I stumbled across a new term today - The "Brexit" (rather than the Grexit).. There clearly seems to be growing debate in Britain about exiting the EU. Mr. Farage's popularity ratings are on a tear (upwards) and the UK financial services sector are angry about the European Court of Justice’s rejection of the UK challenge to a EU financial transaction tax (FTT).. The question is, would we be cutting off our nose to spite our own face?
Prime Minister David Cameron has promised to renegotiate the terms of Britain's EU membership and hold an "in-out" referendum by the end of 2017 if re-elected in a 2015 national election. But many of the most powerful banks, insurers and money managers in the City of London are increasingly concerned that Cameron's gamble could allow the country's $2.5 trillion economy, the world's sixth largest, to slip out of the EU. The lobby group warned that a Britain outside the EU would be shorn of influence, less attractive for investors and vulnerable to regulations over which London had no influence.