After 42 years as a member of the European Union, Great Britain is seriously considering exiting the 28 member political and economic bloc. The Brexit, a term coined to describe the potential British exit, will be voted on through a yes/no referendum vote sometime before the end of 2017.

 

Tensions have risen between E.U. leaders and the British government over financial policymaking and how to handle the current immigration crisis. Britain still uses its own currency, the British Pound, which differentiates its economic interests from those countries united by the use of the Euro. Britain is also home to a strong grassroots resistance to the free movement of immigrants throughout the European Union.

 

Despite recent disagreements, Britain could face a serious economic windfall if it does decide to leave the European Union. Credit rating agency Standard & Poor’s has announced that if Britain leaves the E.U., they would be subject to a downgrade of at least one level. Britain has held an AAA rating since 1978, and leaving the E.U. could shake the confidence of investors.

 

Britain could also face a difficult trade environment, if it chooses to separate. Other E.U. countries are Britain’s largest export market, and many foreign countries have established locations in British cities in order to take advantage of the free trade agreement between E.U. members.

 

 

British Prime Minister David Cameron and his Conservative Party currently hold the majority in Parliament. The party has traditionally favored anti-European policy in favor of more independence for the United Kingdom. Cameron and other British officials are currently working on a list of reforms they would like to see from the European Union, which could help ease Britain’s separatist feelings if they are passed.

 

Will the British people vote to leave the European Union? Would a vote to leave the E.U. create more support among the Scottish and North Irish to pursue independence? Feel free to leave a comment or find me on Twitter @Andrew_Morse4