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    Changes that Might Happen When UK Formally Exits From the EU

    Is it worth delaying Article 50?

    1.University system

    Bologna process is an agreement of universities on following the ECTS (European Credit Transfer System) and the length of university education. Although many UK universities particularly in postgraduate studies are non-Bologna compliant, this will not affect the quality of teaching and degree of UK universities. However, their undergraduate counterparts wishing to take part in the ERASMUS programme are at stake but it may mean better student exchange opportunities with Commonwealth nations or to the USA which is the university powerhouse of the world. British graduates wishing to take their further studies in Europe are not necessarily disadvantaged because quality of units would suffice over the quantity of units.

    2.Innovation and Skilled Employment

    Many people who voted to leave the EU has raised their concerns on the growing number of EU immigration and their job being stolen. EU migration in to the UK has increased the number of 'mature students' attending British universities because the skilled and unskilled jobs were already been allocated to EU migrants thus increasing the standards of living of the locals. The absence of EU migrants in the UK may mean an increase of skilled workforce but not necessarily the quantity of jobs available. This may mean a surge of British expatriates – educated and trained UK nationals relocating outside the UK such as Canada, South Africa and Australia being a highly sought destination by UK nationals. It may also mean an increase of innovators or entrepreneurs in the UK which would give the UK a fresher place to conducting business.

    3.Commonwealth Migration

    In the wake of the EU referendum results, Australian Prime Minister Malcolm Turnbull has declared to aid the UK on trade agreements. As many raised the concerns of EU migration, immigration will still be a problem depending on the UK and other Commonwealth Nations agreements. Hypothetically, if a Commonwealth country that is not part of the EU has imposed free trade with the UK it could mean freedom of movement as well. It will just impose the same problem but only with different people. The only difference between an EU migrant and a Commonwealth migrant would mean a deeper appreciation to the UK culture such as shared interests in language, rugby and cricket.

    4.Geographical Economic Advantages

    Somehow the UK is better of trading with the Commonwealth due to geographical locations of the different nations. Different parts of the earth have different raw materials and natural resources unlike countries in one continent. Canada is known to have prominent mining companies and booming cultural, financial and professional services industries. Australia has the gold rush and leading financial services in the Pacific. New Zealand is best known for its excellent quality of livestock and agriculture. India is becoming an economic powerhouse in Asia. These are just a few prominent examples of geo-economic locations and their advantages.

    5.Financial Services

    Passporting is becoming an issue of an eventual UK exit from the EU. The insurance powerhouse, Lloyds of London is the main market for insurance ie the clearing house of insurance transaction in the world. It would be an unwise decision for the insurance offices in London to simply relocate to Frankfurt or Paris. European banks may decrease their British operations or even leave it altogether but because of Commonwealth presence in the future CIBC, Bank of Montreal, Bank of Nova Scotia, Westpac, ANZ and Commonwealth Bank will most likely have huge London offices which will even encourage Eurozone banks to remain in the UK as a gateway to the world market which again is dependent to geo-economics.