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On the 13th May 2016, VCL published its monthly note. This included the publication of VCL's CEO, Martin Wood's monthly comment, as well as this month's five resource stocks of interest, which can be seen on the Short Note page, plus a topical cartoon.

"If anyone has any unbiased facts about Brexit, I am all ears.

I think I stand with the silent majority who can't seem to get a balanced view from anyone who might be worth listening to. I don't mean bland numbers on GDP growth or decline or the financial cost or benefit to each house hold in the UK - frankly, no one can claim to know these things, they are just guesses, and would be much better received if those making the guesses made it clear that is what they are.

My head says stay in the EU to save it. I genuinely feel that the whole project could fail if UK leaves, and as I have kids I worry for them. But my heart says leave - isn't most of the history we are taught in school largely just a procession of events in which the UK stood against tyranny from Europe while others told us we were misguided?

As far as I can see, the Euro set up benefits the industrial north and decimates the food and sunshine exporting south, (the Euro is weaker than the Mark would be were Germany on its own, helping its exports, and vice versa for the Lira and Peseta) and I don't want to support this economic injustice. But then, Portugal, Spain and Italy etc. allowed it to happen to them, so why should I care? Also, is there a bigger picture I am missing that makes this in balance ok in the short term (I see the long term argument, I just think it sucks).

The UK is a constant irritant in Brussels, so if we leave who will act as a break? The whole project could go into overdrive and effectively eat itself in a great experiment to consistently send wealth to the new periphery states initially (only to lock them into a Euro that structurally breaks them from then on - see above) without the wealth to fund this largesse - Like a black hole but in reverse. Or is the UK 'hand brake' the reason for the EU problems, in that the mandarins have not been given free hand to achieve their goals? The UK already gets masses of concessions from Europe, so maybe we should take less, and align properly and really buy into the experiment?

Confused from Devon."