Tomorrow night, Britain’s membership of the European Union will be debated by a local Conservative MP and a peer of the realm in Baildon.

Irrespective of the ongoing crisis lurching from Greece to Italy and France which, unlike Britain, are members of the euro zone, Shipley MP Philip Davies has publicly stated many times that Britain should untangle itself from the EU and its ultimate goal of political and economic union for all 27-member states by repealing the 1972 European Communities Act.

That view is likely to fall on stony ground with Liberal-Democrat Professor Dame Helen Wallace of Saltaire CBE, an academic and author of publications such as The Domestic Policy-making Implications of the Labour Government’s Application for Membership of the EEC.

Leaving the EU, however, is not as easy as alighting from a train, even a gravy train. Besides, isn’t membership of the EU of enormous benefit to Britain in terms of jobs, trade and investment?

Rupert Fenton, Bradford-based investment manager with stock broker Brewin Dolphin, says trade has become more important as the EU has increased in size.

“If Europe’s economy collapses, we will feel the impact. Many companies could struggle to increase sales, our economic recovery could falter and, ultimately, more jobs could come under pressure. British banks could also feel the heat because they will have exposure to eurozone debt,” he added.

Those for whom membership of the EU means that obligations outweigh benefits would argue that Norway and Switzerland have demonstrated that it is perfectly possible to trade with the Europe without formally belonging to the institutions of the EU.

Over the past weeks, exaggerated hopes and fears over the debt crisis in Greece and doubts about Italy, Portugal and now France, have been reflected in wild fluctuations of world stock markets, losing and gaining hundreds of points in days. When will it be over?

“If the truth be told, no-one knows,” Mr Fenton said. “The debt crisis, caused by over-borrowing, has been lingering for more than a year and there is no end in sight. The Greece rescue package is in the balance, but there are also concerns that Italy, Spain, Ireland and even France could be at risk of defaulting on repayments. This one is likely to run and run.

“There is some good news, however, for borrowers. The dire economic situation means that interest rates are likely to stay at these very low levels for a while. With inflation putting a squeeze on household incomes, low mortgage repayments will be a welcome relief to many families.”

Anxiety about the aftermath on Britain of the EU falling apart may have been a factor in 79 of Philip Davies’s Conservative colleagues refusing to take the Government whip in last month’s House of Commons vote on a proposed EU referendum.

Bradford University Professor Paul Rogers understands why people are anxious, but says Britain is so inextricably connected to the eurozone countries in trading terms – with many Brits working there and many Europeans working here – that anything going radically wrong will be bad news for us, too.

“The level of economic integration is so detailed, after so many years involvement with the EU, that disengagement in any substantial form would have substantial economic implications – mostly bad.

“Whether you like it or not, we are thoroughly connected and it would take years, if not decades, to disengage without huge costs,” he added.

Earlier this week, Chancellor of the Exchequer George Osborne returned from a reportedly unsatisfactory meeting of EU finance ministers in Brussels, warning that a disorderly departure from the eurozone by any of its 17 members would have a “catastrophic impact” on the European economy.

“And that would have a huge impact on all those British businesses that sell things to Greece, to Italy, to France and Germany as well. We would be very badly affected,” he added.

Perhaps the key word there is “disorderly”. A variety of experienced economics commentators and politicians have said often enough over the past year or so that the EU and its single currency, as presently constituted, require radical but orderly reform.

The EU debate takes place at Baildon Community Link, Cliffe Avenue, tomorrow and starts at 7.30pm.