Britain Of The European Union

1476 Words Dec 1st, 2015 6 Pages
The issue of Britain remaining in the European Union, and the consequences of a potential British exit- sometimes shortened to “Brexit”- from the European Union, have come to the forefront of public debate. While some say that Britain’s egress from the EU would benefit it economically, others argue that the contrary is true, and that there would be detrimental economic consequences for Britain and Europe. In truth, the issue is much more complex and multifaceted. Brexit must be looked at in terms of its socioeconomic consequences on immigration, the job market, and trade; and also its political effects on British sovereignty. It has been claimed through the last coalition government, and the Labour government before that, that 3-3.5 million jobs depend on Britain’s membership within the European Union. This estimate is based upon the assumption “that the share of UK employment linked to trade with the EU is equal to the share of total UK value added (GDP) generated in the production of goods and services exported to the EU.” This has been exaggerated; perhaps for political purposes; the United Kingdom’s continued trade relations with the European Union, and not necessarily on its continued membership only affect this number of jobs. Thus, if the UK withdrew from the European Union, these jobs would remain secure permitted that trade relations remained stable. The overall effect of EU membership, especially withdrawal of EU membership, on the UK economy is very hard to…
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