Pulling the Trigger on Brexit
And Passing the Point of No Return
Today, the two-year Brexit clock began its countdown. Now that the British government has formally notified the European Council of its intention to leave the European Union, the United Kingdom has passed the point of no return. It could well turn out to be the biggest act of self-sabotage in modern political history.
Despite what British Foreign Secretary Boris Johnson has promised, the United Kingdom will not be able to have its cake and eat it, too. The rest of the EU is determined to show that leaving the club has negative consequences. And in that sense, by triggering Article 50 of the Lisbon Treaty, the United Kingdom has chosen to relinquish significant control over its own economic future. New trade deals are uncertain and the centrifugal forces of renewed jingoism are beginning to challenge the historic union between England, Wales, Scotland, and Northern Ireland. As a result, the United Kingdom is bound to lose influence on the world stage.
And so, rather than “taking back control,” as Brexit supporters have argued, the United Kingdom will lose some autonomy in economic and financial affairs. After all, the biggest barriers to a truly “global Britain” are not trade tariffs but non-tariff regulatory barriers, which require either harmonization across trade partners or, at the very least, mutual recognition. From that point of view, the EU single market was the most ambitious free market experiment in economic history. By leaving it, the United Kingdom is giving up its seat at the European table and will therefore no longer be able to influence future decision-making in its largest market, let alone shape future global regulatory standards. And, by turning its back on the EU Customs Union, it is bound to introduce new barriers to trade.
The United Kingdom in a few years may well exist as the “former United Kingdom of England and Wales,” with the unfortunate acronym of FUKEW.
By leaving the EU, meanwhile, the United Kingdom will also lose influence over European foreign policyRead the full article on ForeignAffairs.com