Bruges Group Blog

 Economy

• How much would the UK actually save if we left?
• Haven't Brexit fears affected the value of Sterling? Will the value if the Pound in my pocket suffer if we vote to leave?
• I work in financial services. Would my job be at risk?
• How much would the UK actually save if we left?
• Would leaving the EU affect property prices?
• Are there economists that favour leaving the EU?
• The Government says that the cost of living and prices in the shops will go up if we leave the EU. What are the facts?
• Why is the prospect of leaving causing business so much uncertainty?

  Jobs

• Are jobs at risk if we leave the EU?

  Trade

• Would it be more difficult to secure trading deals without the EU behind us?
• How would we preserve trade with the EU and the rest of the world if we left?
• Would our exports (e.g. motor vehicles) face steep tariffs if we left the EU?

  Law and Order

Independent research, commissioned by the Bruges Group from acknowledged expert in this field Bob Lyddon, shows that the true extent of the UK’s potential exposure to the European Investment Bank (EIB), European Central Bank (ECB) and EFSM (European Financial Stabilisation Mechanism) is over £80 billion. If the crisis in the Eurozone continues this already high figure could increase massively.

The UK carries huge financial liabilities as an EU Member State, liabilities that could translate into calls for cash far higher than our annual Member cash contribution. These are created through various funds and facilities of the EU itself, and through shareholdings in the European Investment Bank and the European Central Bank. Each of these bodies engages in financial dealings on a large scale, with the Member States acting as guarantors for sums borrowed. The main recipients of funds are the Eurozone periphery states: Italy, Spain, Greece, Portugal and Ireland.

The UK, being one of the largest and most creditworthy of the Member States, is looked at as one of the guarantors most able to stump up extra cash as and when demanded, demanded, that is, by a Qualified Majority of Member States with no unilateral right of refusal. Such calls can be expected if another crisis blows up in the Eurozone.

The UK’s leaving the EU would relieve us of these considerable risks and liabilities. This independent research shows that Britain should leave the European Union.

The Prime Minister David Cameron suggested in a speech to Chatham House in late 2015 that as an accompaniment to his re-negotiation package he would like to introduce reforms which ‘…uphold… [the]… constitution and sovereignty’ and which protect the ‘…essential constitutional freedoms…’ of the UK. This paper has attempted to show that this domestic part of his EU reform agenda is, like his re-negotiation, likely to be a damp squib, achieve very little of substance and fall short of his own stated ambitions for the policy. In reality, raising the possibility of domestic legal reforms to uphold the constitution, sovereignty and protect essential constitutional freedoms is marketing and political spin, nothing more substantive that that. Empty domestic reform does however, nicely complement the vacuity of the claim that Cameron has achieved reform in the EU. Cameron’s reforms are likely to be nothing more than rhetoric and spin.

The Church of England has released a prayer for the EU referendum campaign. The prayer is for use by churches and individuals ahead of the vote on 23^rd June.

We feel this is a good prayer. It is regrettable that there have been comments critical of our Archbishop. Lord Tebbit is right in saying that there is ambiguity  - in some people's minds, about this prayer and confusion in their statements. The EU effects all of the world and we might pray for all of the world when considering our referendum decision.

Let us look at this prayer line by line.

God of truth,