UK rejoin push risks diverting focus from growth reforms
A decade after the Brexit vote, debate over reversing the UK’s departure from the EU is intensifying as the economy continues to struggle. But a renewed rejoin drive risks prolonging uncertainty for businesses and investors while pulling political attention away from domestic measures that could lift growth.
Highlights
- Britain Remade research suggests removing extra UK infrastructure costs could free up £41.5 billion over five years compared to European peers.
- Faster approval of nuclear and renewable energy projects and grid connections could reduce industrial electricity costs and offset competitiveness losses from EU trade barriers.
- The article argues focusing on UK-led domestic reforms, such as devolving power and welfare changes, offers greater economic benefit than reopening Brexit negotiations.
Domestic reform agenda seen as higher-value route
The commentary argues that the larger economic opportunity lies in UK-led reforms rather than reopening the Brexit settlement. It says politicians could do more to raise living standards by devolving power from Westminster, making infrastructure construction cheaper and faster, reducing industrial electricity costs, and expanding access to work through welfare and training changes.One example cited is research from Britain Remade, which finds that removing the extra cost of building UK transport infrastructure relative to European peers could free up 41.5 billion pounds over five years. Faster approval of nuclear and renewable energy projects, along with grid connections, is also presented as a way to cut power prices for businesses and partly offset competitiveness lost through higher trade barriers with the EU.
The article does not argue against improving economic ties with the EU altogether. Instead, it says reopening the broader Brexit question now would consume political bandwidth and extend uncertainty, when the more urgent task is to address structural weaknesses that have weighed on the British economy for years.
Our earlier coverage of the 10-year anniversary Brexit debate examined how the legacy of the 2016 referendum is still shaping Britain’s economic and political outlook. We noted renewed scrutiny over whether the Leave campaign had a workable post-referendum plan, and how the lack of preparation has continued to feed investor concerns about policy uncertainty and long-term costs.
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