The Points Raised by Opponents of Brexit

With the country going to vote on 23rd June 2016 for its membership in a major economic block, there are people divided on the vote. The opponents of Brexit argue that if the vote results in favour of an “out”, it will set back the country and one entire generation. Politically, the “remain” camp has the support of President Obama, Prime Minister David Cameron and heavy hitter business groups.

The polls have shown the “in” side to be ahead in polls generally.

  • With the prediction of being the fastest growing economy this year in the developed world, the supporters of “remain” claim that one should not underestimate the need of EU for the UK (The Economist – UK magazine that is in opposition to the departure). Economically, it is beneficial for the UK to remain, as more than half of the imports from UK go to EU, while EU gives less than 10% of its exports to Britain.

  • Brexit the “in” camp claims, can bring a lot of uncertainty in the business transactions of government and companies. This could hammer confidence and also result in increased financial market volatility. International Monetary Fund also in addition to the above warns of a scary uncertainty which could weigh on investment and confidence of many negotiations.

  • Brexit could lead to a “less secure world”, the “in” camp argues. Economist has warned that if the voting results in a split – UK which is the 5th largest defence spender would be unmoored from its allies. It also says that as the new EU would be weaker, less secure, poor and disunited, and as a domino effect – the West which relies on the balancing forces of Europe and America would be affected and enfeebled. The “remain” supporters also claim that a Brexit could lead towards an idea of Scottish independence which can be an irrevocable process of the break- up of United Kingdom.

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