Bluesky writes, I know we are heading towards amazing opportunities as global, dynamic global players.
A question that needs to be asked is would having less access to the single market and customs union as we enjoy as a member of the EU be outweighed by freedom to negotiate our own trading arrangements with other countries? A simple bit of maths shows the answer is no. The EU already has FTAs covering nearly 60% of the UK’s trade, including the EU itself. EU have just signed up a trade deal with Japan meaning this has increased further. It can’t possibly make sense to have less good arrangements with the 60- 70% in return for slightly better arrangements with the 30 - 20%. Note free trade agreements as a stand alone country are never as frictionless as being part of a powerful trading block such as the EU. Customs and administrative barriers will never disappear completely.
It is estimated the single market is plausibly worth 5% of GDP. The Commission says an ambitious EU deal with the US will boost GDP by 0.5% in ten years’ time. With Japan by a bit more, 0.8%. With India about 0.1%. The orders of magnitude are different and it simply isn’t worth jeopardising access to the single market for the sake of global trade.
In addition the negotiating realities the UK faces as a sole nation need to. be faced. After leaving, the UK will have to renegotiate trading arrangements simultaneously with many major countries, including the EU in a short window. Britain will be the applicant and so it will be Britain that has to make the concessions to get the deal. True, other countries will want deals too, but they won’t be under anything like the same time pressure and can afford to make us sweat.
As a Remainer, I am not saying the EU is a perfect institution and there are no areas that need reforming, find me any perfect system in the world. However, when I listen to experts in trade and finance the majority clearly argue the UK will struggle to succeed on its own. Our global economy is one of powerful trade blocs - the EU, China, US, being outside them means a poorer country. I haven’t done years of study in international trade or economics, but I will listen to those who have and if the majority make it clear the UK are still better off in the EU than out then I will believe them.
Finally, I find it interesting that the Greek Finance Minister at the time of the Greek bailout crisis with the EU in 2015, Yanks Varoufaksis, who had epic struggles with the EU and is critical of aspects the EU, still does not call for the dismantling of the EU. He calls for reform. He has publicly said that the UK economy will fare better as a member than out and to