Rachel Reeves spells out 'the truth' about Brexit and the need to get closer to EU
The UK needs to make pragmatic decisions about aligning its rules and regulations with the EU’s, rather than engaging in flights of fancy about sovereignty
“The truth is this. Britain’s future prosperity will not be built in isolation, but through partnerships with those who share our interests, share our values, and share our ambitions. And no partnership is more important than that between the UK and our European neighbours.”
With these words, Chancellor Rachel Reeves spelt out what should be obvious to all: that the UK must move closer to the European Union and do everything it can to reduce the barriers to trade thrown up by Brexit, that monumental act of national self-harm.
“Recent independent studies indicate its GDP impacts could be as much as 8 per cent,” Reeves said in a speech at London’s Bayes Business School. “It has meant higher costs for businesses, and therefore for higher costs in our shops. It’s meant shrinking markets for UK exporters, and our strategic industries exposed, as protectionist barriers rise.
“Deals with India, the United States, and other allies are extremely welcome and beneficial. But no trade deal with any individual nation can outweigh the importance of our relationship to a bloc with which we share a land border, with which our supply chains are closely intertwined... it accounts for almost half our trade.”
In denial about Brexit
Reeves warned the UK could end up being “stranded” between rival trading blocs unless it sought a better relationship with Brussels and argued we should follow more EU rules in order to boost trade, with any divergence becoming “the exception, not the norm”.
This may enrage arch-Brexiteers still in denial about the cost of Brexit, but something similar happens within the US, where many of California’s rules and regulations are followed in other states because of the size and importance of its economy.
Such arguments have been long been made. But the volatility and unpredictability of Donald Trump – who throws up tariffs at the drop of a hat and at times seems closer to Russian tyrant Vladimir Putin than his Nato allies – have made it all the more pressing for the UK to undo as much of the damage caused by Brexit as it can.
The time for flights of fancy about sovereignty is over. It’s time to face “the truth”.
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