US and Bank of England strike blows against 'Brexit' supporters

The US and Bank of England have crushed some of the hopes of supporters for an independent United Kingdom, outside of the European Union. 

Francois Lenoir/Reuters/File
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, October 28, 2015.

As voices advocating for and against the Brexit (British exit from the European Union) grow louder, some in favor of the United Kingdom staying with the EU are standing out. Recently, the US and the Bank of England have delivered blows to the idea of a UK completely independent of the EU. 

United States officials have been largely silent on the issue of a British exit from the European Union, although President Obama had previously made it clear the US would prefer the UK  stay in the EU. On Wednesday, that position was restated by US Trade Representative Michael Froman, who re-itnerated the financial incentive to stay. Mr. Froman told Reuters that the United States was not interested in a separate free trade deal with a lone Britain outside the EU.

The remark was a major blow for advocates for an independent UK. The economic argument for a Brexit has been popular ;its cornerstone is that the UK could negotiate its own Free Trade Agreements (FTAs) with other nations, according to Reuters. Froman’s comments appear to contradict that argument.

"We have no FTA with the U.K. so they would be subject to the same tariffs – and other trade-related measures - as China, or Brazil or India," Froman said. “"I think it's absolutely clear that Britain has a greater voice at the trade table being part of the EU, being part of a larger economic entity.”

Mr. Froman’s statement was delivered a little over a week after the Bank of England delivered its own foreshadowing of economic uncertainty outside of the European Union. Mark Carney, the governor of the Bank of England, delivered a speech and  an accompanying  100-page report that  appeared to lean in favor of the UK staying in the European Union.

“Overall EU membership has increased the openness of the UK economy, facilitating dynamism but also creating some monetary and financial stability challenges for the Bank of England to manage,” Carney said, according to the Guardian.

Carney also encouraged politicians to ensure the “EU rules, directive, and regulations continue to support the UK’s ability to address risks to financial stability.”

Britain joined the EU in 1973. However, the country maintains its own currency and has negotiated several opt-outs from EU laws with which it disagrees. Prime Minister David Cameron is negotiating other future opt-outs.

EU membership has been a divisive issue for years in Britain,  and A recent poll show a majority of the country may be in favor of giving it up. In 2015, part of the winning Conservative Party’s platform was a proposed referendum for the status of European Union membership. Relations between the UK and the EU have only gotten more complex as of late.

Earlier this week, the EU ruled that the porn filters established in the UK would be illegal under new EU net neutrality rules. The European migrant crisis is also sparking tension among the UK and other EU member states. The UK is set to allow 20,000 migrants into the country over five years. Critics of the policy point out that Munich, Germany took in over 20,000 in one weekend, according to NPR.

The UK is scheduled to hold a referendum for the fate of EU membership by the end of 2017.

You've read  of  free articles. Subscribe to continue.

Dear Reader,

About a year ago, I happened upon this statement about the Monitor in the Harvard Business Review – under the charming heading of “do things that don’t interest you”:

“Many things that end up” being meaningful, writes social scientist Joseph Grenny, “have come from conference workshops, articles, or online videos that began as a chore and ended with an insight. My work in Kenya, for example, was heavily influenced by a Christian Science Monitor article I had forced myself to read 10 years earlier. Sometimes, we call things ‘boring’ simply because they lie outside the box we are currently in.”

If you were to come up with a punchline to a joke about the Monitor, that would probably be it. We’re seen as being global, fair, insightful, and perhaps a bit too earnest. We’re the bran muffin of journalism.

But you know what? We change lives. And I’m going to argue that we change lives precisely because we force open that too-small box that most human beings think they live in.

The Monitor is a peculiar little publication that’s hard for the world to figure out. We’re run by a church, but we’re not only for church members and we’re not about converting people. We’re known as being fair even as the world becomes as polarized as at any time since the newspaper’s founding in 1908.

We have a mission beyond circulation, we want to bridge divides. We’re about kicking down the door of thought everywhere and saying, “You are bigger and more capable than you realize. And we can prove it.”

If you’re looking for bran muffin journalism, you can subscribe to the Monitor for $15. You’ll get the Monitor Weekly magazine, the Monitor Daily email, and unlimited access to CSMonitor.com.

QR Code to US and Bank of England strike blows against 'Brexit' supporters
Read this article in
https://www.csmonitor.com/Business/2015/1029/US-and-Bank-of-England-strike-blows-against-Brexit-supporters
QR Code to Subscription page
Start your subscription today
https://www.csmonitor.com/subscribe