Should Britain Rejoin the EU Single Market to Boost the Economy?

On Monday, Prime Minister Rishi Sunak ruled out Britain forming a Swiss-style relationship with the European Union, which would reintegrate the country into the single market.

Boris Johnson oversaw the UK’s exit from the EU, signing a Brexit agreement that imposed trade barriers with the bloc. Membership would aid in the resolution of Northern Ireland Protocol issues and ease trade with the EU by eliminating red tape and export costs.

Some members of the public have argued that joining would help the country’s economic situation. “Brexit has been a disaster,” one caller told LBC host Lewis Goodall last week. “If we want to grow, I believe we should rejoin the customs union and the common market.”

“With the state we’re in now, I’d love to see a political party campaigning to join the customs union and the common market, and if not, set the ball rolling to rejoin the EU,” they added.

The Office for Budget Responsibility (OBR) claimed last week that Brexit had harmed the UK economy by reducing trade volume and relationships.

Their report said: “Our trade forecast reflects our assumption that Brexit will result in the UK’s trade intensity being 15 percent lower in the long run than if the UK had remained in the EU. The latest evidence suggests that Brexit has had a significant adverse impact on UK trade.”

“The UK has also lagged behind G7 competitors, including Italy, France, and Germany, in terms of GDP growth since 2019.”

Labour leader Sir Keir Starmer also ruled out a return to the EU’s single market or customs union if his party wins the next general election.

Membership could help the British economy, but it would necessitate compliance with EU laws and policies. So, do you think the United Kingdom should rejoin?

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