| Pros | Cons |
| Free markets – especially good for the service industry who find it easier to access more customers. | To an extent, the EU is undemocratic and unaccountable – the closest a regular citizen can come to affecting policy is by voting for their MEP. |
| EU is a form of wealth distribution – Britain is the third biggest contributor to the EU (2011), it pays more than other countries because it is richer. | Free trade could still be possible without being a member of the EU. The EFTA, EEC or individual treaties could be passed to keep free trade with Europe if countries comply. |
| Britain joined the economic community of the EU in 1973 after learning that trade with the commonwealth was not as lucrative as originally thought | Costs the UK taxpayers a lot of money – “When you take into account additional revenues raised from customs duties, agricultural levies, VAT and even sugar contributions, Britain handed over a total of €13.825bn to Brussels last year.” We do of course receive money back but this is still a vast sum of money which could arguably be put to better use in the UK’s wavering economy. |
| If we leave, the Trans-national (TNCs) may leave also – its estimated around 3 million jobs would be lost from companies such as Nissan who make good use of the cheap exports to other EU countries. | In ‘06’ 45% of the EU spending was on CAP which employs just 5% of EU citizens and generates only 1.6% of the GDP. In 2012 spending on CAP is still huge at around 33% |
| Trade – around 52% of total traded goods from the UK is with the EU. | Immigration – 27% of total net migration in 2010 was from EU which Britain could control if out of the EU. Free NHS to EU members costs the UK lots of money from people who have never or barely paid into the system – this not only causes increased costs but also increases waiting time. |
| Influence in Brussels which may not be seen if we leave the EU. | EU regulation restricts small and medium sized firms which may boom without these restrictions. |
| Tuition fees for British citizens in other EU countries are cheaper as a result of being in the European Union.
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The legalities of joining the EU can be argued. Gordon Brown voted for the Lisbon treaty after citizens were not given the promised referendum from the labour party. |
Sources
A World of Economics 