Brexit: Was There a Need for Economic Warnings? Revisiting the Reasons Behind the Vote

The question of whether economists warned people in the United Kingdom against breaching the European Union (EU) often centers around the potential outcomes. From a precipitous drop in house prices to the looming threats of a third world war, the warnings were varied and dire. However, the reality did not align with these dire predictions. The economy grew faster in the UK compared to virtually any other EU member country, apart from Germany, during the period post-Brexit.

My Personal Perspective on Brexit

My initial reasoning, based on the assumption that the UK leaving the EU as one of its strongest members would force the EU to reconsider and initiate meaningful reforms, turned out to be incorrect. However, I remain steadfast in my belief that the UK's exit was a necessary step towards a more balanced political and economic structure within the EU.

Causes and Rationale Behind the Vote

Many argue that the UK public was misled and attracted by the rhetoric of American President Donald Trump, claiming the desire to rule themselves rather than be subjected to EU governance. Trump's political journey has faced numerous challenges, and consequently, the UK's exit from the EU has only highlighted the political and economic disparities that existed within the union.

The Role of the Elderly Population

The vote can also be analyzed through the lens of generational differences, particularly focusing on the boomer generation. As brains shrink from the age of 25 onwards and neural plasticity peaks in children, older individuals often struggle with basic common sense and poor education. This has led to a voting behavior driven by greed, selfishness, and a sense of entitlement, accompanied by a desire to destroy existing structures. This misguided behavior stems from a lack of wisdom and a clouded memory influenced by personal interests.

The Lack of Negative Consequences

Contrary to the warnings issued, there were no significant negative consequences following the Brexit vote. The only misinformation came from the propaganda machine of the UK government. In fact, the implementation of Brexit has resulted in several positive outcomes for the UK economy.

Positive Outcomes of Brexit

For instance, the UK has been able to reduce the influx of Eastern European workers who were deemed unqualified or unwanted. On average, between 2010 and 2020, an estimated 350,000 workers per year moved to the UK. This has helped protect UK jobs, the UK benefit system, and the UK housing market. Furthermore, the UK no longer financially supports the EU, having overcome the status of being the second-largest net contributor.

From a trade perspective, the UK experienced a significant improvement in its balance of trade, gaining ￡38 billion annually by leaving the single market. In contrast, Germany saw a similar negative impact. Leading multinational companies such as Shell and Unilever have shifted their global headquarters to the UK, citing its business-friendliness as a key factor. Financial institutions like BNP Paribas have also been encouraged to invest in UK companies, wary of the economic instabilities within the EU.

The UK has regained full sovereignty over its laws, its waters, fishing rights, and the ability to control who can live and work within the country and the terms of international trade negotiations. According to the United Nations, the UK is now the fourth-largest exporter in the world, further underscoring the success of brexit.

Conclusion

In conclusion, the UK's decision to leave the EU was not based on misguided economic fears but rather on a desire for a more balanced political and economic structure. The outcomes have been positive, with the UK experiencing stronger economic growth, better trade balances, and a reduction in influx of unwanted workers. It is clear that the warnings against Brexit were not borne out in reality, and the UK's departure from the EU was a necessary step for its future prosperity.