|Author (Person)||Ruparel, Raoul|
|Series Details||April 2016|
|Publication Date||April 2016|
This report sets out recommendations for liberal policies in the fields of trade, immigration and regulation, which Open Europe believed were required in the event of a Brexit in order to offset the costs and maximise the economic benefits.
The EU referendum is a crucial decision about Britain’s future, but the campaign so far has failed to adequately address how life outside the EU might look. It will not be an apocalypse and it will not be a utopia. The growing economic evidence suggests that there would be a small negative economic result from Brexit, probably in the region of 0.5% – 1.5% of GDP in the long run, presuming a reasonable trade agreement is struck between the UK and the EU. The question then is whether the UK can use its new found freedoms to offset this cost or reverse it to a positive outcome.
We believe it is possible, but the path to prosperity outside the EU lies through: free trade and opening up to low cost competition, maintaining relatively high immigration (albeit with a different mix of skills), and pushing through deregulation and economic reforms in areas where the UK has historically been sub-par compared to international partners. There is no doubt that such an approach would disappoint a number of people on the ‘Leave’ side and whether there is appetite for such changes in the UK is unclear. One thing that is clear is that Brexit cannot be all things to all people.
|Countries / Regions||United Kingdom|