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Here are some last minute considerations as we wait for the results of the EU Referendum.
ParcelHero, an international courier firm based in the UK, warns that the UK exiting the European Union could add over 30% to the price of an average good imported into the UK[1]; this could dissuade US companies from exporting to and headquartering in the UK.
A Brexit would severely increase the price of imported goods with a 5%-9% duty increase and an approximate 20% VAT. The price of shipping to the UK would increase as international courier competition decreases, and new ‘customs clearance’ charges from global carriers would add an approximate £15 (~$21.30) to each product shipped.[2] This may appear beneficial for UK producers as it promotes British consumers purchasing domestic goods. However, it would negatively impact the British economy as a whole; the UK is dependent on foreign trade and it had a negative trade balance of $191 billion in 2014 (imported: $663 billion, exported: $472 billion).[3]
Furthermore, British citizens would feel their wallets tighten as consumer goods become more expensive. The Brexit would cost a “typical SME international shipper £163,000 (~$230,000) a year through increased costs, duties, taxes, red tape and delays”,[4] necessitating price increases.
This Brexit would seriously disrupt the British economy, and it would urge international companies to move their European headquarters from the UK. In 2012, the UK was the top location for inward investment projects; 43% of all of inward investment projects (foreign investments in local goods) were directed to the UK.[5] The US alone has invested $588 billion in the UK as of 2014. That means “12 cents of every dollar that U.S. companies allocated in recent years to make overseas acquisitions or build factories was spent in the U.K.”; that is about nine times the amount the US has invested in mainland China.[6] As such, the Brexit could have catastrophic effects on both the British and American economies as “much of the [US’s] investment is intended to produce goods and services for the entire European market”. This means that many US companies, especially those in manufacturing, technology, and finance, would consider leaving their UK investments and moving to other EU nations. Without its EU status, the UK would loose its attraction as the ‘door to Europe’.
So, I ask voters today, is a Brexit worth its severe economic repercussions?
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| KRU35 NTN | 16 | 35 | 19.5 |
| KRU32 NTN | 12 | 32 | 15 |