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The United Kiingdom is one of several European states which make up the European Union. The UK joined the European Union in 1973 for the purpose of strenghtening its economic and political relations with other European states. The UK sought to boost its trade links with other nations in continental Europe, through the liberalized common market. The UK was motivated to join the EU to export more manufactured goods to other European countries with fewer restrictions.
All EU member states are required to remove barriers on movement of goods, people and labor between their borders. UKs association with the EU has helped the country benefit from strong economic ties with other nations in Europe. The countrys Industrial and financial sectors, have greatly benefited from strong relations the country has with other EU member states (Bannin 67).
The UK governments engagement with other EU member states has been mainly influenced by the benefits it gets from the common market. Political leaders in the country have been skeptical of treaties between member states, which allow for free migration of labor and adoption of the Euro as a single currency for all member states.
The UK government refused to accept the Schengen agreement, which allows people to move freely across borders of EU member states with fewer restrictions. The UK government has also failed to agree with other states on various issues which are important to the future of the EU.
The EU is currently facing a lot of economic challenges which have discouraged Britain from contributing funds to assist troubled member states. Several EU member states are experiencing severe economic problems caused by poor fiscal and financial policies (Gowland 87). EU member states have been forced to intorduce policies to help faltering member states revive their economies.
The association between UK and the EU has several implications for both parties. The financial services sector in the country has linkages with other financial systems in Europe. There is an increase in the volume of financial transactions done between UK firms and those in other EU member states due to liberalized trade policies.
The concept of free trade and open borders allows more British businessmen to take advantage of economic opportunities in other EU member countries (Burrell 59). This economic integration has made banking operations in the UK more intertwined with those in Germany, France, Italy and other European states.
Therefore, stock brokerage firms and banks in the UK are more susceptible to financial risks from other countries in Europe. For instance, the recent debt crisis which affected Greece, Portugal and Spain has had a negative impact on UKs economy (Geddes 75). Some consumers in these countries have low incomes and this has caused a reduction in the volume of exports from UK to these countries.
UK laws have been amended to comply with EU statutes which all member countries need to abide by. Some EU laws have been adopted as part of common laws observed in the country and they are enforced by all legal institutions. Some of the EU laws adopted in the country relate to human rights, free movement of labor and immigration.
UK citizens are free to seek employment opportunities in other EU member states with fewer restrictions. Likewise, citizens of other EU member states are free to seek employment opportunities in the UK without any restrictions. Therefore, UK citizens have become more exposed to diverse cultures from other European states (Gowland , Turner and Wright 69). The EU has encouraged people from different countries in Europe to build positive relationships.
The British political system is a constitutional monarchy which has been in existence for many centuries. Queen Elizabeth II is the head of state and the government is headed by the Prime Minister. The UK government is democratically elected by citizens who choose various political representatives to represent them in government. The country is a multi party state. The Conservative Party and the Labor Party are the two strongest political parties in the country.
The two parties have produced the largest number of Prime Ministers and members of parliament in the last century. However, on several occasions, they have formed coalitions with smaller political parties to increase their parliamentary majority after general elections. The leader of the party which wins a majority number of parliamentay seats after elections have been conducted automatically assumes the position of Prime Minister (Mc Annula 56).
There are several devolved government authorities in Wales, Scotland and Northern Ireland which deal with issues affecting their citizens. These three territories have their own legislative assemblies which are semi-autonomous. The legislative assemblies in these territories operate under parliamentary acts passed in the House of Commons. The House of Commons, is the overall UK parliament where 620 representatives from their respective constituencies sit and legislate various laws which are enforced throughout the country.
The House of Lords reviews acts passed by The House of Commons and wields the power to veto some decisions made by members of parliament , if its members feel they are not good for the country. The judiciary in the UK follows different sets of laws which are practiced and observed in different territories (Coe and Jones 89). English common law is mainly observed and practiced in England and Wales while Scottish law is a set of unique laws practiced in Scotland.
UKs economy is mainly influenced by free market principles. Major sectors of the economy include agriculture, industrial and service sectors. The agricultural sector contributes less than 2 percent of the countrys GDP. However, it services more than 60 percent of local food demand in the country. Manufacturing industries contribute an estimated 22 percent of the countrys GDP. Automotive and aerospace components produced in the UK bring the country a lot of revenue every year.
The service sector is the largest economic sector and accounts for more than 75 percent of UKs GDP. The countrys financial system is one of the largest in the world; dominated by the London Stock Exchange, Bank of England and the London Metal Exchange. The country also benefits from high tourism revenues because it receives more than 20 million visitors every year (Giudice, Kuenzel and Springbett 112). These high tourist numbers are beneficial to the countrys economy.
There are a lot of natural resources in the UK which are yet to be exploited fully. In the past, coal and iron ore were the most important minerals in the country because they were heavily utilized during the early years of the industrial revolution. Iron ore helps in the production of steel which is a crucial component in the manufacture of aerospace and vehicle parts (Giudice, Kuenzel and Springbett 116) . The UK s economy faces various challenges because unemployment rates currently stand at an estimated 7 percent.
Works Cited
Burrell, Kathy. Polish Migration to the UK in the New European Union: After 2004. Cornwall: TJ International, 2009. Print.
Coe, Neil, and Andrew Jones. The Economic Geography of the UK. Thousand Oaks : Sage, 2010.
Geddes, Andrew. Britain and the European Union. London: Palgrave Macmillan, 2013. Print.
Giudice, Gabriele, Robert Kuenzel, and Tom Springbett. UK Economy: The Crisis in Perspective. New York: Routledge, 2012. Print.
Gowland , David , Arthur Turner, and Alex Wright. Britain and European Integration since 1945: On the Sidelines. New York: Routledge, 2010. Print.
Mannin, Michael L. British Government and Politics: Balancing Europeanization and Independence. Plymouth: Rowman and Littlefield, 2010. Print.
McAnnula, Stuart. British Politics: A Critical Introduction. London: Continuum International Publishing, 2006. Print.
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