Potential impact of EU on UK finances

The possibilities all depend on many variables, but here are just a few of them.

09:43 21 May 2013

The latest news from David Cameron is that a draft bill will be drawn up that clearly states the Conservative position on the issue of withdrawing from the EU and how it will be handled if they win the next election in 2017.

 

There has been a lot of debate over withdrawing from the EU and how it would affect everyday life. Naturally finances may come to mind, and thus people would want to know what to expect should the UK withdraw from the EU.

 

• More efficient decision-making process

 

• Regulations tailored to help UK finances rather than Europe finances

 

• More effective decisions related to business

 

• Ability to focus on the economy

 

• Implement necessary changes without EU involvement

 

• Possibly more issues when crossing borders

 

• Ability to focus on trade in more profitable markets

 

• Should retain ability to still do business within the European market

 

• Improved globalization efforts

 

• Greater economic independence

 

• More centralized control over country’s economy

 

• Stabilized economy means better finances for banking industry

 

• Small and medium business growth

 

• Potentially reduced unemployment

 

There could be a variety of results depending on how the situation is handled. It could potentially have negative consequences on the country’s finances, but for the most part potential results look favourable.

 

At the very least the UK would have the ability to monitor and guide its resources without having to cater to sanctions or regulations from the European Union that typically don’t hold UK interests quite as important as those of the other European countries.

 

As far as finances are concerned, the potential for economic stability is significant since the UK could potentially make decisions at least a little bit faster, and can focus solely on what would be best for the economy and the country’s citizens.

 

It’s true that travelling between countries may become more difficult, but many will weigh the benefits of improved economic finances against the drawbacks and find that the economic improvement is worth the difficulties.