Brexit

On 1st July 2016, the day School reopened, our Economics teacher Ms. Veena Kumar asked us to prepare a presentation on the current situation in Britain. Brexit is the latest topic, being discussed in forums across the world.

The presentation started with a briefing on the formation of the European Union. Simran Khurana explained in detail how and when Britain amalgamated into the European Union. The European Union (EU) is a politico-economic union of 28 member-states that are located primarily in Europe. The main aims of the EU are: Promotion of the peace and well-being of the unions citizens An area of freedom, security and justice without internal frontiers The most important function of the EU is a free single market.

Some of the states included in the EU are - the UK, Sweden, Spain, Slovenia, Poland, Portugal and Romania. Shlok Tomar discussed the rules and regulations of the EU which override the member states' respective dispositions. Over the past few decades, a series of EU treaties have shifted a growing amount of power from individual member states to the central EU bureaucracy in Brussels. On subjects where the EU has been granted authority - like competition policy, agriculture, copyright and patent law - EU rules override national laws.

The global recession that began in 2008 was bad around the world, but it was much worse in countries that had adopted Europes common currency, the euro. The unemployment rate shot up above 20 percent in countries like Greece and Spain, triggering a massive debt crisis. Seven years after the recession began, Spain and Greece are still suffering from unemployment rates above 20 percent, and many economists believe the euro was the primary culprit. Luckily, the UK chose not to join the common currency, so theres little danger of the euro directly affecting the British economy. But the euros dismal performance still provides extra ammunition to Brexit supporters. Many economists believe that deeper fiscal and political integration will be needed for the eurozone to work properly.

'Humans by nature are selfish' and thus Shivangi spoke at length about the effects on our own country. India won't be affected drastically and the trade between the two nations is set to increase, having a positive impact on our economy. The next country under the light was, The United States of America. Simran exhibited in detail, the mixed effects on the USA. In the long run, the super power will remain unaffected but for a due course of time there shall be both positive as well as negative consequences such as decrease in the yield of the US treasuries and the mortgage rates. Jaskirat spoke about how the Sterling Pound had declined at an alarming rate and so had the share market. The discussion concluded with the following as the main reasons for BREXIT.

The EU threatens British sovereignty The EU is strangling the UK in burdensome regulations The EU was a good idea, but the euro is a disaster The EU allows too many immigrants The UK could keep the money it currently sends to the EU In the following week, we shared our views with the students of classes IX, X and XI in the zero period.

On 8th July our chairman, Mr. Prafull Goradia, undertook an interactive session for the students of the classes IX to XII, successfully answering our doubts. He told us about the history of Britain, the imminent disintegration of the EU, the dominance of Germany and its chancellor Ms. Angela Merkel, Margaret Thatcher's undisputed regime, Scotland's consolidation into the Great British Empire and how Britain will do just fine without the EU, tackling all its problems.

We cherished every moment and had a great educational session with him.

Ankush Khurrana XII B, Commerce.