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Article from Bulletin/Magazine
The Economist (http://search.proquest.com/) vol. 405 no. 8814 (Dec. 2012)
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A British exit from the European Union looks increasingly possible. It would be a reckless gamble. Opinion polls show that most Britons are in favor of leaving the European Union. And what if Britain left? It could grab a few benefits quickly. The nation would save about Pounds 8 billion ($13 billion) a year in net budget contributions. Freed of the common agricultural policy, its food could become cheaper. If it pulled out of the single market, it could do away with annoying labour directives. The City would not have to worry so much about a financial-transaction tax and creeping European finance rules. Yet these gains would be greatly outweighed by the costs of a British exit, which would dent trade with a market that accounts for half of Britain's exports. Unfortunately, the quality of British EU diplomacy has deteriorated in recent years. Obsessed with repatriating powers and with appearing tough to their domestic audience, Britain's current leaders seem to have forgotten the art of dealmaking. Mr Cameron has a good case to make, especially when he argues for extending the single market to promote growth. He also has powerful sympathisers in Europe, including Germany's Angela Merkel, but they seldom become useful allies because Britain is seen as a blackmailing zealot.
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