The process needn’t be complicated or time consumingby John Redwood / October 13, 2016 / Leave a comment
Some in the media and many in Parliament on the Opposition benches still seem very muddled over what has happened. The electorate voted to leave the EU. That is what it said on the ballot paper. They did so despite the Remain campaign telling them in no uncertain terms that they thought that meant the UK will be out of the single market, with damage to our economy as a result. Remainers told us there would be an immediate and major loss of confidence, triggering an early recession, falling house prices and rising unemployment. Many more voted to “Leave” than have ever voted for a major governing party in a General election.
Vote Leave made clear we did not accept Remain’s short-term economic forecasts. We agreed that the EU regards freedom of movement and budget contributions as part of the Single Market, so we would indeed leave the Single Market, but we should retain good access to it.
Now we are three months on from the vote we can see that in most respects Vote Leave was right about the short term economic out-turn, and Remain was wrong. Three months on and retail sales are up, the economy has grown, jobs have increased, car output and sales are up and house prices have been stable outside central London, where they had been falling since April owing to Stamp Duty changes. The only pessimistic forecast Remain were right about, is the pound has fallen. Vote Leave did not contest this forecast before the vote, pointing out that the pound has both risen and fallen within the EU and will doubtless do so outside as well. The pound now looks cheap and is stimulating exports.