Originally published by Bernard Marr on LinkedIn: Brexit: Pros & Cons And What They Mean for Business
In this series, professionals discuss how the EU referendum affects the business community. See the stories here, then write your own (use #Brexit in the body of the post).
On the 23rd of June 2016 Britain will vote to stay in or leave the European Union, often referred to as ‘Brexit’. It is a massive decision for people in Britain and the greater EU — much more important than a general election and much longer lasting.
On the one hand, I believe that the UK is a great place that could potentially do even better without the constraints of the EU and could create an even more flexible and business-friendly environment, reacting faster to global trends etc.
On the other hand, the UK benefits hugely from the economic partnership with the EU giving it full access to the single market, which makes it easier and cheaper to buy and sell for companies.
Because this is such an important issue for UK voters, I want to lay out some of the pros and cons as I see them — not to try to sway the vote one way or another, but to encourage individual voters to understand the key issues and vote more with their heads rather than based on gut feel or newspaper headlines.
To stay in the European Union…
Of course, as with any issue, there are pros and cons to staying in the EU or leaving it.
Let’s start with some pros of staying in the EU:
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The UK has negotiated a special status within the EU, both now and in a reformed EU in the future. This allows the UK to keep the pound, control its own borders, and impose new restrictions on access to our welfare system for new EU migrants.
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The UK has access to the Single Market and plays a leading role in determining the rules that govern it.
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EU membership contributes to the attractiveness of the UK for international investment and provides access to trade deals with more than 50 countries around the world. More than 3 million UK jobs are linked to EU exports. Britain's large, foreign-owned car industry would be particularly at risk.
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UK citizens also have the right to live, work, or study abroad in any of the 27 other EU member countries.
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UK police and national security can use law enforcement intelligence from the 27 other EU countries and will have access to fingerprint and DNA information in the future to improve security.
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If the UK voted to leave the EU, the resulting economic shock could put pressure on the value of the pound, which would risk higher prices for some household goods.
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Many existing trade deals would need to be renegotiated. Norway and Switzerland, for example, have negotiated deals with the EU, but ended up paying in a lot of money and having to accept most EU rules without a seat on the negotiating table.