A high speed rail line from Manchester to Glasgow. Three of the shiny new Elizabeth lines crossing London. Thirty or forty hospitals, almost sixty Manchester City squads, and perhaps a dozen Bitcoins (although it might be only eleven by the time you are reading this). There is still a lot you can get for 40 to 50 billion euros.
In the Brexit negotiations, the UK now seems to have increased its offer to the European Union to that range. If that is indeed the final settlement, we can expect to hear lots about all the other things we could have done with the money. Remainers will gloat over the cost, and furiously tweet pictures of that red bus, while Leavers will fume about how the cliff edge would have been better.
And yet, there is a more important question.
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