BREXIT – Why You Hold The Key

As the Brexit debate rages on, the question of what a Britain set adrift from Europe would look like – not just in the short term but for generations to come – is being hotly debated.

Most economists and business owners are in agreement – a Brexit would harm the UK’s economy.

A survey by the Financial Times of 100 ‘leading thinkers’, showed 75% expect a Brexit to damage the short-medium term outlook. 

However, a recent poll by the Telegraph shows an even split amongst the general public with 51% choosing to stay and 49% voting to leave.

But there is one group that may hold the reins to this vote and that’s the 18-34 age group.

An online survey by Opinium as reported by the Telegraph, shows 53% of this group of pollsters prefer to stay in the union with only 29% wanting to leave.

Yet, only 52% said they are certain to vote whereas more than 80% of over 55’s (predominantly in the ‘leave’ camp) are likely to turn out. 

It seems that we’re seeing a vote for imperial nostalgia over global inclusiveness. The younger, more globalized millennials, value the freedom of movement the Schengen Area visa currently allows.

Freedom to study, work, play and set up and do business anywhere they choose in the EU. Whereas baby-boomers felt they were part of a generation that fought and died for sovereignty that has been subsequently handed over by their own governments.

The economics of what a Brexit would look like has been debated and dissected by many. But a Brexit is an unprecedented event for the EU and will by no means be a tidy affair.

The complexities and legalities of unravelling the current relationship of UK and EU will be like a long and fraught divorce settlement.

Stephen Weatherill, Oxford University Law Professor, argues that instead of the UK dealing with one entity, they will have to renegotiate agreements with 27 member states, national governments and their electorates, and the EU parliament itself.

Hundreds of thousands of legal documents and regulations will need amending, a massive administrative task.

The future reality of a Brexit is very unclear. What is clear is that this is a decision that will impact generations to come and those most affected will be the millennials.

If that isn’t reason to vote, then what is?

Nikolas Xenofontos is Head of Risk at online trading platform easyMarkets. He leads the risk management team and is responsible for offsetting market risk. He has an extensive background within the financial markets, specializing in derivatives.