The EU is an extraordinary economic and political affiliation that connects the 28 European countries of which the United Kingdom is a member and occupies a large part of the continent. The second world was established to improve economic cooperation through economic interdependence in order to prevent regional conflicts (“How the EU”, n.d.). The United Kingdom has benefited from the EU’s performance in delivering 50 years of unity, security and growth, along with the increase of its member countries’ living standards. The United Kingdom plays an important role in improving the EU’s strength through its tremendous economic strength, which it has accumulated through its wide range of environmental, technological, commercial and socio-cultural activities (Jones, 2007). Its participation of the EU, though, has been cited as one-sided and has thus been perceived to be detrimental to the country’s economy.
The net commitment of the EU to strengthening Britain’s economy is less important relative to the contribution of the UK economy. As a result, a vote has been proposed for British residents to opt out of or stay in the EU, as mandated by the EU (De Waele, 2005). In terms of exchange, the continuing EU participation of Britain is quite beneficial since it provides the United Kingdom with one of the highest single markets for its exports. However, the expenditures tend to exceed the gains. For eg, since 1979, Britain has charged the EU over EUR 260 billion and earned rewards of just EUR 97. (De Waele, 2005). The essay explores whether opting out of the EU is more advantageous for the UK than damaging to the economy of the country. The UK’s departure from the EU zone is more helpful to the global growth and prosperity of the area than it is damaging to the country.
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