Britain should vote to ‘Remain’ in the European Union

On Friday morning London time, the result of the referendum to decide whether Britain should quit the European Union will be out after months of the “to be or not to be” debate by both the “Remain” and “Leave” camps. On the eve of the Brexit vote, let there be no mistake about it: Britain should vote to Remain.Here is the bigger picture: For all its flaws, the EU has brought peace, prosperity and democratic governments across a continent riven for centuries by war. Most recently, after the collapse of Communism and the ensuing chaos of erstwhile Soviet Union’s disintegration, the EU extended the perceived benefits of liberal capitalism across much of the former Soviet empire. As threats to Europe’s safety and well-being continue to arise, a Brexit could jeopardise the union. An EU without Britain would be fragile; but a Britain without EU would be even weaker.If one loses sight of this bigger picture (both camps have), here are the more populist and immediate concerns: The economic fallout of the Brexit, control over immigration, and a “superpower” union that makes laws and rules binding on its members. There has been no dearth of authoritative studies and dire warnings to unquestionably problematise how a Brexit would put the UK economy at risk. Britain depends heavily on the EU for trade and investment. It would have to negotiate new trade terms with European nations and with its non-EU partners, too. This would be a complex business, taking years. US billionaire Wilbur Ross said a British vote to leave the EU would be the “most expensive divorce proceeding in the history of the world” with the potential to roil global markets. It could spark a 10% slump in house prices and “wipe out” about half the net worth of the average older British citizen and sink the value of sterling, Ross said. Billionaire George Soros has predicted a plunge in the sterling if Britain votes itself out.Stakes are high for sovereign and private investors from Qatar, Saudi Arabia, Kuwait and the UAE, who have been prolific buyers of British assets in the past decade. The Qatar Investment Authority has at least $7bn directly invested in equities traded on the London stock Exchange, in which it also holds a 10.3% stake, according to Thomson Reuters data. Qatar’s total investments in Britain are worth around £30bn ($44bn), according to a Financial Times report.A Brexit could also mean a blow to the UK’s ambitious plans to establish London as a global hub for Islamic finance, according to an exclusive Gulf Times report published today. In 2014, the UK became the first country in the EU to issue some sovereign sukuk and listed them on the LSE.Brexit concerns are now seeping into virtually every corner of the global financial world. And here is the undeniable reality: Britain needs Europe; Europe needs Britain. And the world needs the both to live together.Britain should vote to “Remain.”