Five challenges for the UK when leaving the EU
Business Concerns
Financial services
Financial and related services account for 12 percent of UK GDP, with London the world centre for trading in foreign currencies. Euro-zone officials are likely to argue for this business to be conducted within the EU.
Auto industry
If Britain is forced to trade under WTO rules, car-makers will face new tariffs on cars shipped to Europe (56 percent), and higher costs on imported parts (60 percent).
Aviation
Flights to and from the UK are covered by an Open Skies agreement with the EU. Agreement is needed by mid-2018 to plan 2019 schedules or flights will be grounded.
What Brexit will cost Britain
The EU expects the UK to honour existing spending commitments for infrastructure projects in the current budget that runs until 2020. Britain is likely to argue over the £50 billion (USD63 billion) due payable, which may delay discussion on other issues.
The rights of migrants
EU rules allow British nationals to live and work in any of the 28 member countries. EU citizens can do the same in Britain. This is expected to end when the UK leaves the EU, directly affecting more than 4 million people, being 3 million people from other EU states who live in the UK, and 1.2 million British nationals who live in other EU countries. It is hoped an agreement will allow migrants to remain in the country of their choosing.
Trade and tariffs
EU membership currently allows Britain to sell goods and services across the region under a free trade agreement. The EU provides a market for 44 percent of all British exports and supplies 53 percent of its imports.
UK Prime Minister May has stated a wish to negotiate a clean break with the EU and a new free trade deal at the same time. Yet large free trade deals can take several years to complete. Added to the challenge is the fact that EU officials refuse to discuss a future trading relationship with Britain until other issues are settled.
Potential BREXIT Effects on UK Online Poker Industry
The UK Gambling Commission (UKGC) suggest that Brexit will cause little change in the overall operations of online poker and gambling in the UK. What is unknown is what will happen to the gaming licensing hubs of the Isle of Man and of Gibraltar, a British Overseas Territory under the responsibility of the UK.
Businesses with licenses out of Malta or Gibraltar that allow services to EU customers will likely need to apply for a separate license with the UKGC. Online gaming companies based on the island of Gibraltar and the Isle of Man may choose to relocate.
