People, places and policies beyond Brexit
People, places and policies beyond Brexit
复制标题
英国脱欧之外的人物、地点和政策
DOI:
10.1080/21582041.2023.2216185
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发表时间:
2023
影响因子:
2.4
通讯作者:
Bailey D
中科院分区:
文献类型:
--
作者:
Bailey D
In 2019, the editors of the special issue of Contemporary Social Science entitled Brexit and Beyond? likened the process of the United Kingdom (UK) exiting the European Union (EU) to a PandoraLs Box (Bailey & Budd, 2019). In Greek myth, of course, Pandora was given a box, and was told by the Gods that it contained special gifts from them but she was not allowed to open it. Her curiosity got the better of her and on opening the box the illnesses and hardships that the Gods had hidden in it escaped. Seeing the evil spirits escaping, Pandora tried to close the box as fast as possible, closing hope inside. Hope that a new LGlobal BritainL would be released after Brexit, with its heroic assumptions, has not thus far been realised. Rather, economic growth is expected to be lower by 4-6% over 15 years and a reduction in trade of around 15%(Bank of England, 2022; OBR, 2020). Perhaps most telling has been the reaction of traditionally Eurosceptic right-wing parties in the rest of the EU, which have sharply pivoted away from ideas of leaving the bloc (Chopin & Lequesne, 2021). And post-Brexit there have been challenges to some key industry sectors and their supply chains, as well as agriculture and fishing. The impact appears to be greater for goods than services with a reported 25% reduction on imports compared to the rest of the World, but the data for services impacts are patchy. It estimated the impact on financial services has been around 6% with a shift of 10% of bank assets from the UK to the EU (Hall, 2023). Work by the Resolution Foundation suggests that trade openness in the UK will fall between 5% and 20%. They report however, there has been some rebound in the UK trade performance in 2022 with the UK outperforming both France and the US and UK trade openness was 7% higher in 2022 than in 2021. A closer inspection of the date uncovers a key driver of this upturn as being (notoriously volatile) precious metals exports which have little economic benefit to the UK. Excluding precious metals, UK trade performance is still lower than the pre-pandemic performance (Hale & Fry, 2023). The challenge remains to isolate the impacts of Brexit from that of COVID-19 and the war in Ukraine. Despite the gloom that hope had been locked in the post-Brexit box, there have nevertheless been some apparent benefits. This includes some of the aspects of new immigration system, which has witnessed an unexpected increase in higher earning inward migrants (Strauss & Cocco, 2023). The wider ramifications of developments in post-Brexit migration policy are explored by Jonathan PortesL paper in this special issue (Portes & Springford, 2023). Another potential benefit appears to be that in financial services the UK no longer must conform to the Solvency II Directive. As a result, UK insurance companies and pension funds would be allowed to hold fewer and more diverse reserves. This opens the possibility of using their funds to invest in, for example, much-needed infrastructure or new technology projects. Of course, it remains to be seen how effectively any flexibilities are used in practice. Moreover, the claims made by the UK government in its Cabinet Office report advance no real evidence of economic benefits. Rather, it contains a series of brief bullet points that state the UKLs post-Brexit discretion over domestic policy and regulation, including VAT rates (HM Government, 2022).
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