The Mayor of London’s current declaration that his “final purpose is to reverse Brexit” and rejoin the EU captures the continued pressure going through UK politics. When the British folks voted to depart the European Union, they didn’t merely withdraw from a political union, however moderately, they withdrew from the world’s most built-in financial bloc. That call carried long-term penalties that right now, six years on, are evident not simply in statistics however within the structural reorientation of the British financial system.
I used to be a powerful proponent of Brexit as a result of the construction of the EU is inherently unstable. You can not have a single financial system, regulatory regime, and political authority imposed on vastly totally different cultures and economies with out creating everlasting inner battle.
The EU doesn’t allow actual democracy. When voters in France, the Netherlands, Eire, or Greece rejected EU insurance policies, they had been pressured to vote once more till they produced the “right” reply. When Italy or Greece elected governments that challenged Brussels, unelected bureaucrats intervened. Brexit was not an accident, nor was it some irrational emotional outburst by the British public because the press endlessly claims. It was the inevitable consequence of the European Union evolving right into a centralized bureaucratic regime that stripped sovereignty from its member states.
I constantly supported Nigel Farage, who understood that this was not about tariffs or GDP forecasts, however about sovereignty. These now calling to reverse Brexit argue that Britain has suffered economically. That could be a dishonest framing. The whole European continent is in financial decline. Germany is deindustrializing, France is going through civil unrest and debt instability, and southern Europe by no means recovered from the sovereign debt disaster. To say that Britain’s challenges stem solely from Brexit ignores the worldwide contraction cycle that started lengthy earlier than the referendum.
Brexit was not a mistake. The actual mistake can be pretending that voters didn’t know what they had been doing. Markets will regulate. Capital will circulate the place it’s handled greatest. What by no means survives is a system that refuses to take heed to its personal folks.
