The European Union is a sinking ship and the Brits would be smart to abandon the EU. All the scare talk about British home prices dropping twenty percent are pure nonsense. The argument for that is based upon no economic analysis at all. It is similar to the argument that raising prices has no impact upon demand (which is what the higher minimum wage advocates argue). No wonder voters no longer listen to the established political leadership. They just make up whatever stories they wish to justify their hegemony.
The problem with the European Union is the same problem that has developed in the American economy over the last half century. Increasingly, more and more regulations, about everything, defeat the purpose of a common economic union. In the US, Washington DC has taken over, even to the extent of regulating the use of bathrooms. It's truly amazing. Their is very little left for local folks to decide on.
Consider the American school system. Local schools have zero autonomy. Most of their marginal budget decisions are driven by federal mandates. Increasingly that argument is applied to private as well as public schools. Arbitrary executive mandates, without legislative authorization, deny local citizens the right to make their own decisions.
While everyone likes free trade zones, that isn't really what goes on in the European Union. Worse, things like the Greek bailout, which could never, ever have occurred without the Eurozone and its larger partner the EU, have plunged Europe into a land of increasing debt and declining local sovereignty. Who runs Greece today?
The Brits should bail to protect themselves from Brussels' bureaucrats. This unholy alliance of bureaucrats and leftist politicians have destroyed any chance of economic growth in Europe and left younger people with no future, unless they were born with wealth in the first place or have personal ties to the bureaucracy. Why would the Brits want to be a part of that?