Roger Bootle: A post-Brexit Britain could be ‘more open, less protectionist and more competitive’

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.