Sir Keir Starmer, leader of the opposition Labour Party, just delivered an electrifying pledge. In his first Christmas present to the nation, he announced a new deal with the EU that included all the important areas—fishing, trade, defense, energy. This significant shift comes in direct reaction to growing fears over the long-term economic damage that Brexit will likely do. The Office for Budget Responsibility estimates a long-term loss of up to 4% in the UK’s GDP as a result of the separation from the EU.
In 2016, the United Kingdom as a whole voted to leave the EU, with 52% of Brits favoring Brexit. In contrast, Scotland showed an unmistakable desire to stay, voting 62 percent to 38 percent not to leave. The ruling has raised a firestorm of controversy in regard to its economic effects. This has especially been the case in the Scottish fishing sector, which has vocally opposed the last three trade agreements struck by the UK government.
Stephen Flynn, a prominent Scottish politician and member of the SNP, plans to address these concerns directly with Andrew Bailey, the governor of the Bank of England. Flynn intends to raise what he describes as the “folly” of Brexit and its continuing adverse effects on the UK economy. He is calling for the UK government to renegotiate its trade agreement with the EU to better accommodate sectors adversely impacted by Brexit.
Flynn’s stance contrasts with that of Rachel Reeves, the Chancellor, who previously voted in favor of triggering Article 50, which initiated the UK’s exit process from the EU. Reeves has admitted the damaging effects of the deal struck by the previous Tory-run city council. He still thinks it’s done permanent damage to the economy. She said the damaging impacts of Brexit are no longer theoretical, showing up in real life with worsening economic indicators.
Andrew Bailey has spoken out in favor of the idea. He concludes that Brexit will most probably not allow the UK to escape from much underperforming economic growth in the long run. He admitted that though there is “at least partial rebalancing” on the horizon, near-term hurdles still exist.
The Labour government has taken steps to mitigate some of these adverse effects by launching a fund aimed at supporting fishermen over a twelve-year period. This initiative demonstrates that we’re listening to the specific pressures that key industries here in Scotland and across the UK are experiencing. These difficulties are a consequence of the unfolding trade war.
Flynn’s efforts to engage with Bailey highlight a growing recognition among Scottish politicians that more robust measures may be necessary to address the specific needs of industries affected by Brexit. The fishing industry’s ire has been focused on the status quo agreements. They believe these deals don’t go far enough to protect their interests.
With Brexit still very much at the forefront of European debate, former UKIP leader Nigel Farage is still busy hurling insults. Farage is one of the most formidable campaigners for Leave. He has consistently advocated for a hardline approach in negotiations with the EU, insisting on complete separation from its rules and policies.