Today is a historic day in the UK. We are given an opportunity to decide our future and it is estimated that 45m people have now registered to vote in this referendum.
Of course, it’s fair to say that many are still undecided with how they should vote. After what seems like months of political campaigning and TV debates, it has all come down to today.
There are many viewpoints from different people so we’ve pulled together some useful information that’s been published recently that acts both in favour of and against the EU.
- House Prices – It is predicted that house prices would fall by 10% – 18% by 2018 if Britain voted to leave the EU, according to the Treasury (source: The Guardian).
- Exports – Our easy European Union access means that 45% of UK exports in 2014 were to the EU. It is estimated that this amounts to goods and services that are worth £227bn each year (source: CBI).
- Laws – 3 years ago, Open Europe said that if we did vote to leave the EU, our laws wouldn’t necessarily change as approx. 93 of the 100 EU regulations which cost UK business the most would remain in UK law. (source: CBI)
- Working Protection – The EU brings with it additional workers’ rights which include the Working Time Directive. What this gives us is legal requirements for rest / paid holiday and protection against long hours of work. Without this, we would have the common law which provides minimal protection.
- Regulations – Some are arguing that the current EU regulations are an expensive burden to UK businesses and Open Europe estimates that the EU regulations cost £33.3bn. (source: CBI)
- Hedge Funds – Despite some raising fears over investments if the UK votes to leave the EU, some believe hedge funds will actually thrive if Brexit wins. The reason? They say that the EU imposes profit reducing regulations. (source: The Guardian)
- EU Contributions – The money the UK gives to the EU is hotly contested, but in 2014 it was reported that UK government gross contributions after the rebate were £14.3bn. Brexiteers argue that this money could be better spent within the UK itself.
As a law firm, we are intrigued to see which way the vote goes tonight / tomorrow and we’re sure this referendum will still be a hot topic for some time.