Civitas: It’s Quite OK to Walk Away: A review of the UK’s Brexit options with the help of seven international databases

22 March 2017

Michael Burrage uses seven international databases to assess the benefits of the Single Market for the UK. The data shows that the Single Market has not delivered the export growth it was expected to.

Michael Burrage also shows how other supposed benefits of the Single Market are largely imaginary. There is no evidence that Single Market membership has had a positive impact on UK GDP or productivity growth. The idea that the Single Market has been good for jobs is belied by the astonishing employment record of its members compared with other developed economies.

The benefits of Single Market membership have been illusory, while its costs are real, onerous, and unacceptable to a majority of the British people. Theresa May’s decision to withdraw the UK from the Single Market has been criticised by some for jeopardising the economy. But, as she and her ministers embark on negotiations over the UK’s future relationship with the EU, Michael Burrage shows that it is quite OK to walk away.

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