Britain Between A Rock And A Hard Place Over Brexit

By Global Tax Weekly

Having considered both sides of the Brexit debate, many observers have come to the rather depressing conclusion that the United Kingdom is in a no-win situation with regard to its position in the European Union. It has been argued by those campaigning for a Brexit that the Remain campaign is preying on voters’ fears about the economic impact of Britain leaving the EU, especially with regard to tax and spending. Yet it’s also difficult to see how Brexit won’t have negative repercussions for the British economy, at least in the short-term. It’s just that we don’t know what those ramifications will be (although we can have a good guess: tanking pound, financial turmoil, plummeting foreign investment, etc.), or how severe they will be and how long they will last. The notion put forward by Brexiters that once detached from the EU, the UK will happily set sail into the sunset towards some utopia of self-rule to the strains of Rule Britannia, is problematic, to say the least.

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