Brexit: Was The Iron Lady’s Warning of EU ‘Superstate’ Correct?

Britain is continuing to debate its role and its participation within the European Union in preparation for a major vote on whether to leave the union altogether. There are indications that the referendum – known as Brexit – is likely to be held in 2016.

It could be argued that Britain was always a reluctant participant in the European experiment fearing for their sovereignty and independence.

As Margaret Thatcher warned back in 1988 “We have not successfully rolled back the frontiers of the state in Britain, only to see them reimposed at a European level, with a European superstate exercising a new dominance from Brussels”.

According to David McWilliams writing in the Irish Independent today, “Mrs Thatcher’s concerns were bang on the money as far as Britain is concerned” and that famous euro-sceptic Thatcher speech in 1988 is remarkably consistent with the British government position today.

McWilliams thinks that sentiment in Britain is ‘sanguine’ about the possibility of Brexit.  He believes life will go on.  Currently, opinion polls show a slight majority in favour of leaving (see below, click to expand).

Source: The Telegraph

So if Britain does leave, will that diminish the power and resolve of the remaining members of the union?  How will Ireland fare post-Brexit?  Will the British economy falter or prosper as a result?

Read more from David McWilliams on “How the Iron Lady drew up the original blueprint for a Brexit”

David McWilliams is one of Ireland’s leading economic commentators. His objective is to make economics as widely available and easily understandable on as many platforms as possible.  Follow him on Twitter.

Other Sources:

See: EU referendum poll tracker and odds

DAILY PRICES

Today’s Gold Prices: USD 1050.60, EUR 994.75 and GBP 703.13 per ounce.

Yesterday’s Gold Prices: USD 1066.90, EUR 1007.68 and GBP 708.80 per ounce.

(LBMA AM)

Gold fell again yesterday and down by $16.30 to close at $1052.70.  Silver was down $0.14 yesterday to $14.03.  Platinum lost $9 to $828.

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