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Brexit referendum in the EU

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Please assist me by providing a detail background about the UK referendum to stay in EU?
Please assist me to understand why there is such issue at the first place? How did it all became a referendum for public to decide whether Britain should exit EU?
What are the political/financial reason behind such referendum?
Are there any financial figures you can provide to assist me to have a better idea of the consequences of a Brexit.

When assist me, please try provide a true and fair view, please kindly use reliable source of information, preferable from reliable sources such as: BBC News,Bloomberg or Financial Times.

Thanks so much

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Solution Summary

The answer to this problem explains the issues related to Brexit referendum. The references related to the answer are also included.

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In compliance with BrainMass rules this is not a hand in ready paper but is only guidance.
The background:
In 2013 David Cameron had promised that should the Conservatives get a majority in the 2015 elections, the UK government would negotiate more favorable arrangements for continuing British membership of the EU before holding a referendum as to whether the UK should remain in or leave the EU. Even though the leadership of most EU countries favor that UK should continue in the EU, public polls in France and Germany favored a UK exit. The French and German political leaders made statements that UK could not choose and pick its membership terms.

Why the issue is there?
The issue is there in the first place because UK has several gains by exiting the EU. Every year Britain contributes a net amount of 8.5 billion pounds. This money would be saved. With Brexit UK hopes to negotiate its own trade agreements. Britain plans to follow the Norwegian model in which Britain has access to the single market but is not bound by EU laws in agriculture, justice, and home affairs. The medium and small businesses in UK are facing regulatory burdens from abroad. Further, if Brexit took place UK would be viewed as a safe haven from risks in the EU and this would attract investors. In addition, Brexit will increase the value of the pound sterling. Currently, there is a huge influx in immigration from eastern and southern Europe. UK cannot prevent anyone from another state from coming to live in UK. Brexit would enable UK to regain control of its borders. With a stoppage in immigration, jobs available to people in UK will go up. In addition, the wages of people in UK will also increase after Brexit (8). It is ...

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Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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