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'All pain for no gain': Reality of post-Brexit trading conditions bites
(www.thelondoneconomic.com)
this post was submitted on 04 Aug 2023
238 points (97.6% liked)
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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.
Your reply also shows that even pro EU brits are still too proud to share a future in a more federalized EU. If you are not willing to give up your currency, you are not willing to go for it completely. That's not what the EU needs.
How? He clearly explained that there are genuine reasons to keep the currency and how it is a big ask to give it up.
I don't think that's a pride thing, it's a valid concern to have.
I feel that calling this a pride thing only serves to further alienate anyone that could be pro-EU, instead of attempting to address concerns they would have about rejoining.
They are genuine reasons if you see the future of your financial system separate from the financial system of the EU. A future member should show that it's willing to put all efforts to improve the financial situation of the common system and not just for itself. They just want to profit from the market, but if the financial system has problems, they would just act to their benefit - even if it would be harmful to the european financial system.