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There is no clear argument in favour of 'in' or 'out', despite the preponderance of 'out' sentiments in this thread. This is because the European project (as a loose description) is so entangled with UK law that separating it out is nigh impossible.

There are flaws within the EU, most noticeably and recently shown in the migrant crisis arising from the situation in the Middle East (which we were instrumental in causing). Leaving aside any questions arising form that farrago, I am inclined to 'remain', mainly because of two points. First, the law of unintended consequences: leaving the EU will not, I suspect, be as painless and without consequence as seems to be assumed. Apart from giving up on trade deals etc (the effect of which can be calculated to a degree) there will, in a mature and pretty well embedded system, be all sorts of provisions which will surface only when it is realised that they no longer apply, or their domestic version does not automatically arise on departure. This is of course an unknown, but given the reach and duration of the UK's engagement with the EU it would be a brave person who said these were negligible.

Secondly, the 'out' campaigners assume that (more) favourable trade deals can be negotiated on our own. My concern is in two categories. First, the non EU, with whom (possibly) new trade deals may need to be negotiated. Taking the US as an example (not necessarily representative) it has a reputation of being slow to conclude trade deals, and doing so with a protectionist slant. Will we, on our own, be able to improve what we get through the EU?

Secondly, within Europe, the 'out' assumption appears to be that we can negotiate trade deals easily and readily, on at least as favourable terms. Two points: first, this appears to be buttressed by the argument that the UK buys more BMWs and Mercedes than any other EU country, and the EU will not wish to interfere with this. This argument assumes that the commercial concerns of BMW and Mercedes will drive EU policy, and trump the inevitable pique the EU will feel if we leave. How can any EU country give us a better or even equal trade arrangement to that they have within the EU? It has to be worse, or remaining EU estates will surely object.

So if we leave, there is uncertainty as to whether the cost of our imports will go up or down, but the lawyerly cautious betting is on 'up'. As for exports, I can't imagine the French, with their longstanding antipathy (generally mutual) and leading role in the EU meaning exports will be more favourably treated..

And expect a concerted attack on the City's financial pre-eminence, which would be catastrophic, given that most of our physical manufacturing capacity has been closed, sold, or exported.