It's perhaps also worthwhile to point out to the sovereign club on here that, as a nuclear option, our parliament can just repeal everything to do with the EU, or in part,
unilaterally, should there be a need to. There will be consequences, of course, but the power and the option is there to use by whatever government is in place, and has a majority here.
In fact, this arrangement for EU states, is what brought about the exit clause of the Lisbon Treaty, making certain informal conventions formal, for the clarity and peace of mind of all those concerned. And it is this sovereign arrangement that makes the current referendum and our exit legally possible, to begin with. Just so you know.
And we can also shoot down and reject unfavourable legislation and trade deals as it stands, anyway, so that whole 'overruled and dictated to' angle collapses badly; specifics or no specifics. Though actual examples are always welcome, chaps.
So what does the Big Bad actually do? Well, it turns out it can only take initiative on the EU-wide laws and directives everyone has signed up to and passed nationally. That's it. And even then, as per above, it is not: 'hey, you, UK, do this'; hence our many exceptions, negotiations and accommodations over the years, plus involvement in the EUP, Council, Commission, etc.
Moreover, even under the WTO rules (rules being the emphasis here), we would still have to legislate for and agree to treaties which take more than one party (us) into account, and would require transnational legal assurances, institutions and compromises to establish, manage and make them workable.
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Re Tata, headline grab via BBC:
Steel giant Tata is holding a board meeting in India which could decide the fate of thousands of UK workers.
So a global, private, non-EU agent decides it cannot compete with another global, private but state-backed, non-EU agent, and considers job cuts; how's that EU's fault again?
Should we Brexit, how would the situation change? Tata isn't nor will be under our direct control; the Chinese will do what they do; the climate change legislation is now at a global level and shall remain; there's nothing stopping us from pumping or offering favourable measures to keep the factory afloat now, really; the high energy costs are always a factor for island nations without sufficient natural resources.