Implications of Britain leaving the EU

Question

What are the possible implications of Britain leaving the EU?

Answer

During the build up to the referendum on Britain leaving the EU a number of pros and cons have been debated, these can be seen below:

Pros

• A net saving of £8.5 billion as Britain currently contributes £13 billion to the EU budget but only received £4.5 billion worth of spending.
• Britain would be free to establish its own trade agreements.
• EU nationals would no longer have the right to live in Britain.
• Britain will have the opportunity to re-establish itself as a major independent national on the world stage.

Cons

• Britain would lose its access to the single market and tariffs would be imposed on all imports and exports with the EU.
• Britain’s status as one of the largest financial centres in the world could be reduced if it is no longer an access point into the EU and becomes its own standalone economy.
• British production companies will likely lose a great deal of business as it may not be economically viable to produce goods if they can no longer be exported tax free.
• Over 3 million British jobs are linked to trade with the EU and if British membership is lost then they could all be at risk.

References