Monday 18 June 2018

UK's shambolic Tories lead the way to Brexit chaos

The most unimpressive set of British politicians for 60 years could damage the economy of Ireland as well as their own

SURVIVOR: Britain’s foreign secretary Boris Johnson has repeatedly challenged Theresa May on major economic and policy issues. Photo: Jacquelyn Martin/AP Photo
SURVIVOR: Britain’s foreign secretary Boris Johnson has repeatedly challenged Theresa May on major economic and policy issues. Photo: Jacquelyn Martin/AP Photo
Colm McCarthy

Colm McCarthy

There should be no Schadenfreude, joy in another's misfortune, anywhere in Europe, especially in Ireland, about the descent into dysfunction in Westminster. The Brexit process cannot be managed solely from Brussels, it must also be managed by a united and focused government in London. The week's events must be driving Britain's European counterparts to distraction.

Last March, the European Parliament released a report on the economic impact of Britain's departure from the European Union on Britain herself and on the remaining EU-27 members. The report was prepared by economists at the Brussels think-tank CEPS and there have been similar studies from the London School of Economics, the Massachusetts Institute of Technology in the USA, the OECD in Paris and numerous other researchers including the ESRI in Dublin.

These studies cannot model the precise form which Brexit will take, since this remains unclear. But, making a variety of assumptions, the studies are agreed on some key conclusions. The most negative economic impact will be on the UK itself, followed by Ireland and then by nearby Belgium and the Netherlands, which have big trade exposures to the UK. All of the EU-27 will see some negative impact but it will be quite minor for many. The harder the Brexit, the bigger the negative impact all round.

Please sign in or register with Independent.ie for free access to Opinions.

Sign In

Today's news headlines, directly to your inbox every morning.

Don't Miss