In a widely anticipated speech last week by British Prime Minister David Cameron, the UK government laid down its plans to hold a binding referendum on its future in Europe — by 2017, if his Conservative Party is still in power.
Britain’s disillusionment with the European Union (EU) has been simmering for the past three years, particularly given the amount of administrative and financial resources within the 27-member economic bloc to reform its euro. High sovereign-debt levels and an organisational failure by Eurocrats to have a European bond linked to the currency have resulted in the future of the 17-nation Eurozone being dominated by the affairs of the EU.
While Britain is not a member of the Eurozone, its domestic financial and regulatory institutions have been sideswiped by the need for greater fiscal control — and for many eurosceptics, this is an affront to British sovereignty. Sadly though, since the days of Margaret Thatcher, every Conservative party leader who has had the keys to 10 Downing Street has faced a vociferous eurosceptic faction. It was they who brought about the fall of John Major — and Cameron is no different.
With 50 per cent of British exports going to the EU, the UK simply cannot afford to remain outside the bloc.
It was another British prime minister — Harold Wilson — who said that a week is a long time in politics. Four years, according to the time frame laid down by Cameron — is an eternity.
