By 2017, the United Kingdom is expected to hold a referendum to decide whether or not
to remain a member of the European Union.
The UK has been a part of the EU since 1973, and decided to remain a member-state after
a referendum in 1975.
So, why does the UK want to leave the EU?
Well, Prime Minister David Cameron has said that the EU imposes too many restrictions
on British lawmakers.
Critics say that the UK will be forced to abandon its Pound currency and adopt the Euro
currency, which has historically been the weaker of the two.
Adoption of the Euro is expected of all EU countries by the year 2020.
But many are worried that the Euro is not only unstable, but able to be influenced by
weaker countries like Greece.
The UK is also concerned about European restrictions imposed on their immigration laws.
The EU currently provides the ability for migrants to access employment and benefits.
However, the British Prime Minister has been working to restrict benefits and housing to
those who have been in the country for at least four years.
This proposal has been directly opposed by the European Commission, leading many Britons
to question why the EU has so much say in British welfare.
Some conservative groups feel like Europe is manipulating the British government, and
that policymakers have ‘lost control over trade, human rights and migration’.
EU law is supreme over UK law, meaning that lawmakers in the British House of Commons
are technically beholden to those in the European Parliament in Brussels.
Anti-EU activists believe that European regulations will undermine British interests, which to
many are isolationist.
So how would a British exit affect both the EU and the UK?
Well, analysts say that it could join Norway, Iceland and Liechtenstein in direct single
market access.
This would be enacted per the existing Agreement on the European Economic Area.
Many trade regulations would remain the same, without imposing the same export and import
tariffs as non-EU countries.
However, it wouldn’t help the UK’s issues with free movement of labor, which is still
guaranteed in the EEA Agreement.
It would also slow investment in the UK, which would no longer be seen as an entryway into
EU trade.
Similarly, the EU would lose some of its clout, as one of it’s largest economic and political
heavyweights goes off on its own.
But all of this is based on who you ask.
At the moment, the EU and UK are in talks to resolve their differences, but if they
can’t come to a solution, the scheduled referendum will likely occur.
Overall, the United Kingdom hasn’t made up its mind on the EU yet, and it’ll take
the upcoming referendum to solve the question once and for all.
Greece has also threatened to leave the Eurozone, raising the question of whether being an EU
member is even worth it.
Learn more about the EU’s struggles in our video.
Thanks to your help, TestTube News is SO close to hitting one million subscribers, so make
sure to like and subscribe for new videos every day.