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

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza