Insight
Brexit, a bad idea?
On the 23rd June 2016 52% of voters chose to leave the European Union. However since voting to leave the EU an argument has arisen about the pros and cons of Brexit.
Membership Fee
Brexiters have argued that leaving the EU will provide cost savings as Britain no longer has to contribute to the EU budget. This is evident as Britain paid 13.1 billion pounds in 2016. However it received £4.5 billion worth of spending.
The question has arose as to whether the financial advantages of EU membership, for example free trade and inward investment outweigh the upfront costs.
Trade
The EU is a single market where there are no costs imposed on imports and exports between member states. According to Sky News “More than 50% of our exports go to EU countries”. Britain benefits from trade deals between the EU and other world powers. Leaving the EU, Britain would lose some of that negotiating power, however it would be free to create its own trade agreements.
Investment
Pro- Europeans have argued that the UK’s status as one of the world’s biggest financial centres will be weakened if it is no longer seen as an entry to the EU for the likes of US banks. This is evident because leaving the single market, firms based in the UK would lose the rights to passports freely across the continent.
Many banks and financial firms have begun to establish EU bases and take their operations out of the UK since the Brexit vote. Businesses such as New Europe have stated tax revenues would drop if companies carrying out large amounts of business with Europe e.g. Banks- moved their headquarters bank into the EU.
Brexiters have suggested that not being bound from EU rules and regulations, Britain could reinvent itself as a Singapore- style economy.
Further benefits of leaving the EU include sovereignty, Conservative MP’s have emphasised that EU institutions have drained power from the British Parliament. On the other hand, Pro- EU campaigners have suggested that three million jobs could be lost if Britain leaves the EU. Figures from the early 2000’s suggest that three million jobs that are linked to trade with the EU.
To conclude one can argue that there are many advantages and disadvantages of leaving the EU.
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