Monday, September 8, 2014

Britain has a chance to flourish if it leaves the European Union and would be better off outside the 28-nation bloc if policymakers fail to renegotiate the country’s position within it, according to the head of the British Chambers of Commerce. John Longworth said it would be “crazy” to think that Britain would be shut out if it left the EU, though an exit would be “disruptive” and less preferable than staying in the bloc and bringing some powers back to Westminster. The BCC’s director general said the worst possible outcome would be for Britain to remain in an unreformed Europe. “It would be crazy to think if the UK exited the European Union it could not negotiate new trade deals with EU members,” he said. “EU countries sell more to the UK than we sell to them. Last year the UK was Germany’s biggest export market, larger than the US, larger than China. The thing is, whatever happens to the UK, it’s highly unlikely that these countries would erect trade barriers because it would damage them more than us.”  Mr Longworth’s comments were supported by the BCC’s latest business barometer, which showed rising numbers of UK businesses are in favour of renegotiating Britain’s relationship with the EU. The survey showed 60pc of respondents believed that renegotiation would be positive for their economic prospects, up from 54pc three months ago. “It is our preference to stay in the free trade area and renegotiate our relationship because that would give us the best of all worlds,” said Mr Longworth. I don't believe there will be any meaningful reform and that the Brexit has been priced in by the rest of the EU. The UK is looking at an exit and being outside is not going to be an easy ride. It's nice to believe in a half way house, but can't see it happening. The EU has always been about ever closer union so the UK not even agreeing to the EU's founding principles would be facing the exit. 

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