It's our 19th anniversary!

UK Parliament Gives Go Ahead to Brexit Referendum

  • 08 September, 11:47 (GMT+3)
  • Securities

The UK House of Commons have given the green light to an initiative by prime minister David Cameron which will provide the British public the opportunity to vote in a referendum, deciding whether the UK will stay within the EU. The idea was supported by 316 parliamentarians, with 53 against. The plans for the referendum are now due to be discussed in the House of Lords. The referendum is due to take place by the end of 2017.

It’s worth noting that talk of a Brexit (British exit from the EU) began last year when a whole was found in the EU budget and Brussels demanded the UK add funds of 43 billion euros (34 billion pounds sterling) to the pot over the course of the next six years. In addition to this, the EU expected to receive another 2.1 billion euros (1.7 billion pounds), since the UK economy is growing around 3% per annum: something much faster than some of the other EU countries could even hope to achieve.

The question of the referendum has been under public discussion even before the 2015 UK parliamentary elections when David Cameron promised to hold a referendum if his party won in those elections. Cameron also stated that the UK will believe that it needs to do all it takes to hold onto EU membership. The affirmation that the UK has no eternal allies and no perpetual enemies, their interests are eternal and perpetual, and that it is those interests it is their duty to follow is an imperialist ideology preserved within the country for a century and a half. It is unlikely that this will change.

The separatist mood in Europe of late has been quite substantial. However, for the moment, nothing goes further than talk and referendums. As such, last year Scotland held a referendum to leave the UK, but the county’s citizens decided against it. What will happen between now and the end of 2017 is hard to say, but if it will be better for the state to leave the EU, this will be put into practice without hesitation.

Furthermore, the UK has its own currency and can thus control its stance independently. In regards to this, the country doesn’t have the risks that Greece would face if it were to leave the EU.

13 October, 12:27 (GMT+3)
China’s Outlook Improving


Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

Back to top