Britain’s EU vote | June 23 referendum will have consequences for generations to come

Andrew Seaton

The debate over the referendum that will determine whether or not the United Kingdom remains in the European Union “is probably the biggest strategic, political, economic and business decision that will be taken […] for decades and generations,” said Andrew Seaton, executive director of the British Chamber of Commerce.
Seaton was speaking yesterday during a British Business Association of Macau (BBAM) breakfast meeting to discuss the June 23 referendum, when British voters will decide whether to leave or stay in the EU.
Although Britain has been a member of the EU since 1972, Seaton stressed that it has “taken a step back” as the country refrained from using the common European currency, and has abstained from taking part in the eurozone or passport-free Schengen area.
Seaton revealed the arguments and key issues in the ongoing debate, mentioning that the advocates of Brexit tend to present a broad set of arguments around national sovereignty.
Currently, Britain pays a net contribution of some 8 billion pounds to the EU budget each year. Some citizens believe the country would be better off using the money elsewhere.
Migration has also been a huge political issue in the United Kingdom in recent years. Since last year, an estimated 330,000 migrants arrived to the country. Of this number,  180,000 came from countries within the EU. The significant impact of this migration wave is emerging as the main argument in the exit campaign. “More generally, the EU is seen by some as not dynamic, not going anywhere, not the sort of the body that Brits need to be part of,” Seaton added.
Conversely, the arguments for Britain to remain in the EU emphasize economic and business angles, as EU membership allows the United Kingdom to have free access to the EU single market, the biggest market in the world, over 500 million consumers.
The speaker noted they would be massive risks to London’s position as Europe’s international financial capital if Britain were to leave the EU, mentioning the barriers that would established for London’s financial services, leading to businesses then migrating to Paris or Frankfurt.
Numerous economic studies in the U.K. forecast a significant drop of 5 percent in the country’s GDP if it were to exit the Union.
Seaton revealed that recent polls show that 48 percent prefer to remain in the Union.  “Younger people, better educated, more affluent people; London, Scotland and Northern Ireland are very, very heavily in favor staying in,” he claimed. While those in favor of staying out are disproportionately older and come from the less educated and disadvantaged areas of Britain.
According to him, about 70 percent of over 65 year olds favor leaving, while some 70 percent of those under 25 years of age favor staying within the union.
Meanwhile president of BBAM Henry Brockman claimed that the upcoming referendum, “It is indeed the talk of the town.”
Brockman admitted that the future societal and economic development in the U.K. is at stake. He affirmed that if the vote is for Brexit, one cannot “geographically remove Britain’s position on the edge of Europe.”
“These days, the world’s economy and financial sector are extremely interconnected. There is no such thing as national champions anymore,” he said.
Although Brockman conceded that a number of the association’s members are not eligible to vote in the referendum, he said there are numerous British workers who work in Macau’s professional sector who are qualified to vote.
Staff reporter