Importance of economics in the current Brexit environment

We are connected with economics all the time, even if we don’t realise it. When we think of which cereals to choose for our breakfast or when we make decisions about where to spend our holidays, or simply when we decide between going out for a meal or staying at home, the rationale behind those thoughts is related to economics. Do we have enough ‘income’ for a holiday abroad or will a modest camping week have to do? Can we go for the fanciest cereals or can we only afford the basic supermarket brand?

When we look at more general issues appearing every day in the news we can also wonder why it is so important for governments in all countries to have GDP growth? What is GDP? What do interest rates have to do with our everyday life? Does it make any difference if we receive investments from China or from the US?

All these are questions answered in the study of economics. As a discipline, Economics is described as ‘a major social science which draws on and influences other social sciences’ (QAA Economics Subject Benchmark Statement, 2015). Therefore, if you choose to study Economics at the University of Chester, you will do it in a Social Sciences setting, allowing you to see the link between economics and politics, international relations and geography, among other areas.

After the last international economic crisis in 2007-2008, different points of view emerged into how to bring economic growth back and how to prevent it from happening again. Whilst key decisions were made mostly on a political setting, economic rationale also played a vital role. As a student of Economics you will develop data analysis, problem solving and other transferable skills that can help you make these key decisions. You’ll also delve deep into the bigger picture to understand how the consequences of these decisions affects not just us and the wider community, but our country and the countries we keep relationships with.

The moment the results of the referendum were confirmed, hundreds of questions about the future of the economy in the UK were asked: what is going to happen with the value of the sterling? Is it good or bad that the value has gone down? Who for? Are the prices of the products we normally consume going to go up? What is going to happen with house prices? Which countries is the UK going to trade with? What we do know is that we have entered a period of uncertainty and to get answers we must look towards economics to clarify the possible options and explain the reasons why. With all of this unfolding right in front of our eyes there has never been a more exciting, challenging and relevant time to study Economics!

Find out moreTo find out more about studying Economics at the University of Chester take a look at our website, or contact senior lecturer Rosa Fernandez by emailing r.fernandez@chester.ac.uk.

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