The Malta Independent 18 April 2024, Thursday
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Brexit: A month to the day

Monday, 23 May 2016, 08:49 Last update: about 9 years ago

In exactly one month’s time, the people of the United Kingdom will be taking to the polls to decide on whether or not the country should continue to form part of the European Union.

The latest figures show that give or take a few percentage points depending on the poll itself, 47% of Britons want the UK to stay in the EU, with 40% wanting to stay and 13% undecided. The number of undecided voters is still enough to sway the result, which we would have to say, would open a Pandora’s box.

Let us pick the issue apart, bit by bit. The first issue at stake here is that – from Malta’s point of view – the UK leaving the EU will not be a good thing, both on a political level as well as on an economic level.

On a political level, Malta has always had a good relationship within the EU under successive administrations. Aside from that affinity, there is also the fact that the UK’s policies are quite similar to Malta’s in some respects and even though she is a northern neighbour, Britain has always come to Malta’s aid with assets when we had serious issues with migrant arrivals.

International credit rating agency Fitch has already warned that the EU will take a significant dent to its economy and its financial clout if the UK leaves the European Union. Malta, it said, was one of those countries which would take a bigger hit if it were to happen because a lot of trade – which is obviously a free trade – takes place between the two nations. If the UK were to leave, we would have to renegotiate with other states as well as the UK for new deals.

As for the EU itself, if the UK were to leave, it would open up a whole can of worms. If one disgruntled nation were to leave, would the EU unravel quickly, or will it slowly fade into oblivion, with one state after another leaving. That scenario would probably take decades to come about (if it ever did) but what would be left would be a shell of the former bloc, most likely containing only those who are in the eurozone, and whose economies are so intrinsically linked by foreign currency that it would not make sense to leave.

Malta, it seems, has quietly, but officially backed the stay vote. The UK government and business leaders have done the same and the EU continues to lobby to try and convince the UK to stay. For the sake of the union, for the sake of the European economy, it is vital that the UK continues to play an active part in the EU as a leading player. Another very important aspect that is overlooked is that the UK has one of the largest militaries in the EU and is considered a leader in defence matters. Given the growing threats in the region, being together as one is surely more beneficial than isolation.

The British people have a big choice to make. They have a choice between continued integration, or isolation from a union that will be left weaker without Britain’s participation. The answer should be clear. But that is still up to the British people to decide, one month from today.

 

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