It appears the membership of Britain in the European Union will be determined by a referendum in 2016 after the Conservative victory in the recent elections. Prime Minister David Cameron made a pledge to deliver the votes even as he had to deal with pressure from inside and outside his own party.

As part of this promise, the prime minister has been campaigning for a renegotiation on the membership of the United Kingdom in the EU. He identified four critical areas for reforms to be conducted. However, the plans of Cameron may be undermined by the reluctance of the union in implementing changes in its current setup.

The following are the advantages and disadvantages of Britain leaving the European Union.

Losing its negotiating power may be considered as a disadvantage when Britain leaves the trading bloc, but it can also take advantage of being able to establish trade agreements on its own with non-EU countries. Britain can follow the lead of Norway, Ukip leader Nigel Farage said. While Norway can access the unified market, EU laws on certain issues are not applicable to it. The Economist indicated that even if Britain leaves the EU, it will still continue to be affected by the economics and politics of the region. It will also lose its influence on these issues, The Economist added.

Research conducted by Open Europe revealed that Britain may lose up to 2.2 percent of its GDP by 2030 if it decides to leave the union. However, it is also possible for its GDP to increase by 1.6 percent if it can establish a free trade agreement with other European countries.

While the free movement of people within the European Union provides numerous job opportunities to UK workers, the UK will lose the ability to secure its own borders if it continues to remain with the EU, according to the Ukip. On the other hand, Professor Adrian Favell said travel restrictions in Britain may prevent the entry of the most talented individuals into its borders.

Critics of the union contend that small and medium-sized companies have to bear the burden of EU regulations. Leaving the union will be advantageous for these companies since they have no trading activities with other countries. On the other hand, unemployment in Britain may rise if multi-national companies opt to leave Britain and set up operations in EU countries. Farmers in Britain may also lose subsidies from the EU worth billions.