Brexit In Reverse?

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Economic reality is beginning to catch up with the false hopes of many Britons. One year ago, when a slim majority voted for the United Kingdom’s withdrawal from the European Union, they believed the promises of the popular press, and of the politicians who backed the Leave campaign, that Brexit would not reduce their living standards. Indeed, in the year since, they have managed to maintain those standards by running up household debt.

The British are fast approaching the tipping point that characterizes all unsustainable economic trends. I refer to such a tipping point as “reflexivity” – when both cause and effect shape each other.

Economic reality is reinforced by political reality. The fact is that Brexit is a lose-lose proposition, harmful both to Britain and the EU. The Brexit referendum cannot be undone, but people can change their minds.

The attitude of Britain’s young people to the single market is diametrically opposed to that of May and supporters of a “hard” Brexit. Young people are eager to find well-paying jobs, whether in Britain or elsewhere in Europe. In that respect, their interests correspond with the interests of the City of London, where some of those jobs are to be found.

If May wants to remain in power, she must change her approach to the Brexit negotiations. And there are signs that she is prepared to do so.

https://www.project-syndicate.org/commentary/brexit-in-reverse-by-george-soros-2017-06