Skip to main content

Market Overview

Cameron Wastes No Time Negotiating A New EU Membership For The UK

Share:
Cameron Wastes No Time Negotiating A New EU Membership For The UK

Just days after being re-elected in a close-call vote, British Prime Minister David Cameron said he's already begun the process of renegotiating the UK's membership in the EU.

One of Cameron's campaign promises was to hold a referendum on the region's EU membership once he'd negotiated a better deal for British people. However, some members of his party are pushing to move the vote forward.

A New Deal

Cameron has already gotten in touch with several EU leaders to begin discussing new membership terms.

He is set to meet with French President Francois Hollande and his Irish counterpart Edna Kenny in the coming weeks to discuss the issue. Cameron, along with the majority of British people, wants to remain a part of the eurozone; however, he says certain aspects of membership will need to be revised.

He says he will need until 2017 to negotiate, but some members of his Conservative party are pushing for a referendum vote in 2016.

Related Link: Greece Isn't The Only Flight Risk For The Eurozone

Immigration At The Forefront

One of the hot button issues in the EU debate is immigration, as current laws allow for the free movement of people within the EU. Most EU leaders say this part of the treaty is non-negotiable, but Cameron is looking to make it harder for citizens of one EU nation to collect welfare benefits in another, an initiative likely to garner support from wealthy nations such as Germany.

The recent influx of refugees and asylum seekers to Europe is also putting pressure on Cameron, as many of the British people don't want to take them in due to the further tax pressure it would burden on taxpayers.

Related Link: Checking In On The German Economy

Referendum Contagion

While most don't expect the UK to leave the EU, the renegotiation of its membership could reignite a wave of anti-euro sentiment across the bloc.

With many eurozone nations suffering from high unemployment and slow growth, there could be a push for other lawmakers to follow in Cameron's footsteps and try to work out a better deal for their country.

 
Image Credit: Public Domain

 

Related Articles

View Comments and Join the Discussion!

Posted-In: Brexit David Cameron Edna KennyEurozone Politics Top Stories Markets General Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com