The British opposition to the CAP is largely based upon the simple fact that the French are the single biggest benefactors. If it were anyone else there would be no argument! It is partly a visceral distaste for giving the French money, and partly a feeling of distrust that France, as the traditional driver of the EC, has set up a nice little earner for itself.
All the other arguments, sound though they may be, hit this wall of distrust. In other words, it is surely conceivable that you could have all these benefits of the CAP without the French receiving so much more money than Britain. In which case I doubt Britain would object at all.
Your point about the recent renegotiation of the CAP v. renegotiating the British rebate is unfair. Britain would have been happy enough with the outcome of the CAP negotiations insofar as it received a rebate in recompense, but not otherwise, for the reasons mentioned above.
Your point about the French receiving the most money is right but (i) that's been the deal with the EEC right from the start, and it's the UK that joined something that was guilt, not the other way round and (ii) it was and still is the political price to get the French to accept free trade within Europe, which is worth a lot to the UK. (I know that it is worth a lot to France as well, but this is sadly not a point that can be "sold" in France).
So this debate, which has not changed in 30 years, goes on while we could be doing other things... In the long run, we're all dead. John Maynard Keynes
