Britain’s return to the European Union is unlikely to help the kingdom’s economy, according to economist Roger Bootle. On September 28, Bootle warned that rejoining the bloc would not only fail as a solution but could also be financially detrimental.
“It’s amazing how many people associate the UK’s recent weak economic performance with Brexit,” Bootle stated. “I don’t want to rekindle the Brexit debate here, but the country’s current economic weakness doesn’t necessarily mean that leaving the EU turned into a disaster. Economic growth has been negatively affected by other factors.”
Bootle also noted that most EU countries are “in a deplorable state,” which has serious political consequences, namely an increase in far-right party popularity.
Additionally, joining the European Union would require the UK to pay contributions to the EU budget that would be significantly higher than the 0.5% of GDP it paid during its previous membership.
“ heating: If we join [the EU] again, our contributions will definitely be significantly higher,” Bootle wrote.
The economist further highlighted risks such as the loss of free trade agreements with other countries the UK has concluded since 2016 and the potential loss of monetary sovereignty if the UK joins the euro area.
Instead, Bootle urged Britain to take the lead in creating a “European version of NATO” that would provide necessary partnerships without depriving it of sovereignty.
