The world needs Britain to stay in Europe
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In seven days’ time British citizens will vote on whether the country should leave the European Union. Their decision will determine the future course of both Britain and Europe.
According to the latest public opinion polls, the pro-exit camp has taken the lead but most observers still expect an extremely close vote next Thursday.
We hope the British people vote to remain in the EU.
Should Britain leave the bloc, global financial markets would be rocked and economic turmoil would ensue. Thus it was no surprise that finance ministers gathered at the recent Asia-Europe Meeting (ASEM) expressed concern that a potential “Brexit” is complicating global economic conditions.
The major points of contention in referendum campaigning are the economy and immigration.
The UK government forecasts that a vote to leave risks causing a recession and job losses. Prime Minister David Cameron, who leads the pro-EU campaign, warns that leaving would be a “self-destruct option” for the British economy.
A Brexit would mean the country having to renegotiate trade and investment rules with the EU, throwing Britain’s economic outlook into doubt.
With fierce debate raging between the two camps, Cameron recently visited a Hitachi train factory in the Midlands, where he announced a “remain” vote would mean the country would be able to attract more foreign investment.
Foreign companies, including Japanese firms, invest in Britain to build bases as stepping stones to the EU market, which has a population of 500 million.
But they set up businesses in Britain based on the premise that EU rules are applied, irrespective of whether they are in manufacturing or the financial sector.
In light of such circumstances, Prime Minister Shinzo Abe told Cameron when he visited Britain in May that it would be desirable for Britain to remain in the EU.
On the other hand, the pro-exit camp asserts that by leaving the country would be able to control the flow of immigrants from other EU member countries. The pro-exit campaigners’ strategy is to insist that the foreign influx threatens the country’s employment and welfare status quo.
Should Britain leave the bloc, the EU would also suffer incalculable damage.
In various parts of Europe that face a massive influx of refugees, political parties sceptical of the EU and voicing anti-refugee and anti-immigrant calls are gaining influence.
If Britain votes to leave, it would lend support to such movements and could lead to a decline in the EU’s power for integration.
In dealing with Iran’s nuclear issue and in imposing sanctions on Russia over the Ukrainian issue, cooperation between the United States and Europe played a pivotal role. Should Britain leave the EU, the bloc may see its influence also decline in diplomatic and security areas, since Britain has historically strong relations with the United States.
President Barack Obama has leant his voice to calls for a “remain” vote, saying Britain is at its best when “helping to lead” a strong EU.
The EU is a bastion of an international order based on such values as democracy, freedom and the market economy. A shock that would destabilise that order must be avoided.
