COVENTRY: Prosperity or austerity? The contentious implications of Brexit

Ever since the global financial crisis rocked the world, there have been years of recession that for some nations has not ended. The EU and its members has a big part in helping struggling nations climb out of crippling debt. This acts as a safety net for all the EU nations, however that insurance policy is expensive.

Greece is one of the nations that has received a vast amount of money from the EU – Greece entered one of the worst recessions ever seen back in 2007. The European Central Bank dished out €5.4bn to Greece within in two months in July and August 2015.

This cost is indirectly paid for by the other members of the EU, and that does include the UK. Despite this, the U.K contributes €105.12 per person, which ranks among the lowest contributors of EU members. Compared to similar nations such as Germany €148.41 and France €202.35, the U.K does well. During the EU referendum debates, it has been argued that leaving is the best way to achieve prosperity – when, in fact, there is a much greater chance of success as a country if the UK stays within the EU.

James Burgess, financial student at Coventry University, said: “The economic implications of a Brexit are severe and very concerning. The general populous is highly uninformed regarding the issue, consequently academics will cast their ineffective single vote, head home and cross their fingers.” I was surprised by his one-sidedness on the issue, however he explained that was just the only way he saw the matter.

As much as its seems like an equal debate sometimes, there is one option that gives the UK a greater chance of prosperity. Perhaps the European Union works best united.

Luke Ambrose

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