Answer:
pros
Economic Benefits: Being part of the EU provided the UK with access to a vast single market of over 500 million consumers. This facilitated the free movement of goods, services, capital, and people, allowing UK businesses to export to other EU countries without significant trade barriers. It also attracted foreign investment, creating jobs and boosting economic growth.
Trade Agreements: As an EU member, the UK benefited from the EU's extensive network of trade agreements with other countries and blocs. These agreements allowed for preferential trade terms and reduced tariffs, making it easier for UK businesses to access global markets.
Influence and Diplomacy: The UK had a voice in shaping EU policies and regulations, influencing decisions on various matters such as trade, agriculture, and security. It had a seat at the table in EU institutions, including the European Commission and the European Parliament, enabling it to participate in decision-making processes.
Cons:
Loss of Sovereignty: Critics argued that EU membership limited the UK's sovereignty by requiring compliance with EU laws and regulations, even if they were not aligned with national interests or preferences. Some felt that decisions were made too far from the UK and that national sovereignty was undermined.
Financial Contributions: The UK was one of the largest net contributors to the EU budget, meaning it paid more into the EU coffers than it received in funding and subsidies. This financial burden was viewed by some as unfair, especially when funds could have been allocated domestically.
Freedom of Movement: One of the fundamental principles of the EU is the free movement of people, allowing citizens of member states to live and work in any other member state. This led to concerns about immigration and its impact on the UK's job market, public services, and social cohesion, which fueled anti-EU sentiment.