Introduction European Union compromises of twenty eight members states mainly from the Europe continent. It was formed after world war (II) with its main intention to help the nations escape the nationalisms which was consuming their growth of the economy .The major nations which dominates the union include United Kingdom which is under the leadership of the Queen Elizabeth( II) other members include; Germany ,France ,Italy ,Russia ,Norway ,Belgium, Poland ,Slovakia Malta to mention a few. European Union intended to apply single market economy with uniform levies charged on its member states. This paper will discuss the benefit of EU to its members giving special concern to the UK and will highlight the challenges that were encountered by the member for their commitment to the union.
Benefits that the UK Achieved Directly as a Member of the EU United Kingdom was made up of several states which are now countries of their own. These countries included Wales, Scotland and England. They later separated and became Independent autonomous states. There were a lot of benefits which incurred during this period from European Union to United Kingdom in term of economic gain. There was Common Agricultural Policy which had inflated prices of agricultural produce in United Kingdom .The farmers were having poor income from the agricultural products. The price of the commodities were poorly sold as there was importation of those goods from other neighbouring countries such as Spain and France, hence the prices of the product from local markets was not being considered since there were variations in prices of commodities and custom duties. Due to standardization of market price of goods and services became stable and benefited the people who were participating in the market as price indignations came to a halt (Bootle 2014).
Economic gain due to low pricing level Low Prices for essential commodities in the UK was experienced as a result of the increased competition for the consumer market. This was facilitated by the existence of free trade that brought in many players in the economic atmosphere of the UK. Consumers therefore benefited from the principles of the free trade area with the UK as the largest and most expansive market targeted by many traders. The completion body which was headed by Joaquin Almunia, an influential and powerful leader in the commerce and transport sector foreshow the threats which were being impose in commercial pose .In 2001 and 2003 the union fined a US firm known as Microsoft over 700 million pound .This was due to its illegal penetration into the market as it was not a member of the union. This showered the union’s commitment to its laws that demanded for keeping at bay any illegal non-member from participating in the trade (Labrosse et al. 2011).
Benefits that the Union Members Accrued
Non Tariffs Trade The introduction of free trade area in the European continent enabled efficient importation and exportation of goods and services among the member countries. This was possible through membership recognition at the ports of the various member countries. Uniform levies were charged on the commodities that were imported from the member states. This enabled the members to plan adequately for the market .They thus made normal profits due to adequate information that was prevailing in the market.
Specialisation in Production The member countries in the European continent had a chance to specialise in producing the commodities that they had advantage of producing. The commodities included motor vehicles, mainly produced by French firms. The market was dominated by the agricultural produce from the United Kingdom. Countries like Wales mined coal and sold in the open market .This made her improve her economic status from a low…