Under much
pressure from his Conservative party members, British Prime Minister David
Cameron may invoke a British Exit or “Brexit” from the European Union by
invoking Article 50, a Departure Clause, in the EU. However, the EU is the UK’s
biggest single export market, but the return of judicial power to Westminster
is assured by the UK’s re-completion of sovereignty.
Pros
Should the UK
leave the Euro, UK helps itself avoid the EU’s “undemocratic” methods
criticised by many political experts. EU directives, which helps make the EU
unaccountable should anything happen to the United Kingdom, supersede most of the
UK’s laws. The UK will also enjoy further economic improvements because it will
not be bound to bail out other European countries during economic recessions.
Cons
The EU is the
UK’s biggest single export market, and the UK wants to exit the EU while ensuring
this single market is still open despite the disconnect. The EU also imports a
great deal from different European nations. Large tariffs on European imports
and trade deficits with the EU can also materialize. According to observers, the UK’s annual deficit
of £50 billion can be secured, but it can lose its trade surplus of £12
billion.
Like in all
deals, there’s a trade-off. Let’s hope our politicians do what is necessary to
help the country.
