Tim Leunig in the FT is right about Brexit.
But it’s far worse.
Brexit ripped us out of our $19 trillion GDP domestic market & reduced us to one a 6th of it, thumped our economy, fractured the UK, threw our governance into chaos, & generated perilous geopolitical effects.
A🧵/1.
But it’s far worse.
Brexit ripped us out of our $19 trillion GDP domestic market & reduced us to one a 6th of it, thumped our economy, fractured the UK, threw our governance into chaos, & generated perilous geopolitical effects.
A🧵/1.
Comments
China and the US sell into Europe very successfully without regulatory alignment. How does it benefit us to 'pick a side'?
Suggestions it was, or was claimed to be, are Brexiter mythology - sometimes cynically deliberate, sometimes plain ignorant. /2.
It’s a continental scale domestic market - a massive economy similar in size to the USA - for everyone in it. /3.
First, to run a common regulatory & customs zone major political decisions have to be made, jointly, for the whole zone. /5.
Second, European unity (call it integration, cooperation …) is a fundamental component of the US-led international system, specifically the crucial Euro-Atlantic pillar, of which NATO is also an essential part. /6.
It’s true that in NATO the rather cumbersome intergovernmental, consensus approach is used, as opposed to a more supranational arrangement which has developed in the EU, starting with the ECSC, then the EEC & beyond. /7.
The problem is English exceptionalism. It continues to be the problem.
https://eastangliabylines.co.uk/news/brexit/whos-afraid-of-freedom-of-movement-2/