Should the Uk Leave the Eu?
Nikolai Cremo
Understanding the European Union
Professor Eiko Thielemann
October 14th, 2012
Should the UK remain a member of the European Union?
The issue of whether or not the United Kingdom should remain a member of the European Union has been debated heavily over the past decade, with the debate heating up even more from the current European Sovereign Debt Crisis. Recent polls of the UK population showed that around half of the UK’s citizens would vote to pull out of the EU if it went to referendum. However, after all of the economic, political, and social advantages of being a member of the EU are considered, it remains clear that leaving the EU is not in the UK’s best interest. Economically, it does not make sense for the UK to leave the world’s largest trade block considering the EU buys fifty percent of the UK’s exports, at a time when the UK’s current account deficit is at one of its all-time highs. Additionally, the UK would lose its allure as being a hotspot for Foreign Direct Investment, as they would no longer give companies access to the single market, further contributing to the UK’s growing imbalance of payments. Ultimately this could be detrimental to the value of the British pound, and even worse, cause the UK to lose its position as the financial center of Europe. The UK giving up its decision-making influence in the EU would not likely result in the UK seeing trade polices pass that make this debated exit any easier. From a social perspective the citizens of the UK would lose the highly valued privilege to seamlessly travel, attend school, live, and retire anywhere throughout the EU. After all of these factors are made clear, especially the negative financial factors, the economic impact of a UK exit would triumph over any negative sentiment associated with staying a member of the EU.
The most powerful factor marrying the UK to the EU is the undeniable economic dependence the UK has on the world’s largest trading block. The fifty
Understanding the European Union
Professor Eiko Thielemann
October 14th, 2012
Should the UK remain a member of the European Union?
The issue of whether or not the United Kingdom should remain a member of the European Union has been debated heavily over the past decade, with the debate heating up even more from the current European Sovereign Debt Crisis. Recent polls of the UK population showed that around half of the UK’s citizens would vote to pull out of the EU if it went to referendum. However, after all of the economic, political, and social advantages of being a member of the EU are considered, it remains clear that leaving the EU is not in the UK’s best interest. Economically, it does not make sense for the UK to leave the world’s largest trade block considering the EU buys fifty percent of the UK’s exports, at a time when the UK’s current account deficit is at one of its all-time highs. Additionally, the UK would lose its allure as being a hotspot for Foreign Direct Investment, as they would no longer give companies access to the single market, further contributing to the UK’s growing imbalance of payments. Ultimately this could be detrimental to the value of the British pound, and even worse, cause the UK to lose its position as the financial center of Europe. The UK giving up its decision-making influence in the EU would not likely result in the UK seeing trade polices pass that make this debated exit any easier. From a social perspective the citizens of the UK would lose the highly valued privilege to seamlessly travel, attend school, live, and retire anywhere throughout the EU. After all of these factors are made clear, especially the negative financial factors, the economic impact of a UK exit would triumph over any negative sentiment associated with staying a member of the EU.
The most powerful factor marrying the UK to the EU is the undeniable economic dependence the UK has on the world’s largest trading block. The fifty
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