Brexit is a term that has been much talked about and heard for almost 3 years and is still going despite there being a vote. But why are people still talking about it?
It is known that a little over half of the total voters, voted for Britain’s Exit, which was primarily due to the popular opinion that Britain was contributing more to the EU union as membership fees, for very little in return. Another deciding factor was that the UK would be able to control the increasing influx of immigrants to the country from other EU countries.
Conversely, since the Formation of the EU Union, of which Britain came to be a part of only during the first enlargement in 1999, the Britishers have had the freedom to live, work & retire anywhere in the EU. This even meant that they could retire anywhere in Europe, and still receive their UK Pension. Furthermore, it was recorded that 3.1 million British Jobs were linked to the UK’s exports to the EU. If the UK were to remain a member, then this figure is forecast to rise to approximately 790,000 by 2030. In addition, several large & medium manufacturers claim that being a part of the EU’s single market and its free trade agreements have only directly sustained millions of British jobs. Additionally, Consumer protection being another key advantage of the EU’s single market ensures that members of the United Kingdom obtain equal consumer rights when shopping from anywhere in Europe.
What is lesser known is that the EU provides substantial subsidies to British farmers, helping to boost agriculture and ensure job stability for about 4.5 million that are directly involved in farming and those working in related sectors. Additionally, Consumer protection being another key advantage of the EU’s single market ensures that members of the United Kingdom obtain equal consumer rights when shopping from anywhere in Europe. Besides this, UK also relies a lot on the EU criminal justice measures and benefits substantially from the coordination and the fight against crime across the 28 countries part of the EU Union.
Given these points and that UK’s status as one of the world’s largest financial centres would only depreciate if it was for no longer seen as a gateway to the EU for the likes of US banks, I personally feel that there is only much to lose than to gain from the United Kingdom’s exit from the European Union.