Europe is in midst of uncertainty over the future of Britain’s membership in the EU. The people of Britain have been given the responsibility of making an important decision, as David Cameron’s government is left with no choice but to have a referendum in June that decides whether Britain will remain a part of the EU.
European Union, a 28-nation club, is the 5th largest economy in the world. Ever since its formation, the European economy has grown in its strength globally with a high percentage of revenue generated through tertiary sector, also known as the services sector.If Britain exits EU, it could leave both sides in a situation that could euphemistically be described as precarious. With ongoing Euro crisis and economic uncertainty, Brexit will only make the situation go from bad to worse. While proponents of Brexit are hoping that it will insulate Britain form the European economic crisis and unshackle it to pursue its economic policy with more freedom, the fact of the matter is that Britain’s long-term interests will be safeguarded if it’s part of a strong economic and political conglomeration, like the EU.
While proponents have many reasons in favour of Brexit, their myopic vision is making them ignorant of what Britain stands to lose in the long run. Right from abolishment of free trade policies with the EU to new intra Europe migration regulation, Britain will have its task cut out. It may also face challenges on the import-export front as it will have to regulate customs or excise duty on products imported from the EU.
Europe has benefitted a great deal from Britain’s ‘special relationship’ with the US, and an exit will put the trans-Atlantic ally in a difficult position. If Britain exits, it will take diplomats of Henry Kissinger’s stature to keep both sides engaged with the long-term interests of the US. The split can also revive groups in Scotland and Ireland who demand split from the United Kingdom.
In addition to the economic repercussions, Britain will become more vulnerable to acts of terrorism if it’s no longer a part of the European Union. Europe, along with United States and India, is one of the key targets for terrorist organisations, and it Britain’s exit could make both sides more vulnerable to attacks. Brexit was, and will remain, a bad idea, and the people of Britain have the power to prevent it from becoming a sordid reality.