A Nicely Delusional View Of Brexit


William Keegan gives us what must be one of the odder arguments against Brexit out there:

George Soros is right: Europe faces an existential crisis, not least because of an addiction to austerity that has certainly contributed to Italy’s summer of discontent. This makes it all the more urgent that the time-and resource-consuming wastefulness of Brexit be brought to an end, and the sooner the better. There are huge problems facing Europe: in addition to the domestic damage the prospect of Brexit is causing, it constitutes a huge distraction from the reforms the EU requires.

It is no use waiting several years. The damage to our economy is manifest already, and the Treasury, Bank of England and Organisation for Economic Co-operation and Development are not employing empty threats in concluding that things are set to go from bad to worse, as the investment so vital for productivity is postponed and the public and private sectors suffer recruitment problems.

The European Union is irremediably screwed. Or at least requires near total root and branch reform. We’ve got to get the Germans, the Bundesbank, and their manias about sound money and responsible public finances out of the decision making system. Until we do that we’ll all be crushed by austerity.

Therefore Britain must remain in this system near irremediably screwed.


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