will the uk leave the eu? the conservative position is about two things: (1) leverage and (2) sovereignty. and, while it may be true that socialism is dead in europe, it has died along with "socialism" in russia. the underlying fear was never socialism, exactly, but that the continent would realign with the russians. this fear is no less valid today, socialism or not.
the various tensions playing out in the world are no doubt exacerbating this old fear. a german swing to russia would put the uk in a bad position, where they would have to make some choices they don't want to.
that's what this issue is about: not getting pulled into a german realignment policy, and rather maintaining the sovereignty to remain the junior partners in the anglo-american empire. we'll know how serious the british concerns about german alignment truly are by whether the referendum runs or not; if it runs, there's some serious movement going on. if it doesn't, it's just continued leverage.