The current British Prime Minister David Cameron, on January 23, announced that a referendum would be held sometime in 2017 on whether or not the UK would remain a member of the European Union. A recent opinion poll conducted by The Times indicated that a majority of the British people are in favor of the nation’s secession from the EU block (Watson,2013). This happened at a time when experts are warning of negative consequences for the British economy as well as UK’s influence on the global stage. In this paper, we explore the advantages and disadvantages of EU membership for the UK. We also evaluate how would a UK outside the EU look like?
What is the European Union?
The EU is a political and economic union of twenty seven (27) member states who are all primarily situated in Europe (Bomber & Stubb,2003).The European Union operates via a system of supranational institutions that are independent in nature as well as decisions that are intergovernmental negotiated. Prior to World War II, nations never had any forms of cooperation. However, such cooperation became necessary after World War II due to the political and economic crisis that affected nations at that time. During the pos-World War II era, nations became more open for cooperation and many more united in an attempt to realize mutual benefits (Watts,2008;Boston,2005). This allowed them an opportunity of working together through the formation of international organizations such as G8,World Trade Organization (WTO) and Western European Group. International organizations in this case are defined by McCormick (2005) as organizations that comprise of a group of individuals who work in harmony in order to bring about peace, love and harmony between among the people.