One of the City’s best-known economists, Roger Bootle, discusses whether a success could be made from Brexit, just over a year after Britain to leave the European Union.
Bootle begins by explaining the ‘overblown’ nature of the ‘European Single Market’ concept:
I don’t think what has been clearly said or argued is that the [European] ‘Single Market’ is vastly overblown. There are advantages and disadvantages of not being part of it. However, I do think it has become a protectionist entity.
The original idea for a [European] ‘Single Market’ was a British one supported by former Conservative Prime Minister, Margaret Thatcher. The idea behind the [European] ‘Single Market’ was to break down the non-tariff barriers [that] existed between European countries and have one single set of requirements and regulations across the EU.
Bootle believes, over the years, something has gone wrong with the [European] ‘Single Market’ concept.
The ‘Single Market’ has broadly worked for goods, but not for services.
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