Acta Oeconomica
Volume/Issue:
Volume 66: Issue s1
Brexit: Reasons and challenges
Authors:
Miklós Somai Institute of World Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences, Budapest, Hungary. E-mail: somai.miklos@krtk.mta.huE-mail: biedermann.zsuzsanna@krtk.mta.hu

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and
Zsuzsánna Biedermann Institute of World Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences, Budapest, Hungary. E-mail: somai.miklos@krtk.mta.huE-mail: biedermann.zsuzsanna@krtk.mta.hu

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Pages:
137–156
Online Publication Date:
Dec 2016
Publication Date:
01 Dec 2016
Article Category:
Research Article
DOI:
https://doi.org/10.1556/032.2016.66.s1.8
Keywords:
Brexit; UK; European integration; EU budget; immigration; F15; F36; J61
Restricted access

This paper reviews the deeper societal and economic reasons behind the British choice of leaving the European Union. We address the detailed results of the referendum and the long-standing sceptical British attitude towards European integration; next, we analyse the net budgetary contribution that changed enormously after the Eastern Enlargement. It is argued that the rise in the immigrantnative ratio had a significant impact on employee’s pay level in certain areas, therefore pro-Brexit campaigners highlighted migration as one of the major problems arising from EU membership. Increasing income and wealth inequalities and a growing anti-elite sentiment in British society, coupled with the negative image of Brussels bureaucrats and a British approach to the rule of law that is fundamentally different from the continental one, also contributed to the final result of the referendum. Our analysis ends with a glimpse into the close future, emphasising that the future of British-EU relations depends wholly on the pragmatism and wisdom of the negotiating parties.

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Cover Acta Oeconomica
Acta Oeconomica Periodical of the Hungarian Academy of Sciences
Print ISSN:
0001-6373
Online ISSN:
1588-2659
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  • Michael Landesmann, The Vienna Institute for International Economic Studies (WIIW), Austria
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Acta Oeconomica
Language English
Size B5
Year of
Foundation		 1966
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per Year		 1
Issues
per Year		 4
Founder Magyar Tudományos Akadémia
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ISSN 0001-6373 (Print)
ISSN 1588-2659 (Online)

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