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Political Divide Over Effect of EU Referendum on Economy

Political Divide Over Effect of EU Referendum on Economy

Political opinions on a potential EU referendum for the UK are divided. Labour leader, Ed Miliband warns that it would be a ‘disaster’ for Britain to gain independence from the EU; whilst Cameron dispels fears that a vote would be damaging to economic recovery, citing an ‘extraordinary period of investment’ into the UK as evidence that the economy would not be destabilised. Business leaders are also voicing concerns that the benefits enjoyed by the UK as a result of EU membership are being overshadowed by relentless negativity provided by the media. Miliband yesterday, was to address these fears in a speech given at the CBIs annual conference, promising to oppose euro-sceptics in support of workers’ free movement and a single market. He urged that even considering an independent UK could have devastating effects if investors were to interpret this as the UK being closed for business.

Warnings from companies have also addressed the uncertainty that the vote is causing regarding the employment of new workers and expansion plans. They are looking for reassurance from the leading political parties; however Conservative leader, Cameron who also spoke at the conference continued to advocate for stricter rules on immigration notwithstanding anxieties regarding the shortage of skilled workers in the UK. David Cameron has asserted that economic strategy put in place by the current government is proceeding successfully and for the UK to ‘stick with it’. He is insistent that he wishes for the UK to remain within a reformed EU.

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