UK Conservatives Offer Referendum on EU Membership if Elected

Britain’s future in the world’s biggest trading bloc could be thrown into doubt by May’s general election.

Prime Minister David Cameron’s Conservative party has promised to hold the first referendum on the U.K.’s membership of the European Union in 40 years if it wins power again. Cameron says he wants Britain to stay in a reformed EU; the main opposition Labour Party says he’s playing with fire by offering a vote in the first place.

The costs of EU membership are significant, and the burden of red tape — along with a sharp rise in immigration — are other factors cited by British politicians who want to turn their back on the EU.

Regulation generates many complaints. London-based think tank Open Europe says the 100 most expensive EU laws cost the British economy £33.3 billion ($49.7 billion) each year. But that figure doesn’t reflect any benefits derived from those laws, like helping facilitate trade across the 28 countries that form the EU single market.

via CNN

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.