Blaming everything on Brexit – or on the Government’s failure to take advantage of the opportunities of Brexit – has become a useful comfort blanket for some on both the Leave and Remain side ✒️ jdportes for ipaperviews
But this in turn means that focusing on Brexit, or its reversal, as the main cause or solution of the UK’s economic quandary is likely to be misplaced. We need comprehensive tax reform that favours growth – even Liz Truss was right about that – but it also needs to raise more tax revenue, not less.
That’s likely to mean taxing wealth, capital gains and property more; not politically easy, but essential if we want to fund decent quality public services in the face of demographic change. We need better connectivity, physical and digital, especially outside London; we need an education and skills system that works both for those who go to university and those who don’t; and a new model of the labour market and welfare system that shares risks between employers, workers and the state.
So what about Brexit? Blaming everything on Brexit – or on the Government’s failure to take advantage of the opportunities of Brexit – has become a useful comfort blanket for some on both the Leave and Remain side. But both are ignoring the economic realities of our predicament. Realistically, over the next few years, we can hope to mitigate but not eliminate some of the negative economic impacts for Brexit. But that shouldn’t be a counsel of despair; just as EU membership did not cause the longer-term problems described above, Brexit doesn’t stop us addressing them. Rebooting our economic and political relationship with the EU will be an important complement – but in no sense a substitute – for doing that.
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