agreements offered by the EU are incompatible with WTO rules. The EPAs date back to the signing of the Cotonou Agreement. The EPAs with the different regions are at different states of play. The EU has signed EPAs with the following countries: the Southern African Development Community (SADC), ECOWAS, six countries in Eastern and Southern Africa, Cameroon, four Pacific states, and the CARIFORUM states. Their defining characteristic is that they open up exports to the EU immediately, while exports to the partner regions is opened up only partially and over transitioning periods.
Open Europe was a British centre-right eurosceptic policy think tank with offices in London and Brussels, merging with the Policy Exchange think tank in 2020.
On 23 June 2016, a referendum, commonly referred to as the EU referendum or the Brexit referendum, took place in the United Kingdom (UK) and Gibraltar to ask the electorate whether the country should remain a member of, or leave, the European Union (EU). The referendum resulted in 51.9% of the votes cast being in favour of leaving the EU, beginning the process of the country's withdrawal from the EU commonly termed "Brexit".
Brexit was the withdrawal of the United Kingdom (UK) from the European Union (EU). It officially took place at 23:00 GMT on 31 January 2020. The UK is the only sovereign country to have left the EU. The UK had been a member state of the EU or its predecessor, the European Communities (EC), since 1 January 1973. Following Brexit, EU law and the Court of Justice of the European Union no longer have primacy over British laws. The European Union (Withdrawal) Act 2018 retains relevant EU law as domestic law, which the UK can amend or repeal.
The Centre for Economic Performance (CEP) is an interdisciplinary research centre at the London School of Economics dedicated to the study of economic growth and effective ways to create a fair, inclusive and sustainable society. Currently led by Prof. Stephen Machin, it is one of the world's most prestigious economic research institutes, being the most important economic research institute in the United Kingdom, jointly with the Centre for Economic Policy Research. Its research performance has been particularly strong in the research areas of labour economics, productivity, happiness economics, human capital, the knowledge economy, ICT, innovation, education, and European microeconomic issues.
Issues in the United Kingdom European Union membership referendum, 2016 are the economic, human and political issues that were discussed during the campaign about the withdrawal of the United Kingdom from the European Union, during the period leading up to the Brexit referendum of 23 June 2016. [Issues that have arisen since then are outside the scope of this article].
The result in favour of Brexit of the 2016 United Kingdom European Union membership referendum is one of the most significant political events for Britain during the 21st century. The debate provoked major consideration to an array of topics, argued up-to, and beyond, the referendum on 23 June 2016. The referendum was originally conceived by David Cameron as a means to defeat the anti-EU faction within his own party by having it fail, but he misjudged the level of public support for leaving, particularly amongst Labour Party voters. Factors included sovereignty, immigration, the economy and anti-establishment politics, amongst various other influences. The result of the referendum was that 51.8% of the votes were in favour of leaving the European Union. The formal withdrawal from the EU took place at 23:00 on 31 January 2020, almost three years after Theresa May triggered Article 50 of the Lisbon Treaty on 29 March 2017. This page provides an overarching analysis of the different arguments which were presented by both the Leave and Remain campaigns.
The economic effects of Brexit were a major area of debate during and after the referendum on UK membership of the European Union. The majority of economists believe that Brexit has harmed the UK's economy and reduced its real per capita income in the long term, and the referendum itself damaged the economy. It is likely to produce a large decline in immigration from countries in the European Economic Area (EEA) to the UK, and poses challenges for British higher education and academic research.
Stephen Jonathan Machin is a British economist and professor of economics at the London School of Economics (LSE). Moreover, he is currently director of the Centre for Economic Performance (CEP) and is a fellow of the British Academy, the Society of Labor Economists and the European Economic Association. His current research interests include labour market inequality, the economics of education, and the economics of crime.
A no-deal Brexit was the potential withdrawal of the United Kingdom (UK) from the European Union (EU) without a withdrawal agreement. Under Article 50 of the Maastricht Treaty, the Treaties of the European Union would have ceased to apply once a withdrawal agreement was ratified or if the two years had passed since a member state had indicated its will to leave the European Union. The two-year period could have been extended by unanimous consent from all member states, including the member state that was wishing to leave the European Union.
This article outlines the predicted impact of Brexit, the withdrawal of the United Kingdom (UK) from the European Union (EU) and the European Atomic Energy Community.
In the wake of the referendum held in the United Kingdom on 23 June 2016, many new pieces of Brexit-related jargon entered popular use.
Fish for finance is a possible trade-off that has been considered by both sides in the trade negotiations between the United Kingdom and the European Union (EU) over their future relationship following Brexit in January 2020. The Brexit withdrawal agreement between the two parties called for an agreement on fisheries to be concluded by June 2020, followed by an agreement on financial services at the end of July, deadlines which were both missed. Both were expected to be part of the final EU–UK trade agreement reached by the end of 2020, the end of the Brexit transition period. The final agreement had some broad outlines for a future fishing deal, primarily gradual EU concessions of fishing quota in UK waters, but was largely silent on finance.
Following its withdrawal from the European Union on 31 January 2020, the United Kingdom began negotiations on several free trade agreements to remove or reduce tariff and non-tariff barriers to trade, both to establish new agreements and to replace previous EU trade agreements. Withdrawal ended 47 years of membership during which all its trading agreements were negotiated by the European Commission on behalf of the bloc. The UK did not actually withdraw from the European Single Market and the European Union Customs Union until 31 December 2020.
"Singapore-on-Thames", sometimes "Singapore-upon-Thames", was a hypothetical new model for the British economy after Brexit. Under it, the United Kingdom would greatly diverge from its neighbours in the European Union (EU), offering businesses low tax rates and a much lighter regulatory climate as an alternative, much like Singapore does within its region of Asia. The term arose in the media as a characterisation of remarks made by Chancellor of the Exchequer Philip Hammond to a German newspaper in early 2017, to the effect that if the EU refused access to its single market on terms favourable to the UK then the UK would necessarily have to change its economic system to one less like EU countries in order to remain globally competitive, an outcome he did not want.
