The UK joined European Union in 1973, and has remained skeptical of the common currency that has now threatened the competitiveness of EU economy due to the high sovereign debts of the member states (Pilkington, 2001). UK has sought to exert more influence within the EU with not avail and citizens have mixed reactions of whether the UK should leave the EU or continue with its memberships even after British Prime Minister rejected the fiscal compact designed to save the future of EU (Pilkington, 2001). On the other hand, those in favor for continued membership in EU assert that countries like Norway and Switzerland still abide by the EU rules without any influence on their formation. David Cameron is of the opinion that UK has participated in EU trade rules formation and thus leaving the EU will allow other countries to dictate the trade rules on UK without capacity to participate in writing the rules. Thesis statement: the costs of UK’s membership in EU far outweighs the benefits and it is time to leave the EU.
Those in favor of UK leaving the EU assert that 90 percent of UK trade does not depend on EU yet the country is bound by EU rules on trade. In this case, UK depends on small and medium enterprises for its job creation and economic growth and this sector should be freed from EU regulations (Newman, Sather & Woolgar, 2013). Bilateral trade agreements with emerging economies such as India, Brazil and China is possible through the World Trade Organisation and thus UK will be capable of enjoying cheaper imports due to favorable and low tariffs associated with the bilateral trade arrangements especially in the food sector (Pilkington, 2001).
The current eurozone crisis are expected to continue for the next decade and European Central Bank will be called upon to bail out some of the member states from the sovereign debt crisis. The UK is excluded from the euro meaning that it is less vulnerable