Daily Management Review

Official UK Report Claims Brexit Would Negatively Impact Lives of Millions


02/29/2016




Official UK Report Claims Brexit Would Negatively Impact Lives of Millions
The UK government’s first official analysis into how Brexit would unfold in practice has clearly indicated that as the UK takes 10 years to extricate itself from the EU, car manufacturing, farming, financial services and the lives of millions of Britons living in Europe will all be affected.  
 
A decade of uncertainty would hit “financial markets, investment and the value of the pound”, the official report says. There would also no longer be any guarantee of the rights of 2 million British expats to work and access pensions and healthcare in EU countries, the report warned.
 
It would not be feasible to leave the EU within the two-year time frame stipulated by existing treaties, says that report that has been written by civil servants in the Cabinet Office.
 
“A vote to leave the EU would be the start, not the end, of a process. It could lead to up to a decade or more of uncertainty,” the report concluded.
 
The time it would take for Britain to exit the EU, to set up a new trade and related agreements as well as negotiate fresh trade deals with the US and other countries elsewhere is the 10 year time frame that has been talked about in the report.
 
The processes mentioned above would only be completed at the end of a three-stageprocess that will be triggered in June if Britain votes to leave the EU, the report says.
 
Claiming that the riskier scenario for Britain is staying inside the EU, the out campaigners have accused the government of launching “Project Fear”. The warnings when Britain was considering joining the euro are being compared to the one that are being given now by the out campaigners.
 
The European migration crisis posed a larger threat to the UK than Brexit, Ian Duncan Smith, the work and pensions secretary said.
 “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’?” he asked on the BBC’s Andrew Marr Show.
 
“The in campaign’s whole strategy seems to be about basically saying we’re too small, we’re too little … This country is the greatest on earth,” he added.
 
With other European countries trying to extract as much as possible, the government report claims that the process by which Britain would leave the EU would be “complex” and grinding.
Article 50 of the Treaty of the European Union is the only legal way to withdraw from the EU, the report says. Britain would be unlikely to achieve a successful negotiation in the two-year time period it sets out as there is no precedent for this, the report argues.
 
Unanimous agreement of all 27 other EU countries would be necessary for extending the process. The report says that this could result in states pushing for concessions. On the other hand ratification in some national parliaments might be necessary to incorporate new agreement on trade and wider co-operation.
 
 “The UK’s withdrawal from the EU would mean unravelling all the rights and obligations – from access to the single market, to structural funds for poorer regions, to joint action on sanctions – that the UK has acquired both during our accession to the EU and over our 40-year membership. As well as negotiating its withdrawal, the UK would also want to negotiate its post-exit arrangements with the EU,” the officials claim.
 
(Source:www.theguardian.com) 






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