Jingle bell, is the sound that indicates the arrival of the festive period. It is a season all across the globe where there are lots of buying and selling. In fact, many spend money and time so much just so as to spend time with their friends and families at times like this.
Meanwhile, just as Christmas is coming in and lots of spending are done across the world, so as well is Brexit coming soon, indicating lots of spending for Ireland citizens. The British prime minister has set her point on when Britain is leaving the EU, and beyond every aorta of doubt, this will break most of the economic, legal and political links existing among the EU and the UK.
So, how about a look into some of the negative influences that Britain exiting the EU will have on Ireland:
1. Britain leaving the EU means that they will have to strike fresh deals with all the non-EU countries, imposing special import taxes across the borders. Some kind of control will be placed on the movement of goods.
2. If the Brexit occurs without any fore-signed deal about a transition, the price of imported goods will rise due to the high tariffs placed on British goods.
3. Also, the tariffs that will be placed on export goods will be very great.
4. There will be a great increase in the price of imported food products into Ireland. This will occur due to the delays tariffs and special taxes placed on the imported goods.
5. In the aspect of beef production, most of the beef-related products will be imposed on more than 50% of the tariffs. This will, in turn, increase their prices on the export market, ruling out Irish products on in the UK market.
6. Due to the strict measures placed on the transition between both the UK and Ireland, the labour force in the Irish economy will be reduced causing a great reduction in the employment rate of the economy.
7. Consumer demand for Irish product will reduce due to the exit of the UK from EU.
8. With the UK still in the EU, their aircraft industry operates under the EU regulations. Their exit will cause a complete cessation of air travel between the UK and Europe. This will have a negative impact on the number of tourists and visitors visiting Ireland.
9. Agri-foods and household goods and services will have an increase in price, which will, in turn, affect the spending pattern of those in Ireland i.e. they will pay more for those goods and services.
10. A greater proportion of the income of most Irish citizens will be spent on goods that attract goods with higher tariffs.
Conclusively, softer Brexit will protect the freedom of movement to work and travel between Ireland and the UK. But the exit of Britain from the single market next year will increase the cost of living of the Irish people as mentioned above and all these impacts will be felt by the rich and poor.