A (not very) brief run down on the issues behind the EU referendum

There has been a lot of spin but very few facts about what will happen in the case of an out vote on June 23, especially in terms of economic outlook, meaning for most voters a decision will be based mostly on gut instincts, but the Packet has tried to outline a few key points:

Cost, trade, and the economy

While the UK's contribution to the EU last year was £17.8 billion, we recovered £4.9 billion in a rebate and £4.4 billion in payments from the EU to the UK's public sector, so our net payment is actually £8.5 billion. That does not include money which private sector companies such as universities receive from the EU, estimated at £1.4 billion for 2013.

It is important to put this spending into context: our payment to the EU is about 0.4 per cent of the UK's £1,800 billion annual economic activity: dwarfed by the £116 billion annual budget of the NHS and the £92 billion annual spend on state pensions.

In terms of trade, the EU accounted for 44 per cent of exports and 53 per cent of imports to the UK last year.

In an impartial report compiled for MP Derek Thomas, who has himself stated his support of the Leave campaign, it was said that Brexit could allow the UK to negotiate better tailored trade agreements. However, it could also mean the smaller UK market would get less priority from countries wishing to do business with the much larger EU.

Mr Thomas' report also states that most studies "show a negative impact on GDP if the UK votes to leave," and "the various benefits of EU membership produce an overall positive impact for the UK despite the membership fee and any regulatory costs." The benefit is estimated at between £2,700 and £3,300 annually for the average household.

An estimated £4.2 million UK jobs were supported by exports to the EU, but as this figure is based on trade with EU states, there is no evidence on whether this would be affected by a withdrawal from the union.

Leaving the EU could allow the government freedom from European employment law, which could give businesses greater flexibility, but could come at the expense of workers' rights.

The deal for farmers and fishermen

For farmers, leaving the EU would mean the end of the Common Agricultural Policy, which represents 40 per cent of the EU budget and the UK's largest contribution to the union. While this would mean the end of the Basic Payment Scheme which provides £3.5 billion each year in subsidies to farmers - including £13.6 million to the St Ives constituency alone - farmers claim they are seeing reducing subsidies and increasing regulations in return. And the scheme is due to end in 2020 anyway.

For fishermen, the Common Fisheries Policy has been seen as a failure, allowing foreign fishermen rights to what were traditionally seen as UK fishing grounds. On the other hand, since EU policy was reformed in 2002, the health of many fish stocks has improved, with cod almost back to sustainable levels, and the EU is now phasing out the discarding of unwanted fish. Meanwhile an out vote would not necessarily mean a ban on EU fishing in UK waters, and any such agreement would also put an end to us fishing in other areas, which amounted to 20 per cent of UK catches last year.

Defence, law, and immigration

Membership of the EU has little impact on the UK's defence, as most of the UK's military co-operation is with the US and our membership of Nato would not be affected, nor would our defence agreements with France, which includes our jointly developed aircraft carriers.

However, outside the EU the UK would not be a member of Europol and the European Arrest Warrant system, which provides co-operation on fighting crime and a quick system of extraditing wanted criminals.

Mr Thomas' report states that immigration from the EU boosts the workforce by 0.5 per cent each year, "helping to support the economy's inability to grow." It states that powers to restrict EU migration would be subject to negotiation - other non-EU countries have agreements which still allow free movement of peoples - but the UK could also move towards a points-based system. It is also important to bear in mind that according to Migration Watch while net immigration from the EU in 2015 was 184,000, there were 188,000 more non-EU migrants as well.

And freedom of movement is a two-way street, with any deal restricting that movement also affecting UK citizens' ability to live, work, and travel within the EU.

The deal for Cornwall

Aside from the national issues, Cornwall has a stake in whether the UK remains in the EU. The county is recognised as a deprived region, with a GDP per capita below 75 per cent of the EU average, and as a result it receives the top level of European funding. Between 2007 and 2013 Cornwall received £387 million from the European Regional Development Fund, and £166 million from the European Social Fund, while Universities in Cornwall received £6.25 million from the EU's research and development programme, and the EU provided half the funding for the Superfast Cornwall Project.

Cameron's deal

It should be considered that earlier this year the Prime Minister negotiated an agreement with the EU which guaranteed that the UK would not face any financial losses resulting from Eurozone bailouts, and recognised that we have no intention of joining the Euro.

The agreement also exempts the UK from closer union with Europe, while we retain opt-in or -out deals for policing, immigration, and national security policy, and renegotiated migrant benefits.

Like all EU members, the UK has a veto on any prospective member it does not wish to join - including Turkey, which still has many milestones to pass before it could even be considered for membership.

And a vote for out would not affect the UK's commitment to human rights. As a signatory of the non-EU European Convention on Human Rights, citizens' rights would still be protected in many areas, and appeals could still be made to the European Court of Human Rights. However, the government is looking to repeal the Human Rights Act, which binds us to the ECHR, in favour of a British Bill of Rights.

It has to be remembered that uncertainty still reigns and there is no indication of where a post-Brexit government would pass on any potential savings to. Be it farming subsidies, health services, or Cornish infrastructure, funding could increase, decrease or stay the same.

Martin Lewis, of Money Saving Expert, has said a vote for Brexit is “unquestionably economically riskier” than one for remaining in.

But he added there is so much uncertainty that “the only way to make the right decision is based on your political attitude to the EU, your gut instinct, and how risk averse you are on each area that matters to you.”

While it is difficult to find impartial advice on an issue that seems close to many people's hearts, here are a few more websites which might help:

Full Fact

UK and EU

Derek Thomas' referendum guide - he may be pro-Leave but this does seem pretty impartial