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“Should the United Kingdom remain a member of the European Union or leave the European Union?” This is the question Britain will be voting on June 23, making it the biggest strategic decision in decades.

The UK Prime Minister David Cameron’s decision to conduct the country’s in/out referendum on EU membership follows the conclusion of the renegotiation of UK’s position within the EU at the European summit. During the summit, Cameron negotiated a deal to give Britain “special status in the EU”, which includes power to limit some EU migrants’ benefits. Cameron, who won the general election in 2015, had promised to hold an in/out referendum on EU membership no later than the end of 2017 in his campaign. 

There has been a steady rise in Eurosceptics over the past decade pressing for a referendum largely because of Europe’s migration crisis and continued Eurozone travails. Although chances of Brexit were slim a couple of years back, the perpetual problems in the EU have over time narrowed the polls. As per a poll conducted by ICM, while 39% would choose to leave, 43% want to remain in the EU and the rest are undecided.
 
However, British businesses are largely in favor of remaining in the EU. The Institute of Directors (IoD) and the EEF – the manufacturers’ organization, which collectively represents the interests of 40,000 companies across the UK – stated that polls showed more than 60% of the members are in favor of remaining in the EU, while 30% of IoD members and 5% of EEF members backed Brexit.
 
Market Impact

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