The people of the United Kingdom have a perplexing decision to make on June 23. They must decide whether to stay in – or leave – the European Union. The upcoming vote, commonly referred to as “Brexit”, is expected to be a close one.
Above is a recent poll by Forex Capital Markets. The “remain” side wishes for Britain to stay in the European Union (EU), and the “leave” side wishes for Britain to exit. As we can see, the two sides are neck and neck in poll standings. With the popular opinion virtually split, let’s hear some arguments from each side:
Arguments to Leave the EU
Currently, the EU is burdening Britain with laws and regulations. These include excessive regulations on British businesses in areas like health, employment rights, etc. The EU also forces Britain to let in migrant workers from poorer European countries. These migrant workers then compete with British workers for jobs in unskilled labor. This drives down wages for the British working class. By leaving the EU, the UK can remove bureaucratic regulations, limit unnecessary immigration, and thus take back control of its economy. This is why people like Boris Johnson, Michael Gove, and Donald Trump support the “leave” side.
Arguments to Remain in the EU
Britain must remain and contribute to the EU- rather than abandon it- to protect its world status. According to the CIA World Factbook, the EU has an annual GDP second only to the United States (https://www.cia.gov/library/publications/the-world-factbook/fields/2195.html), making the union an economic powerhouse. If Britain were to leave the EU, then it would certainly have much less economic status than it does now.
Britain might also encounter a serious recession if it leaves the EU. Because of its enormous economic power, the EU is currently a major trading partner of Britain. If Britain leaves, it might see a significant reduction in trade, which could cause an economic downturn. Overall, staying in the European Union will be much better for Britain’s future. This is why people like David Cameron, Barack Obama, and Angela Merkel support the “remain” side.
Comparison to the Grexit Movement
The Brexit debate is quite similar to the Grexit controversy that occurred a year ago in Greece. Like Brexit supporters, campaigners for Grexit wanted increased control in their country’s borders. They wanted less of their laws made by the European Union and more of their laws made by their own governments. However, there is a key distinction between Brexit and Grexit. Greece was just considering leaving the Euro currency while Britain is considering leaving the European Union altogether. This is because Greece still needed the European Union to help revive its crumbling economy, while Britain may be able to survive on its own. Ultimately, the Grexit movement failed as Greece decided to remain a Euro currency member. As for the Brexit issue- we will have to wait until June 23 to find out.
– Ken Croker
Which side of the Brexit debate do you support? Leave a comment in the section below!