boem'All pain for no gain': Reality of post-Brexit trading conditions bites
As a Brit who fought against Brexit and would welcome reentry at pretty much any price (perhaps bar adopting the Euro, at least for now) reading this sort of news is bitter sweet.
Sadly our leaders don’t care about the actual country so it’ll be a long time before membership happens.
I was looking for someone with your view to ask. Why is holding on to the Pound such a big hurdle? Which would you rather accept: the Euro and Schengen zone, or the continued decline of your country through post-Brexit policies and outcomes?
GBP is the fourth global reserve currency and financial services hover around 9% of our GDP so a move to a unified currency could have real material damage to our economy. Also as a nation that sees itself as a close ally of the US (regardless of what the US thinks) having independence on monetary policy is core to how we operate as a global power.
I can see a time when the Euro and full Schengen (although being an island nation that will always be hard) membership is desirable but that will come after we cease being what we currently are on the global stage - I hope it doesn’t get that far.
The post-Brexit decline we’re facing isn’t endless, eventually a new normal will be established but it will be far below the economic standard we could have had and will hurt us scientifically, culturally, and medically as well as economically. Having to also chuck out what is currently our only big industry to start to grow again is a big ask. Membership on closer terms but without an obligation to the Euro is probably what we will ask for when we eventually do, but there is no guarantee the EU will want us. Especially if we start to steal the finance jobs back from Frankfurt.
A lot of in-country resistance comes from the “EU Army” fallacy but that doesn’t worry me, closer integration is a good thing in my mind.
tryptaminev 🇵🇸 🇺🇦 🇪🇺I find it fascinating that Britain still aspires to be a global power, when the dominating vuew on the european mainland is it being just another western european country, with the carcass of its former empire still losely attached.
In terms of military projection, global alignment and influence the UK seems to be just as much following the US like most western european countries do, being far away from a global power.
I also dont think it to be a good idea to hold on to that pound as a means of power projection. The power projection make the currency powerful not the other way round. If there is no relevance to the trade with the UK and the currency anymore, it just withers away. The EU in the meantime is a single market with half a billion people. That is not so easy to go around economically and gives the Euro a certain power, even without further aspirations attached to it.