Question

Should the United Kingdom exit the European Union? Why might Britain not wish to exit?

Answer 1

The EU contributes very little economic value to Britain. British exports of products go out of proportion to the world outside the EU, thereby allowing less use of the EU's common market. Unfortunately, the EU has never been able to create a reasonably shared services market, where Britain dominates. And the UK is buying a lot of food, which is what makes the EU more expensive.

Being in the EU means that Britain gives priority to European talent, a wealthy but small place, not to talent from all over the world. And the EU wants to govern, adding costs Britain has to pay. Of course, leaving the EU straight away will not be just smooth sailing. Britain can not exit a trade and regulatory environment of which she has been a member without some bumps since 1973. But it is the job of the government to prepare for those bumps and reduce them.

The fact that people are still worrying about the bumps indicates what a terrible job the British Government has done in its EU exit negotiations. By not preparing fully for exiting without a deal, it managed to work itself into a corner while the deal it negotiated turned out to be bad.

The short-term economic effects of Brexit will be weak, and long-term optimistic. The dilemma with the Irish border can be fixed if there is good will between Britain and Ireland, as must be the case. Today's biggest risk in Britain is that the British people had been misled that their opportunity to choose their nation's future was the 2016 referendum. Any economic risks linked to Brexit are nothing compared with the political risk of refusing the voice that was given to the people.