Costly British Exit From European Union

By Odilim Enwegbara

Thanks to the union of several tiny countries in the island of British — Scotland, Wales, Northern Ireland, led by England — giving up their sovereignty to form the Great Britain, the United Kingdom, enjoying large population and market, gradually became the economic and military powerhouse of Europe. And also thanks to centuries-long stability and peace the union brought to Britain, economic development — and the first industrial revolution — blossomed with little or no opposition.

It was this unmatched British imperial dominance that kept France and Germany so envious that they did everything possible to dismantle the British Empire at all costs. Little wonder, during the 100 years of British hegemony, Europe was perpetually at war, including devastating Napoleonic Wars. But as Europe, led by France and Germany, endlessly fought Britain, the United States, taking advantage of the economic destruction caused by these wars, was able to keep rising.

Little wonder to express its anger to the rest of Europe, particularly France and Germany for the role they played in making sure that the Great Britain was replaced by the US in 1945 as the economic and military superpower, the UK has continued to do everything possible to undermine any form of European dominance. And that was why it is part of the first five nations that started the unification of Europe in 1957. When it eventually joined on January 1, 1973 along with Denmark and Ireland, it did so with immense reluctance. But another reason the UK was Eurosceptic had to do with its unannounced treaty with the US where Britain helped the former in keeping Europe divided; in return, London enjoys preferential treatment from Washington.

So, rather than being a fan of the EU, Britain has always secretly done everything to undermine the EU. And it is because of London’s anti-European Union stance that led to Britain always keeping one foot in and one foot out. That’s also why while London grudgingly accepted the EU’s custom union, which it saw more beneficial than otherwise, London was fiercely opposed to a common currency – the euro. It also refused to join Schengen Area visa policy by the EU. Had London accepted euro, not only would that mean the end of Britain’s glorious imperial past which the pounds with the Queen’s head represented. In fact, Britain’s special relationship with America, which has been the reason why London, and not Frankfurt, is the world’s second financial capital next to New York’s Wall Street and why Eurodollar (which is the largest concentration of dollars outside the US) is domiciled in London. Notwithstanding London’s opposition to the euro, the entire EU preferred London to Frankfurt as Europe’s financial capital. Continue

Culled from Punch