By: DailyForex.com
The UK joined the European Economic Community in 1973 following a referendum. Ever since, it seems, the media and politicians have been arguing that Brussels has too much power over UK affairs and that a referendum should be called to consider the nation’s continued membership of what, in fairness, has become a different beast; the European Union. Politicians (and the media) are defined as being either “pro-European” or “Euro-skeptic” depending upon which side of the argument they come down on. Of course, none of the pro-Europe lobby is arguing for Brussels to have more powers, but they do quietly mutter that a greater degree of European integration/alignment would be in the national interest. Naturally, many politicians adopt what they believe will be a populist stance on the issue; in public at least. Whilst most political leaders grudgingly (or otherwise) agree that Britain’s role must be within the EU, the broader position of the majority of the British public probably comes down on Euro-skeptic side of the argument. This gives rise to a major dilemma in UK politics: if a referendum is called, the answer may not be one that senior politician in all of the major parties wish to hear.
David Cameron, the British PM, is set to deliver a major speech on his views on the future of European policy, so the vexed question of a referendum is again current. Cameron has attempted to kick the issue into the long grass by insisting that “real change” and “real choice” over Europe will be on offer at the next election (2015). He has suggested that aspects of the UK’s relationship with the Eurozone (in particular) and the wider EU may need to be revised in view of changes brought about by the sovereign debt crisis within the bloc.
A group of ten leading UK business men have cautioned the PM not to put the UK’s relationship with Europe at risk during any negotiations because of the financial harm it would do the country. A representative of the Obama administration has also chimed in to state that the USA wants to see the UK continue as an important member of the EU and that referenda can produce “inward looking” results – not that the US would interfere in the national politics of a sovereign country, of course.