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Would The UK Fair Better As A European State?

The last 12 months has seen a dramatic and extended fall in the UK economy and prompted calls from pro-European supporters that the UK would fair much better as a European state. While the word state suggests that the UK would have reduced control over its own finances and policies, there are some who believe now is the time to address the issue.

On the ground level we see Euro rates two percentage points below those in the UK and mortgage markets fairing a little better in general than the UK. However, the opportunity to be part of a stronger bargaining association on the worldwide markets also has its drawbacks with pension fund deficits a major issue.

Even though the UK has its fair share of pension funding issues, with many company schemes acutely under funded, the issue is much worse in some areas of Europe - with the Italian state pension severely under funded and in need of support from European partners. Then we have the issue of the NHS and the fact that no other country in the world has a service to compete - even though some claim it is slowly moving down the privatisation route.

In reality the UK has always been part of Europe but held control of the vast majority of its own budgets and policies. Whether there will need to be a move to a more collective approach with European partners in the future remains to be seen, as do the benefits.

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