With the chaos from the migrant crisis, the high unemployment rates and the weak Euro, the state of the European Union is deplorable. Things haven’t look this bad since 1945.
With all of this in mind, it’s not unreasonable for countries in the EU to question if they are better off leaving the Union. On June 23rd, a referendum will determine whether Britain will exit.
However, according to financial experts, exiting the EU would be expensive. The U.K. Treasury predicts that it would cost roughly 6.2% of the GDP by 2030 if Britain was to leave the EU.
But pro-Britain “exiteer” argue that actually the country would save money, by not having to pay the EU membership fees. Last year, Britain had to pay £13bn. Although, was more like £8.5bn since the country received £4.5bn.
Those that support staying with the EU, point out that as part of the EU Britain has more control over how trade deals are drawn up.
Brexit campaigner and member of Parliament for Uxbridge, Boris Johnson isn’t concerned about trade agreements no longer being in the country’s favor.
“I think we can strike a deal as the Canadians have done based on trade and getting rid of tariffs” and have a “very, very bright future”, said Johnson. Prime Minister David Cameron was quick to disagree by saying in the event of an exit there would be “years of painful negotiations and a poorer deal than we have today”.
As for the economy, pro-Europeans think the country’s financial centers will lose their reputation and will no longer attract foreign banks (like in the US) seeking a gateway to the EU. While Brexit supporters think eliminating the EU rules and regulations could give the economy the boost it needs.
The real area of concern that is driving the referendum is immigration. Currently under the EU law, Britain is not allowed to deny anyone from coming to live in the country. The migrant crisis has had a significant impact. Brexit advocates want to regain control of Britain’s border and allow the British Government to set the immigration rules.
Will enough be fed up with the current state of the EU to vote for a Britain exit? Or will fear of change cause those to vote to stay? We will only know on June 23 when the future of the EU could be forever changed.
Polls show the country is evenly divided at this stage, slight in favor of staying, but any major event between now and June 23rd could sway the British in one direction or the other.
Editor’s Note: This would be a massive blow to the EU. As we have written before, Switzerland has abandoned it application to the EU, and if Britain leaves, it may trigger others to leave, as is rumoured with Denmark.