According to London’s financial analysts, millions of lower-skilled industrial workers may be rather poor if after the expiration of the British EU membership (Brexit) customs duties on Britain and the European Union’s bilateral trade.
The study by the Independent Economic Research Institute of London (IFS), on Friday, shows that 14 percent of UK employees – 3.7 million workers – work in industries that would have a very strong impact if, in the absence of the Trade Agreement Terms Conditionality bilateral trade would continue on the basis of the general rules of the World Trade Organization (WTO).
This employee layer works in sectors where the added value added in this Brexit scenario is flushed by more than 5 percent based on IFS estimates.
Under the WTO’s general rule, the EU, if no bilateral free trade agreement with London is established, would treat Britain as an external trade partner after the expiry of the British EU membership and in this case, for example, 4.5 per cent for vehicle parts and 10 for car imports from the UK percent, and could even charge up to 30-50 percent for certain British agri-food products.
According to a study by IFS on Friday, nearly 20 percent of the less qualified male workers work in industries that are very vulnerable to the negative effects of such a Brexit scenario. The same goes for 15 percent of the higher educated men and 10 percent of highly qualified women.
The analysis concludes that the trade barriers that have not been negotiated with Brex would particularly affect certain areas of the processing sector, including various raw material processing or machine operator jobs.
According to the calculations of the Institute of Budget Studies, the number of people who are older in this type of job is half a million, and their qualifications cover only the narrower scope of work that they are currently carrying out. They find it particularly difficult to find other jobs that are better paid and less exposed to the negative effects of Brexit, which is not agreed, in the IFS analysis.
British Prime Minister Theresa May, speaking on the annual congress of the ruling Conservative Party this week, said Britain would seek an agreement with the European Union on Brexit’s conditionality “but not at all costs” and is not afraid either to go out of the EU- from.
However, the failure of the bilateral agreement and the probable serious losses of trade under the WTO rules have led the attention of the government to many companies and representative organizations in the UK business sector.
The Airbus European Aerospace Consortium recently announced that it would question its further presence in the UK economy if Britain leaves the European Union without agreement on the conditions of the future system of relations.
From the British Airways 25 site directly or indirectly, 100,000 British jobs are dependent.
Jaguar Land Rover UK’s luxury car manufacturer warned that the company would incur an additional £ 1.2 billion (more than $ 440 billion) annually if its exports to Europe would be subject to customs duties under WTO rules after the expiration of British membership of the EU to endanger the mere survival of the company.