Businesses will have a wider market as the EU operates a single market. Easy for the UK to sell products in another country. Free trade
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Disadvantages of the EU to UK businesses
Businesses have more competition. The EU has tough labelling laws so businesses may have to adapt their products. There's a law that states a minimum wage a business has to pay, so they may have to pay their employees more then they have been
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What is single currency?
A shared trading area with cmmon external barriers to protect members and free trading between members within boundaries
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Advantage of the UK having its own currency
Exchange rates- if the pound is much stronger than the Euro, the UK will benefit from using pounds
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Disadvantages of the UK having its own currency
Customers who use Euros may be put off buying products from the UK as they aren't sure how much they are actually paying when they pay with pounds. UK businesses may have to convert to Euros to import to other countries, adding to costs
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Other cards in this set
Card 2
Front
Disadvantages of the EU to UK businesses
Back
Businesses have more competition. The EU has tough labelling laws so businesses may have to adapt their products. There's a law that states a minimum wage a business has to pay, so they may have to pay their employees more then they have been
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