Former Conservative chancellor Lord Nigel Lawson makes a valid point that exiting the EU, European Common Market, garners some immediate financial gains for Britain. The initial intent of Britain’s entry into the EU, he states, was to capitalise on the broader field of business and industrial opportunities. However, now, safe and secure in the single market environment, Britain is overlooking the developing world markets, such as Asia, and the export opportunities they offer, contends the former chancellor. “Britain is becoming ‘increasingly marginalised’ in the EU, and is now ‘doomed to being consistently outvoted by the Eurozone bloc’.The EU has achieved and outlived its purpose. “Trade is increasingly becoming global. Over the last year UK trade to the EU has increased by 40%, but trade to the EU from outside Europe has risen by 75%”.
To the contrary, while admiring Lord Lawson’s outstanding economic abilities, European Union Business Secretary, Vince Cable, says Britain stands to lose significant business investments and financial services if the UK should choose to leave the EU. “The City is highly unlikely to retain its importance as a global financial centre without being part of the EU’s Single Market rules and when sterling is not a reserve currency. Its international competitiveness would also be damaged by the removal of the right of entry to the UK for skilled young workers in finance and IT.” Cable further states in his opinion that Britain would lose its diplomatic importance and foreign policy status.