So what if the UK has made some of the largest financial contributions of any member state? Since 2000 alone, we’ve paid £90bn more to the European Union than we got back.
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The result is “Clean Brexit” – a paper I’ve written with the highly-regarded City economist Gerard Lyons, copies of which are doing the rounds at Westminster.
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Our all-important services sector – no less than four-fifths of our economy – is also buoyant. Services growth hit a 17-month high last month, the PMI services index reaching 56.2, as employers saw a pick up in both new orders and jobs.
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Having backed Brexit, I’ve always recognized it may be unwise for the government to disclose its desired negotiating outcome. These two statements aren’t linked. However you voted in June, everyone should acknowledge the potential downsides of the UK showing its hand ahead of what could be some extremely hard bargaining.
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What is now clear, and accepted by all but the most ardent anti-Brexit campaigners, is that the slew of pre-referendum scare stories warning of a “sudden and considerable fall” in economic activity if we backed Leave just over four months ago were nonsense.
This latest currency fall was sparked early last week, when Prime Minister Theresa May signaled her preference for “hard Brexit”. But then the pound plunged more. Friday’s “flash crash” – which saw sterling touch $1.18, before recovering – followed warnings from French President Hollande that Britain would “pay” for leaving the European Union. That apparently triggered a wave of automatic, computerized sell-offs.
