Leaving the EU is a backward step for the UK’s economy and environment

Firstly, apologies I have been away for a couple of days at Glastonbury. I wouldn’t normally leave this kind of post but I would like to reitterate the huge amount of respect I have for those who tried to keep us in the European Union (EU).

Both economically and environmentally we will suffer thanks to exiting the EU. We will have to agree new trade agreements with the EU which takes time, several years some sources have suggested. The arguments based around us leaving the EU resulting in the United Kingdom bring able to trade freely with other emerging nations (like BRICS) is completely unrealistic. In some cases the economies of these emerging nations are unstable and volatile at best. We have simply failed to listen to top economists and well respected institutions. To illustrate this since we voted to leave, ratings agency Standard and Poor’s have already stripped the UK of its top credit rating.

In terms of the environmental dangers, a recent expert review by a range of academics on behalf of the group The UK in a Changing Europe detailed how the EU has affected UK environmental policy and also how the UK has shaped wider environmental policies. The report emphasised how membership of the EU has been largely beneficial on the UK’s natural environment. Moreover it underlined how leaving the EU could be risky and may place the Climate Change Act in jeopardy in the near future.

As for the case and arguments around immigration, we have been unsuccessful in capturing accurate statistics on who is entering and leaving the UK. In addition we have also been unable to implement the most appropriate methods and approaches for controlling sudden influxes of immigrants through our borders.

If the UK wants to remain a world leading nation we need to have impact and influence locally, nationally and at a European and international level. This vote to leave the EU hinders our ability to influence on a global scale, and makes the UK a less attractive investment proposition compared to EU member nations.

Risky business for smaller Eurozone nations with high dependency on the banking sector

Identifying and mapping indicators of risk is a significant measure business can adopt in order to alleviate the strain of bad debt, late payments and commercial fraud upon their operations. Last month’s Eurozone analysis by Oxford Economics established a heat map of risk areas in the Eurozone, ranking smaller Eurozone nations risk (from least risky to riskiest) against factors such as the size and concentration of their banking sector.

Oxford Economics heat map highlighted the associative risk for smaller Eurozone countries possessing large banking sectors relative to their GDP, such as Luxembourg, Malta, Cyprus and Ireland. Findings reveal that a substantial number of the smaller core Eurozone players appear to be particularly susceptible; with regards to medium and high risk indicators.

France and Ireland were found to be risky in terms of their overall banking debt levels; in addition France could be threatened by debt rollover risk. Cyprus and Malta’s high risk classifications were related to the size of their banking sector relative to GDP. Large scale and unresolved problems in areas such as the banking sector could erupt a recession or crisis for smaller nations like Cyprus or Slovenia. Greece, Ireland, Portugal and Spain are considered risky in terms of the volatility in government bond yields.