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What does Brexit mean? A new short film

Geoff Riley

20th September 2016

"Brexit means Brexit", but what does this mean? Our friends at Econ Films have interviewed over a dozen economists from a range of fields, and made this quick video explaining the biggest issues facing the UK as it prepares to negotiate its future.

What does Brexit mean?
Among the key insights:

  • The UK needs to stay part of the European Single Market, otherwise services trade is at risk - particularly financial services.
  • But there is a stalemate: The Single Market vs. Free Movement of People.
  • The EU may be willing to compromise on the free movement of people as EU politics is getting complicated.
  • But this will take time and is uncertain. To deal with the uncertainty, the UK might consider a temporary fix whereby the UK adopts a Norway-style relationship with the EU until a new deal can be agreed.
  • Whatever the outcome of negotiations, the UK should not overlook a major cause of the Brexit vote: the inequality caused by globalisation.
  • Unless there are policies to address some of the inequality caused by trade, there is the risk that many people who voted to leave because they feel left behind could be left even further behind as the UK seeks greater free trade with the rest of the world.

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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