The United Kingdom is holding a referendum on Thursday, June 23 to decide whether the country should leave or remain in the European Union. The heated debate has led to market uncertainty, and even the suspension of both the “Leave” and “Remain” campaigns after the killing of Labour MP Jo Cox on Thursday.
Here’s an explainer on the Brexit debate’s key issues, players and how Britain’s potential exit from the EU could affect Canada.
WHAT ARE THE KEY ISSUES?
Fighting for sovereignty: The “Leave” camp believes Britain is held back by the EU, hampered by rules and laws that have been imposed on the country and receiving little in return for the billions it spends on membership costs.
The immigration divide: Brexit supporters argue that the U.K. should have better control of who enters the country, and even reduce the number of people going there to live and/or work. One of the key pillars of the EU is the free movement of labour, meaning any citizen from the other 27 countries has an automatic right to live there.
However, the “Remain” camp argues that the flow of young immigrants to Britain drives economic growth and contributes to paying for public services.
Trade and the economy: Those who want Britain to stay argue that its membership makes it easier to sell goods and services to the 500 million consumers who are part of the EU. While 44 per cent of Britain’s exports go to the EU and eight per cent of EU exports go to Britain, “Remain” supporters say that the country would lack negotiating power if the country quit the bloc.
“Leave” supporters argue that Britain could better diversify international trade links if it leaves the EU. They argue the U.K. would be able to ink deals with nations more quickly, since 28 different member countries’ differing priorities wouldn’t have to be considered.
WHO ARE THE MAIN PLAYERS?
