Hyeokgeose wrote:
What is the main economic benefit to remaining in the EU for the UK? What would be the pros and cons of Brexit?
I'm glad you're asking the easy questions!
The main economic benefit to remaining in the EU is that the EU (and the wider EEA) is basically a giant common rulebook. A business working anywhere in the EU knows that most of the rules are going to be the same, particularly when it comes to standards for goods and services. This makes it much easier to follow the rules, and do business all over the continent. It also means that governments know that they're each using the same set of standards, so they don't need to impose their own checks or other trade barriers at the border. Finally, leaving the EU's customs union will make us subject to the EU's Common External Tariff, which is a tax on exports - this would drive up prices and hold down wages.
The benefits to being in the EU include:
- The economic benefits of Single Market and Customs Union membership (as outlined above).
- Citizens have the right to live and work everywhere in the union, without the need for visas. This right is now being taken away from over 60 million people because a small fraction voted to!
- We have a veto over the direction of the largest economy in the world.
- Northern Ireland: Britain and Ireland have a long and difficult relationship. The result of Britain's meddling is that the island is divided sharply along political and sectarian lines. Northern Ireland is majority Protestant and supports being part of the UK, but has a substantial Catholic minority (I think the country is something like 42% Catholic, 5% non-religious, and less than 1% non-Christian religion) which generally supports being part of Ireland. In the late 90s, a peace treaty was signed which recognised that both views were legitimate, and amongst other things came to a compromise whereby Northern Ireland would be part of Britain, but Northern Irish people would be both British and Irish and the border would be very relaxed. Leaving the EU means imposing a hard border in Ireland, which at best will be very disruptive to people who move across it casually as part of their daily lives, and at worst risks the resumption of the civil war. Various compromise deals have been rejected for moving NI too far from GB. It doesn't seem possible to resolve this issue.
- We could remain part of collaborative projects on issues such as intelligence, space, transport of nuclear isotopes, and energy production. Some of these could be sorted out (we'll probably get early agreements to continue using energy interconnectors and sharing intelligence) but it looks like we've lost the money we invested in a European GPS system.
- The EU is deep in the process of entering into free trade agreements with most countries in the world. Leaving will mean we do not have access to these agreements.
Advantages of leaving:
- The referendum is seen as highly democratically legitimate, and ignoring it would cause disillusionment or even civil unrest.
- Being part of a union sometimes means compromising and implementing laws that you wouldn't implement on your own. This really upsets some people.
- In theory, leaving the EU means we can strike our own trade deals. This doesn't mean very much when the EU is basically the biggest trade deal in history and is forming many more deals of its own.