MAIN ECONOMIC RISKS AND BENEFITS FOR EU:
BUDGET/ECONOMY
Other members will have to fill in at least some of the shortfall from a lack of its contributions.
Britain's total contribution to the EU budget for 2016 has been set at 19.4 billion euros ($A29.04 billion), including its rebate and customs duties. It receives about 7 billion euros, mainly agricultural and regional subsidies, leaving a gap to fill of just over 5 per cent of the total EU budget.
Germany, the EU's largest member, would inevitably have to provide the most extra cash. Germany's Ifo institute estimates that would be 2.5 billion euros.
TRADE
The rest of the European Union has a trade surplus of around 100 billion euros in goods with Britain, while Britain exports some 20 billion euros more in services than it imports, the same gap as for financial services.
Many economists forecast Brexit would at least temporarily reduce UK growth, uncertainty hitting domestic demand and weakening the pound, with a resultant impact on EU goods exports to Britain, which make up some 2.6 per cent of rest-EU GDP in 2014.
Brexit campaigners say the EU would want to agree a free trade deal with Britain even if the country left the bloc.
However, Oliver Schulz, an economist at Citi, reasons that could play more into the hands of the EU given there tends to be more focus in trade deals on goods than on services, and financial services in particular.
The EU's main service export to Britain, tourism, is unlikely to be affected.
INVESTMENT
The United Kingdom is consistently the largest recipient of foreign direct investment in the European Union, according to UNCTAD data, with an average of some $56 billion per year in the 2010-2014 period. EU partners supply just under half of this.
There is a risk some FDI would be diverted to other EU countries if Britain lost access to the EU single market.
MIGRATION
One of the main arguments for Brexit campaigners is to limit migration of workers from other EU countries, even though both Norway and Switzerland have had to accept free movement of people in return for access to EU internal markets.
If Britain did cap immigration, it could have a negative impact on eastern European countries, from which some 1.2 million workers were in Britain in late 2015.
By contrast, other affluent western European countries, such as Germany, could as a result see higher inflows of EU migrants.
This might be beneficial economically, if politically difficult.
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