As part of a series of talks on Brexit, the LSE hosted a talk positing how Britain can have a more prosperous future outside of the EU. The panel consisted of Gerard Lyons, chief economic advisor to Boris Johnson during his tenure as mayor and Liam Halligan, award-winning economics commentator. The panellists are co-authors of an upcoming book on the matter. Advocating a “clean Brexit,” the book argues for the UK to opt out of the single market and the customs union and suggests a more global future Britain. The packed theatre seated students alongside retirees, professionals, and sixth form pupils.
Arguing Brexit is “one of the best things that could happen to the British economy” in the long run, the panel outlined many prescriptions: guarantee the rights of the 3.1 million EU citizens living in the UK, focus on the domestic economy, establish better relations with emerging economies outside the EU, and maintain strong relationships with the EU.
The panel repeatedly referred to the Euro as “the worst economic idea ever” and argued that the UK has more to gain by focusing on competitive trade deals with 85% of the world market under WTO rules, which customs union membership does not allow.
Other arguments surrounded political accountability, infrastructure spending, Britain’s economic success being geographically narrow under the EU, employment growth since the referendum, the expected persistence of the City, migration controls more similar to Canada and Australia, the promise of investment into research and innovation, and Britain’s potential to be a net food exporter.
A “soft Brexit” is a “messy Brexit” which will threaten EU integrity, it is argued. A deal is the aim, but a no-deal Brexit is a “manageable possibility” and something to be prepared for.
“My biggest problem is that it’s three old, rich, white men,” quipped a third-year economic history student when asked for thoughts on the event.
The authors fielded animated questions about the economic, political, and cultural repercussions of Brexit. The audience burst into laughter and applause intermittently. After taking a question about what will happen if the UK elects a Marxist government, a speaker exclaimed, “isn’t it great that we have no safe spaces at the LSE?”
You can listen to a podcast of the event at goo.gl/3Jygr1
