BreExit

UK is going for a referendum on whether to remain within the European Union, or leave the organization(Bre-exit) and go it alone. This referendum is promised by conservative party in its election manifesto in 2015.
In Favor of Bre-exit
Leaving the EU would result in an immediate cost saving, as the country would no longer contribute to the EU budget. Last year, Britain paid in £ 13bn. Brexit campaigners suggest that, free from EU rules a regulations, Britain could reinvent itself as a Singapore-style supercharged economy.
Under EU law, Britain cannot prevent anyone from another member state coming to live in the country – while Britons benefit from an equivalent right to live and work anywhere else in the UK. The result has been a huge increase in immigration into Britain, particularly from eastern and southern Europe. There is a fear that this open border might lead to the terrorism. A drop in immigration would means more jobs for the people who are living in Britain.
By leaving the EU will allow Britain to re-establish itself as a truly independent nation with connections to the rest of the world. To Inners, Brexit would result in the country giving up its influence in Europe, turning back the clock and retreating from the global power networks of the 21st century.
EU has imposes punitive tariffs and regulatory barriers on goods and services produced outside its 28 member states. Quitting the bloc would allow the U.K. to trade with the rest of the world under rules set by the World Trade Organization, enabling the U.K. to unilaterally lower trade barriers.
Against Bre-exit
Britain risks losing some of that negotiating power in term of business by leaving the EU, but it would be free to establish its own trade agreements. Some argue that it would be in the interests of other European countries to re-establish free trade. UK's status as one of the world's biggest financial centres will be diminished if it is no longer seen as a gateway to the EU for the likes of US banks.
Britain exit from European union which is one of the EU's most powerful economies would hit its finances and boost populist anti-EU movements in other countries. This would open a "Pandora's box" and could lead to the "collapse of the European project"
The EU is a single market in which no tariffs are imposed on imports and exports between member states. More than 50 per cent of our exports go to EU countries and British membership allows it to have a say over how trading rules are drawn up. Britain also benefits from trade deals between the EU and other world powers. The EU is currently negotiating with the US to create the world's biggest free trade area something that will be highly beneficial to British business. This is done because Britain is the member of European union.
Britain would remain a member of Nato and the UN, but it may be regarded as a less useful partner by its key ally, the US. The American government fears that the "EU referendum is a dangerous gamble that could unravel with disastrous consequences for the entire continent
Who can vote in the EU referendum?
Eligibility will be based on the criteria for voting in a general election, which means citizens of most EU countries (who can vote in local and European elections in Britain) will not be allowed to take part. Anyone over the age of 18 who falls into one of the following groups can cast a vote:

• British citizens resident in the UK
• British citizens resident overseas for less than 15 years
• Citizens of Ireland, Malta and Cyprus resident in the UK
• Commonwealth citizens resident in the UK
• Commonwealth citizens resident in Gibraltar
• However, citizens of Jersey, Guernsey and the Isle of Man, which are not in the EU, will not take part. Members of the House of Lords will be allowed to vote, despite being ineligible to cast a ballot at general elections.

By: Vishal