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Obama Takes Stand Against Brexit

In a candid public statement last Friday, U.S. president Barack Obama urged Britain to vote in favor of retaining its membership in the European Union rather than abandoning ship. In his statement, President Obama warned that trade between the United States and the United Kingdom may be negatively affected if the proposed British exit (aka "Brexit") were to take place. He specifically mentioned that moving away from the European Union would place Britain at the "back of the queue" for a trade deal with the United States.

Obama stressed that membership in the bloc strengthens Britain's "influence and power and economy," and that flying solo would jeopardize these strengths.

British Prime Minister David Cameron is also pushing in favor of retaining membership in the European Union, though his Conservative party members are split on the issue. Following the statement, Obama was criticized by supporters of the Brexit who surmised that his statements were based on his friendship with Cameron or, perhaps, a personal gripe against the British government, rather than on the most appropriate policy for Britain.

The European referendum is scheduled to take place on June 23.

Sara Patterson
About Sara Patterson
Sara Patterson has a Master’s Degree in political science and enjoys analyzing both current events and the international markets to get a fuller perspective of the currency market. Before turning to financial writing, she taught English writing skills to high-school age students. Sara’s work has been published on various financial and Forex blogs.
 

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