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In this, the 400th year since William Shakespeare's death, the United Kingdom faces an existential question: to be or not to be "European".The U.K. is deeply connected by trade to the rest of the EU, which accounts for the largest share of Britain's total global exports and imports, each amounting to about 30 percent of British GDP. Brexit would therefore have significant consequences for trade flows not just between the U.K. and the EU, but also in the rest of the world. Paying to retain trade preferences could expose Britain to future changes in EU policy.In short, in the event of Brexit, the U.K. may face some very difficult decisions on trade.In particular, future changes to its relationship with the EU, especially a future re-entry, if desirable, would be difficult to negotiate (perhaps especially given European leaders' desire to deter other member states from following the U.K.'s example).
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