It’s not a happy picture, and it’s clear that Scottish National Party (SNP) leader at Westminster Stephen Flynn can’t wait to get Andrew Bailey in front of him. They will dive into the current economic impacts of Brexit. The convening comes just weeks after a similar deal was announced by leader of the opposition, Sir Keir Starmer, in May. This deal seeks to build strong cooperation on key sectors including fisheries, trade, defense, energy. Flynn, however, has lots to do to tackle what he calls the “folly of Brexit.” He thinks it’s had a tremendous effect on the UK economy.
The Office for Budget Responsibility forecasts that Brexit will reduce the UK’s GDP by approximately 4% in the long term. This dire forecast highlights the harsh economic realities that our nation continues to grapple with as we emerge into our post-Brexit world. Flynn’s concerns resonate particularly with Scottish businesses, especially within the fishing industry, which have voiced criticism regarding the UK’s latest trade agreement with the EU.
Flynn reiterated the need for the UK government to go back to the drawing board and secure a more favourable deal with the EU. He stressed that now is the opportune moment to reopen negotiations and foster deeper relations. “If she truly wants to recognise the damage of Brexit, there’s only one thing that she can do, and that’s to try and enter into as extensive negotiations as she possibly can with the European Union to put it right,” he stated. His remarks reflect an increasingly popular belief among the masses. They argue that Brexit has not provided the expected opportunities for all industries, including fishing.
Starmer’s already painted a pretty stark picture with his new deal with the EU. Yet he has steadfastly ruled out any efforts to negotiate a new customs union. While this expensive and controversial decision has received appropriate well-deserved criticism from most sources, even in this move Flynn goes further than the rest. “Rachel Reeves is indicating that we’re right in this regard, but it’s not good enough to be right or good enough for the chancellor to recognise the error of her own ways,” he remarked. A Glimmer of Hope Flynn makes the case that Reeves needs to act boldly, for she is in the key position responsible for tackling these issues.
Scotland’s impressive showing in the 2016 Brexit referendum. In fact, 62% of voters overwhelmingly wanted to stay in the EU—as opposed by a mere 38% against it. That sentiment has certainly not gone away and Scots are increasingly disillusioned with the UK government’s response to Brexit.
Andrew Bailey has acknowledged that Brexit would negatively affect the UK’s economic growth “for the foreseeable future.” He said there would be “at least partial rebalancing” over the longer term. The recently announced meeting between new commissioner Flynn and Chairman Bailey could be a promising step to tackle these issues more directly.
We can clearly see Flynn’s excitement about what could be a very rewarding exchange with Bailey. “So who knows, myself and the governor of the Bank of England might have an interesting conversation in that context and based upon his comments of late in respect to Brexit, we’ll probably agree,” he noted.
Public debate concerning Brexit is still ongoing. Stephen Flynn’s call for renegotiation draws attention to the broader discussion occurring in the UK about the country’s long-term relationship with Europe. The ramifications of these discussions may have permanent impacts on future trade agreements and market-driven economic policies.