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.
You could have the world’s second largest reserve currency, the Euro. But I’m sorry but from the outside looking in you’re not much of a global power anymore. The only thing keeping you relevant are seemingly your armed forces. And on that front France gives you a run for your money.
I’d also bet money the EU would want you back, remember they weren’t the ones pushing for a no deal brexit. However terms will be less favorable than last time.
Sorry for being harsh. As a Swiss I get the wish for being independent and having your own currency and freedoms. But let’s face it… My gov. Also overestimates our importance and the leverage we have.