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83
UK 'will sign up to EU single market rules even without deal ' - Reeves (inews.co.uk)
submitted 1 day ago by CAVOK@lemmy.world to c/europe@feddit.org
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Paywall? https://removepaywalls.com/https://inews.co.uk/news/politics/uk-sign-eu-single-market-rules-deal-reeves-4228840

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[โ€“] Denjin@feddit.uk 5 points 1 day ago* (last edited 1 day ago) (2 children)

Since the above comment was deleted, here's what I was replying to for anyone wondering:

That all sure sounds awfully successful and self-sufficient and "we're a strong independent nation, we don't need no big dumb international union", golly. And yet, here we are talking about the UK asking very nicely for things they had before and rejected.

No, it says that the success/failure of the UK financial services sector is irrelevant to any discussion about the EU and the pros/cons of membership for the UK.

If you look at the wider economic cost/benefit analysis it's clear as day as to the advantages we had of remaining part of the EU and that could be somewhat clawed back by rejoining the customs union.

For example:

https://obr.uk/forecasts-in-depth/the-economy-forecast/brexit-analysis/#assumptions

The post-Brexit trading relationship between the UK and EU [...] will reduce long-run productivity by 4 per cent relative to remaining in the EU.

Both exports and imports will be around 15 per cent lower in the long run than if the UK had remained in the EU.

New trade deals with non-EU countries will not have a material impact, and any effect will be gradual

Or:

https://www.nber.org/papers/w34459

estimates suggest that by 2025, Brexit had reduced UK GDP by 6% to 8%

We estimate that investment was reduced by between 12% and 18%, employment by 3% to 4% and productivity by 3% to 4%

these forecasts were accurate over a 5-year horizon, but they underestimated the impact over a decade

[โ€“] Lumidaub@feddit.org 2 points 1 day ago

Yes, hi, I misinterpreted your comment because I'd just woken up. Instead of making a big thing about it, I simply deleted it when I realised a few seconds after posting. But sure.

[โ€“] deHaga@feddit.uk -3 points 1 day ago* (last edited 1 day ago) (1 children)

If we joined a customs union, we'd be allowing the EU to set our tariff rates. No thanks.

What about the cost benefit analysis of being out of the corrupt CAP crap? It takes the largest chunk of budget, rewards rich landowners and is an environmental disaster.

A bit more important than protecting the sale of shit-filled whelks to the French

[โ€“] Denjin@feddit.uk 6 points 1 day ago (1 children)

I'd prefer a functioning economy but what do I (and every economist in the world not on farage's silver) know eh?

[โ€“] deHaga@feddit.uk -3 points 1 day ago (1 children)
[โ€“] Denjin@feddit.uk 5 points 1 day ago (1 children)

Ooh line go up! Big woop!

That tells you exactly nothing about what difference you would have got had we not left the union. The articles I linked above go into great detail about it, but I assume yo haven't read them.

[โ€“] deHaga@feddit.uk -1 points 1 day ago* (last edited 16 hours ago)

Why is that the measure the OBR uses then?

Literally from your source lol

The OBR forecast is for a 0.27% hit to growth per year over 15 years mostly due to a loss in comparative advantage. The days of comparative advantage are over.

What's not in the forecast is any benefit from regulating using common law, which is worth at least 0.7% extra growth per year

In 2001, Professor Paul Mahoney demonstrated that countries with legal systems based on the common law not only have more developed financial markets, but also experienced faster economic growth in the second half of the 20th century compared to civil law countries.36 Based on data from 102 countries, the analysis shows that between 1960 and 1992, the real per capita GDP growth for common law countries grew, on average, 0.71% faster than the civil law countries.

https://supremecourt.uk/uploads/speech_lord_hodge_250225_0cad343a9a.pdf