FX FUNDAMENTAL ANALYSIS
now been drawn, with the outgoing Mayor of London (and according to some, a possible successor to David Cameron), Boris Johnson joining the out campaign.
So what has Mr Cameron negotiated?
David Cameron has continued in the footsteps of a long line of UK leaders that have sought to extract favourable terms for
the UK
from Brussels. Britain has to date remained outside of the European single currency and has sought to protect what it sees as its own vital self- interests.
Mr Child benefits
Child benefits paid to migrant workers whose children are overseas will be recalculated to reflect the cost of living in their home country.
to Eurozone regulations Sovereignty
The UK will not be forced into an ever closer union of EU states. Tis c ommi tme n t is to be i n c or p or a t e d into an EU treaty change. N a t ion a l parliaments will be able to band together to block EU regulations, if 55% of EU member p a r li a me n t s vote against that legislation.
Cameron has negotiated in a similar vein and the key points of the agreement he has reached are as follows.
Migrant welfare payments:
The UK will have the ability to limit access to ‘in work benefits’ (tax credits and housing benefits) for EU migrant workers during their first four years in the UK. The so called ‘Emergency Brake’. However, this brake can only be applied for a maximum period of seven years.
64 FX TRADER MAGAZINE April - June 2016
Though Mr Cameron has come away with a deal, it is not the one he wanted and the practicalities of the agreement have yet to be agreed
The pound and the Eurozone
Britain can retain its own currency whilst in Europe without fear of discrimination and any money that the UK spends on Eurozone bailouts would be reimbursed.
The City Of London
Safeguards will be put in place for the UK’s large financial services industry to prevent it being subject
Tere are also some concessions on restrictions to
freedom of
movement, about competitiveness and strengthening the single market.
Though Mr Cameron has come away with a deal, it is not the one he wanted. He has had to give ground in several key areas such as returning powers from Brussels to the UK and the practicalities of the agreement have yet to be agreed.
What do the out campaign want?
The out campaign is to some extent fragmented with up to three separate
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