I am very confused about my choice now. Should I vote a yes or a no? What are the implications of my choices? Is it good to be a part of the EU or to disintegrate from it? The referendum is on the 23 of this june, and the surveys suggest no majority to any opinion. So, nothing can be anticipated until the results time.
UK has been a major economy in the world for years now. It is not only well developed but also a part of many pacts and unions that exist. It is an integral part of the most important and well established union- The European union. Though Britain accepted to trade regulations and the internal trade, it refused to adopt the euro and coutinued the usage of pound.
Most of the “Vote leave” supporters believe that the EU is a German driven union. They feel that they have made a sacrifice in submitting to the EU’s system of ‘supranational government’ where the right to decide about their own policies is lost. The immigration policy, agriculture and fishing industry, trade with other countries, and weights and measures are some factors which had to undergo changes because of the policies made in the Brussels parliament.
Maybe, if the UK had never entered the EU, the outcomes and the scenario would be different and even beneficial. But now, as 28 countries are bound within a single framework and policies, the UK exit will surely be a blow to not only EU but the global economy.
The effects of such an exit would be as follows:
The trade of UK will get majorly affected. 44 percent of the current exports go to the EU, compared with 8 percent of the EU’s exports that go to Britain, so the UK would lose a major share if it puts barriers between the countries it trades the most with.
Leaving EU wouldn’t solve the migration crisis as many people from the war-zone areas are displaced.
The EU allows freedom of living, that means that any person from a member country can live in any other member country. So, the exit would mean that people from a member nation cannot live in UK without a permission and vice versa.
3) Value of pound:
The value of pound has already started to decrease in view of the exit. This would lead to unstability in the share markets. The banks in UK would be flee, previously they were helped by the boost from the EU’s help. The market participants have also warned that the Britain’s exit could be the most disruptive event after the Lehman brothers collapse. The bond markets have been hit as well.
4) Domino effect:
The Brexit vote would effect the other countries in EU as well. A Brexit vote would be likely to lead to more forceful and frequent calls for referendums on the EU in Sweden, Denmark and the Netherlands – and depending on next year’s presidential elections, in France – that could prove increasingly difficult for weaker governments to ignore.
5) Possibility of seperation of North Ireland and Scotland:
North Ireland and Scotland are pro-EU countries. It certainly raises new questions about independence in Scotland and could force Scots to consider whether they want to be in the British union or the European union.
With the ups and downs in the Chinese economy, recent crisis in Greece, the Brexit would lead to further disturbance in the economy.