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The big question; leave the EU?

Posted by
18 Apr 2016
As the EU Referendum looms ever close, I'm determined to look at both arguments as to whether the UK should choose to leave or remain in the EU. In my previous blog, I took a closer look at the arguments for staying in the EU inclduing what the EU offers in regards to the jobs market and trade. However in this article, I'm keen to outline why so many wish to seize the opportunity to leave the EU.

Politicians keen on Britain leaving the EU can be found everywhere we look. The traditional Conservative MP’s such as Bill Cash, John Redwood who have been historic EU sceptics have been joined by a number of their Labour counterparts including Kate Hoey and Graham Stringer and who can forget the pantomime villain and head of UKIP Nigel Farage. He is singly one of the biggest advocates of the UK leaving the EU; his arguments are strong and carry a lot of weight. However; possibly the biggest thorn in David Camerons side is losing the support of the Mayor of London Boris Johnson to the leave campaign.

Will these major figure heads in the ‘Leave camp’ be enough to convince the British public to exit the EU? Only time will tell but the major arguments can be seen below:

Well other countries have done it?

Many European countries that have left the EU have to some extent prospered; but how would an exit affect Britain? Norway for instance still has access to the single market but are free from the EU rules on home affairs, and justice. There can be little doubt that this would be a huge bonus and would give the government the ability and freedom to run the country the way they choose and put the British people first. What needs to be considered for Britain is the impact any exit would have on our financial services industry. This is a huge employer and brings great revenue to the treasury. If this was taken away overnight as it is with Turkey and Norway, we would be unable to trade within the EU. Is this a risk worth taking?

The impact on the British economy and jobs

Euro sceptics are of the mind-set that there could be a significant jobs boom if we chose to leave the EU. Effectively, the red tape and regulations that currently bind us would be removed and therefore give businesses the ability to trade within Britain more freely. There is also the staggering statistic that Britain contributes over £8.5 billion to the EU on a yearly basis. This equates to roughly 1.4% of total public spending and is similar to what the UK spends on energy and climate change combined. There can be little debate that these are vast sums of money. Out campaigners make the point that if this money was pumped into Britain’s ever struggling services (such as the NHS and emergency services) we would see an instant an upturn in their outputs.

Britain could again be a force to be reckoned with

We are currently a nation stripped of influence on the world stage by the EU democrats. If we were to leave we’d still be a part of Nato, the UN security council (and have all the benefits that lie with this) but would have the ability to make our own decisions in how we conduct our domestic and international affairs. We would be free to forge relationships with countries that we choose to and make decisions based on our own best interests.

As the Conservative government continues to distribute collateral in order to influence voters in remaining within the EU, it is now more important than ever that we full understand the implications of leaving the EU.
Stay tuned for the conclusion in my EU referendum series as I consider what options would be best for financial services. Alternatively, stay up-to-date with the latest industry news by signing up for our quarterly newsletter. Receive Newsletter
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