Europe’s politicians should be terrified of a no-deal Brexit

Most of the focus around a no-deal Brexit has been on the economic pain that will be suffered by various parties, but particularly the UK. Little thought has been given, however, to the political pain.

To politicians seeking re-election (for either themselves or their party), small issues can become greatly magnified. Whenever a steel plant or a car factory faces closure, the government comes under pressure to meet with the owners to find a rescue plan. But in sectors like retail and restaurants, companies often fail without much public outcry about lost jobs. Similarly, the objective of restoring British sovereignty over its fishing waters is out of proportion to its overall contribution on GDP, which is less than half a per cent.