What would happen if a country like say the UK decided to withdraw from the European Union?

Question

Economic effects.

Answer 1

a) The question is purely theoretical... I am not sure it is even possible... like in the US.

b) well, that country would lose the preferred status with the members of the UE : if they received EU funds for something, no more, their citizens that work abroad in the EU suddenly become ordinary foreign workers, if they still got the job... Their goods and citizens no longer have privilege of free circulations through other member countries...

Then, if the EU really wants to retaliate, citizen from the seceding country might have visa requirements to come in, and possibly nasty red tape to go with it, especially if they want to stay and work... exports from that country might get slapped with taxes and tariffs on entry, markets they had because it was with fellow EU members are of course lost...

depending on what country it is, and on what terms the separation took place (friendly or hostile) it might be quite bearable, or completely crippling.

Answer 2

It's economy would plummet because it would have to pay tarrifs to trade with Europe.