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In light of the discussions around British EU membership, discuss whether a British exit from the EU would be advantageous or disadvantageous from a business point of view - Essay Example

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It has been over thirty years since Britain became a member of the European Union that states initially referred to as the European Economic Community. Critics started questioning the membership of Britain twenty-five years ago leading to a referendum and it won the majority…
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In light of the discussions around British EU membership, discuss whether a British exit from the EU would be advantageous or disadvantageous from a business point of view
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Extract of sample "In light of the discussions around British EU membership, discuss whether a British exit from the EU would be advantageous or disadvantageous from a business point of view"

SIGNIFICANCE OF BRITISH EU MEMBERSHIP College: Significance of British EU Membership It has been over thirty years since Britain became a member of the European Union that states initially referred to as the European Economic Community. Critics started questioning the membership of Britain twenty-five years ago leading to a referendum and it won the majority vote (Miller 2013). Nonetheless, the issues had only begun, as the argument continues up-to-date with many sceptics providing perspectives against British membership of the EU. These critics even resulted to British’ decision to exclude themselves during the introduction of the euro; surprisingly, the marginalization acts as strength to them following the financial catastrophe that the states involved are facing. Moreover, the crisis has even shifted the attention given to the British membership, as there are matters more important at hand. Decisively, the few people discussing the matter propose that by fully accepting the membership the results would be beneficial on a political and economic basis.
In terms of business, the European Union is the core and most influential body in Europe with a budget of 129 billion euros every year (Miliband 2014). Nonetheless, the member states like Britain contribute to the factor of business power making the European Union more significant than any other country. The exit of Britain from the European Union would be a disadvantage as the state is among the few nations that have a great financial impact on its function; for instance, Britain makes a contribution of up to 55 million euros a day making it twenty billion euros every year (EU Business 2014 &O’Leary 2014). Furthermore, Britain is a lead investor- it is the hub of major business investments and there are others conducted across borders; largely, British membership also holds the fate of the United Kingdom on matters regulations applied in the single market.
Definitely, the EU directly benefits from the single market that Britain is a part of; however, there are other benefits resulting from the states membership (Western Morning News 2014). For instance, employed citizens of the European Union get the opportunity to train a variety of new recruits with British taking full advantage of this by providing employment opportunities to many citizens. Moreover, the trainees and recruits tackle the shortage of skills in the United Kingdom as a potential and determined workforce (Mansfield 2014).
From a different point of view, the exit of membership would also be as shortcoming for Britain, as well as the European Union that holds the biggest part of the single market meaning the consumers in the member states get to enjoy offers and lower prices of goods and services. Moreover, the European Union majors in the manufacture of eco-friendly products (Lawlor 2014). The union also acts as a link to the leading markets of the world i.e. as a member state Britain gets to market their products in Mexico, China, India or Indonesia (Gottfried 2014). Additionally, British membership is essential to the state itself as the EU takes half of its exports and conveys big trade contracts with other states assisting British corporations to get into the potential markets.
Bibliography
Gottfried, G. 2014, ‘EU Membership Strongly Benefits the UK, but Pro-Europeans Should Push for a Credible Reform Agenda to Regain the Confidence of the British Public’: London School of Economics, Vol.5, pp.28-32
Miller, V. 2013, ‘Leaving the European Union’: House of Commons Library, Vol.13, no.42, pp.4-106
Lawlor, S. 2014, ‘How British Should Renegotiate Its EU Membership’: The Wall Street Journal, 13 August, viewed 10 October 2014, Western Morning News, 2014, ‘Benefits of EU Membership to British Business Outweigh Costs’: Western Morning News, 6 May, viewed 10 October 2014, Mansfield, I. 2014, A Blueprint for Britain-Openness not Isolation: The IEA Brexit Prize, 9th edn, Institute of Economic Affairs, Philippines.
O’Leary, J. 2014. Is Our Membership Fee 55 Million Pounds: Full Fact. Viewed 10 October 2014, EU Business, 2014, Funding- Loans and Grants from the European Union: EU Business Publications. Viewed 10 October 2014, < http://www.eubusiness.com/funding> Miliband, E. 2014, Speech to the London Business School: Labour Press, 12 March. Read More
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