Image Via © European Union 2016 – European Parliament / Flickr
On Saturday, the UK Prime Minister (David Cameron) held a meeting with his senior ministers regarding the deal with the European Union. He hopes to persuade the voters to ratifying Britain’s membership status within the Union in the likeliness of a June referendum (very possible to happen). At the latest EU summit in Brussels, Cameron approached the forum with a deal regarding Britain’s special status, granting by this his full support in convincing voters decide to still be a part of the European economic bloc which they joined in 1973. After securing the arrangement (which was approved by all 27 EU leaders), Cameron’s exact words were: “I will be campaigning with all my heart and soul to persuade the British people to remain in the reformed European Union”. He also added that a reformed European Union will be better for Great Britain instead of a spin-off. He officially announced his minister cabinet in Saturday’s meeting about the deal struck with the EU, adding that a further communication will be made with the exact date of the referendum.
For Britain, the EU is the biggest source of foreign direct investments. The European Union’s countries invested $708 billion (or £496 billion) in UK in 2014 alone, this representing almost half of the total amount of foreign investments in the country, according to data published by the Parliament of Great Britain. Exports towards the EU are adding up to 45% of all exports, in absolute values meaning $329 billion (or £230 billion). 53% of all imports are coming from the EU bloc, meaning $413 billion (or £289 billion). Except being a huge support for the economy, the trade also creates an important number of jobs. Approximately 3.4 million jobs in the UK are directly depending on exports towards the EU, according to Eurostat data.
The deal struck in Brussels is granting the United Kingdom a pass for which regards the slogan “ever closer union”, allowing the country to keep the welfare rights for safeguards in the City of London and migrant workers.
Although viewed as a concession, declining the deal with the UK was not a matter of choice for the Union because a Brexit will have only added more unbalance in an already biased environment due to the gossip revolving around the future of the euro zone if its second-largest economy (and one of the 2 top military powers, and Europe’s richest financial center) is ripped out.
Sustainers of the European Union are also warning that a rupture from the Union may cause further problems within the UK by triggering another Scottish independence vote. Britain could lose a further $2.9 trillion and years of negotiations on the edge of the rupture. On the other hand, opponents of the Union are certain that Britain would thrive by herself, urging it to get out of a “doomed Germany-dominated bloc”.