Re-do Brexit? Let’s use the levers we already have
Please, not again, Even in this groan-inducing contest, Penny Mordaunt’s pledge to ‘re-do’ Brexit was enough to leave even the most ardent Westminster watcher in despair.
The idea of revisiting the interminable summits and political bravado that defined our politics – and crowded out anything more productive – for years is surely one for the birds. But in truth, far from re-doing Brexit, we need to first decide what it actually means – and that will require far more in depth policy work than we have so far seen from the government, and far more vision than we have seen from any of the candidates in this leadership race.
Shanker Singham, the former government adviser and respected free market thinker, puts the challenge of Brexit succinctly: “Brexit just means leaving the EU. If it is to be successful, it requires maximising opportunities and minimising disruptions.” In particular, for Singham, the opportunities are in trade policy and regulatory reform.
Both require hard graft and single-minded focus. So far the evidence does not suggest that Britain is taking those opportunities seriously, nor pushing ahead fast enough with reforms to liberalise our markets.
Much will no doubt be made of forthcoming changes to Solvency II regulations in the Chancellor’s Mansion House speech tomorrow, but insurers privately grumble that the European Union is actually moving further and faster than Whitehall on reform. Universities and life science groups still bemoan the UK’s now broken relationship with Horizon – and the funding that came with it – but are grumpier about the lack of progress on an alternative, UK-flavoured version. It’s unlikely to win hearts and minds, but it’s also true that the Brussels banker pay cap is also set to stick around.
So no, we don’t need to ‘re-do’ Brexit. We need to move forward. We need clear direction on our relationship with Europe, and ministerial drive and direction to push through bold reform. It is time for some risk-taking.