Feb 29, 2016 09:25 AM EST
Britain's exit from the European Union will have a negative impact on the economy of the country, according to officials. The June 23 referendum will decide the future of Britain's membership in the union. UK's departure from the union is being supported by Boris Johnson, mayor of London. While David Cameron and George Osborne are campaigning against Brexit.
The UK prime minister pledges to negotiate a better agreement for the nation in the union. Officials also warned that the Brexit would negatively impact the lives of people living in Britain. In addition, the move may affect the people's access to healthcare and pensions in the EU nations. The Guardian quoted a government document, which says that a Brexit vote would lead to financial uncertainty for over a decade and that it is not possible for UK to quit from the union membership within a time frame of two years.
UK needs a time frame of ten years to form fresh trade deals with nations like the US, if Britain opted to stay away from the European Union. According to Iain Duncan Smith, pension and work secretary, the migration issue in Europe is threatening Britain than the Brexit move. He asked, "Why would we have such a low opinion of the British people that we go out and talk about 'leaping into the dark', we talk about 'profound shocks'?".
The UK's currency dropped the most in over seven years amid fears that Britain may elect to quit from the union. Sterling plummeted 3.7% against the US dollar in the currency market. Bloomberg quoted a recent survey by ORB, which shows that 52% of people wanted Britain to quit from the union while 48% voted in favour of the country's membership in the union. This result matches the change in trend that supports the exit campaign.
Duncan Smith, who argued that UK's stay in the union may create confusion and economic troubles, pointed out to the uncertainty of euro in the coming period. Micheal Howard, a previous Tory leader, also supported Brexit. He said that UK remains an important market for many EU nations that want to export their goods. He added that the French and the Germans will continue to sell their goods in Britain even if the nation opted for an exit.
Meanwhile, the United States look forward to construct a fresh relationship with both the EU and UK after Brexit. According to the Brexit supporters, Britain can trade easily with the US even after the exit, while the "Remain" campaigners say that UK is more profitable if it continues with the union membership, according to NBC NEWS.
The entire world is waiting for the June 23 poll, which decides the future of Brexit. Britain is the second largest economy in the union and its exit will mark significant move in the history of the world's largest trading bloc. Experts fear that the union without London will be controlled by Germany.
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