Europe, In or Out?

Europe, In or Out?

EU In/Out

Possible impact of the EU vote on the job market – the arguments of both sides

On June 23, the people of the United Kingdom will vote on whether the country should remain a member of the European Union (EU). The result of the referendum will undoubtedly have an impact on the job market in the UK. Exactly what this impact will be is unclear, but here we look at the main arguments being put forward by each side relating to jobs and employment.

According to Britain Stronger in Europe, the official campaign for a Remain vote:

  • Three million UK jobs, almost 10% of the total, are linked to the country’s trade with the EU
  • EU membership generates £66 million of investment for the UK every day, which helps jobs to be created
  • The EU has forced UK governments past and present to sign up to laws regarding: restrictions on working hours, the right to paid holiday, the right to breaks during the working day, better maternity pay and improved protection from discrimination. This could be put at risk if the electorate voted to leave
  • Being able to trade freely with all other EU countries, without tariffs and barriers, allows companies to invest more money in jobs
  • 70% of FTSE 350 firms, i.e. some of the UK’s largest employers, expect some form of ‘damage’ if the UK votes to leave

According to Vote Leave, one of the organisations calling for a vote to leave:

  • The fact that the UK will be able to negotiate its own trade deals will allow more jobs to be created
  • Just because three million jobs are linked to the EU in some way (see above), does not mean these jobs would be lost upon leaving the Union

According to Leave.EU, another organisation wanting to exit the Union, EU regulations are estimated to have cost UK companies £33.3bn during 2015. They say that not having to comply with these rules will thus lower costs and create jobs.

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