An In/Out Referendum takes place Thursday in Britain as voters head to the polls to decide whether or not to stay or exit the European Union. If you need a brush up on the issue here’s a quick summary.
As a whole economists seem to be united that the short term ‘best case scenario’ is to stay. That should come with the understanding there really isn’t a good or bad decision, more like a ‘rock and a hard place’ for Britain’s economy.
Here’s Paul Krugman:
My rough calculations, which are in line with other estimates, suggest that Britain would end up about two percent poorer than it would otherwise be, essentially forever. That’s a big hit.
Yes, there are few reforms on the horizon in the debacle that is the EU economic system. But to withdraw has many downsides. Plus, the amount Britain spends on EU memberships is essentially nil in terms of total spending.
But if Brexit does go through, some football clubs might be in trouble with players losing visas.