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Brexit: What are the pros and cons of leaving the EU

The arguments for and against membership of the European Union

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By The Week Staff

published 6 December 2017

Investment

Pro-Europeans think the UK's status as one of the world's biggest financial centres will be diminished if it is no longer seen as a gateway to the EU for the likes of US banks.

That's especially because by leaving the single market firms based in the UK would lose the rights to "passport" freely across the continent. An alternative option could be to secure a bespoke regulatory "equivalence" deal.

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Since the Brexit vote, many banks and financial firms have begun establishing EU bases to take their operations out of the UK.

Business for New Europe said tax revenues would drop if companies carrying out large amounts of business with Europe – particularly banks – moved their headquarters back into the EU.

On the other hand, Brexit campaigners suggest that free from EU rules and regulations, Britain could reinvent itself as a Singapore-style supercharged economy.

The number of jobs banks and others are currently talking about moving to the EU remains modest, too.

Fears that carmakers could scale back or even end production in the UK if vehicles could no longer be exported tax-free to Europe were underlined by BMW's decision to remind its UK employees at Rolls-Royce and Mini of the "significant benefit" EU membership confers.

Brexit supporters remain adamant a deal to allow continued tariff-free trading will be secured even if the UK leaves the single market, as Britain has a large trade deficit with the EU and so it is in Europe's interest to find a compromise.

Click through to read the pros and cons of Brexit on sovereignty.

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