Essay: UK economy differs greatly from Euro zone

21 Oct

Essay: UK economy differs greatly from Euro zone

Sample Essay

Evidently, UK economy differs greatly on the continent. For instance, UK investments an equivalent of £1.4 trillion are outside Euro zone (Andrew 200: 239). Secondly, has an open economy which as a result enjoys foreign investment and trade rather than withEurope. In addition to that, most earning ofUKcomes from commonwealth, former colonies and developing nation rather than European counterparts.

Thirdly, the economy ofUKand its business running is more related toUnited States of Americathan it is related to EU. Fourthly, UK is a net oil producer, while the European nations are consumers. The fifth issue that can makeBritainstay out of the euro zone comfortable is the fact thatBritain’s labour force is much more flexible and tax levels to the public are considerably lower than the European Union on average. Sixthly, home mortgage ownership in UK is higher than there is in Europe hence gives a competitive advantage. These are enough premises to make UK choose top stay out of Euro zone without suffering consequences apart from likely political segregations.

However if UK stays out and it works, it will be liable for punishment from the rest of the EU members (The Observer (UK) 2008). But, when it fails to work UK is on the safe side. But basing on above discussion it is necessary to take precaution prior to joining the euro zone and preferably UK is better off if it stays off.

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