The history boys.....
The latest research by the LSE and the Resolution Foundation is welcome but nothing new. The UK will struggle to grow and will even lose, not gain, productivity because of Brexit.
That talk of Global Britain was apparently all a joke. You do not get more competitive or richer by putting up great big barriers to trade, discouraging investment and forcing up prices, who knew?
The UK is not returning to the 70s but to the 1950s. When its industry having boomed because it was virtually the only intact economy in Europe, suddenly came up against revitalised and coordinated European competition.
All those shoddy, second rate British products were suddenly totally uncompetitive, not to say unwanted. The “they will buy any old rubbish” days were gone, almost overnight and the UK entered a period of relative decline, which led all parties to desperately apply to join the Common Market.
The Brexiteers are like a class of very, very, stupid history students, having to learn this again. With an exasperated teacher trying to take them through European Economic History 101, for the third or fourth time.
“Now children, it’s not that difficult. Economic competition and free access to a huge market of customers is good for your country’s growth rate and therefore wealth. The figures don’t lie, look at the UK’s relative decline and the Common Market’s growth in the 1950’s and 60’s………yes Farage, I can see your hand is up, what is it?”
“Sir, please Sir, my Dad says autarky is best and you’re a liberal elite, remainiac traitor. Sir.”
Teacher rests head in hands and reaches for the hip flask, again.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.