Global business leaders urge Britain to stay in the EU to avoid socio-economic ramifications

The possible British exit from the European Union could go different ways for the parties involved, but the big picture is nothing but austere. Global business leaders are urging the UK to stay with the EU to avoid potentially grave ramifications, such as an economic and social meltdown.

An analysis published by civil servants in the Cabinet Office suggests that Britain's car manufacturing, farming and financial services industries will be the most affected by the country's break up with the European Union.

According to the Wall Street Journal, the 28-page dossier states that while the United Kingdom would suffer various consequences, the unbinding of a 40-year-old relationship would leave EU in a "period of uncertainty, of unknown length and an unpredictable outcome."

Even international business leaders are not so keen on the Brexit vote. Chinese businessman Wang Jianlin predicts Chinese companies operating in the UK could opt to transfer in other more stable economies since a separation would only create "more obstacles" for investors both foreign and local.

Qantas chief executive Alan Joyce commented that UK's membership in the EU has contributed to free trade and economic growth, and should therefore remain.

The Guardian noted that a research participated by small business owners show that 60% of them want UK to stay in the EU. Only a fifth expressed their opposition.

Mark Lamb of accountancy firm Moore Stephens stated that small business are currently benefiting from unrestricted access to the European market. Should the Brexit proceed, tariff increase and trade restrictions would be a burden to companies, stunting potential economic growth.

Britain's Defense Secretary Michael Fallon also opined that UK's membership in the EU makes the country "stronger and safer" in terms of military capabilities.

"Membership of these two organisations - the alliance and the union - taken together does keep us stronger and safer in an uncertain world," Fallon said.

Eurosceptic ministers, however, are shrugging off claims that a Brexit would leave the UK in a state of uncertainty.

"Despite crisis after crisis, the EU sticks to same old song: 'We Didn't Start the Fire' - except they did. Brexit gives us the chance to put it out," Leave.EU co-chairman Richard Rice said, as quoted by The Telegraph.

British Prime Minister David Cameron has set the date for the Brexit referendum on June 23. 

Tags

Brexit, United Kingdom exit from European Union, European Union, United Kingdom, Brexit referendum, Prime Minister David Cameron, UK Defense Secretary Michael Fallon

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