1. www.hoddereducation.co.uk/businessreview European Union Hodder & Stoughton © 2016

2. What is the European Union? As the UK prepares to leave the European Union, there are currently 28 member countries in the EU after Croatia joined in 2013: Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, the United Kingdom The role of the EU is to ensure member countries work together to make: business between member countries easier the laws in each country the same living and working in the EU easier peace, prosperity and freedom for its 500 million citizens in a fairer, safer world Hodder & Stoughton © 2016

3. How does it work? To make these things happen, EU countries set up bodies to run the EU and adopt its legislation. The main ones are: the European Parliament (representing the people of Europe) the Council of the European Union (representing national governments) the European Commission (representing the common EU interest) Hodder & Stoughton © 2016

4. Timeline 1945 End of First World War 1951 Treaty of Paris; creation of European Coal and Steel Community (ECSC) 1957 Treaty of Rome makes the European Economic Community (EEC) common market/single market 1992 Maastricht Treaty comes into force, formally establishing the EU and setting clear rules for future currency 2002 Euro banknotes and coins begin to replace national currencies in member states Hodder & Stoughton © 2016

5. EU: arguments for The economy Over half of the UK’s trade goes to the EU, bringing the country around £400 billion a year. That dwarfs any savings from not contributing to the EU budget. Over one-in-ten UK jobs are directly linked to EU membership and studies show Brexit could wipe up to 10% from UK GDP. International companies invest in the UK because it’s a gateway to the EU’s 500 million consumers. Trade deals As the world’s biggest economic bloc, the EU’s leverage is unmatched in global talks on climate change and deals on gaining low tariffs. The EU guarantees equal rights and better labour standards. Hodder & Stoughton © 2016

6. EU: arguments against Less competition It will be harder for EU countries to compete in the UK market. This will give British firms a competitive advantage. Bureaucracy issues Overregulation by the EU has cost the UK economy over £125 billion. Freed from Brussels red tape, the UK economy would thrive like Norway or Switzerland — two of the most successful states in Europe. The UK could negotiate its own trade deals with the likes of China, the USA and Russia on terms tailor-made to suit the national interest. Trade with EU countries would continue — it will be in their interests to maintain the UK’s access to the European free market. Hodder & Stoughton © 2016