Occasionally, there are moments of unprecedented social and political change when nations are faced with great opportunities to seize the future. We call these “unfrozen moments”.
Following the EU referendum result, Britain faces an unfrozen moment in which its destiny is unwritten. The decisions made by government over the coming months and years will have a huge impact (more so than usual) on the nation’s future prosperity. The potential for change—both positive and negative—is larger than at any point in the post-war era. In moments such as this, opportunities for influence emerge. Our Economics of Prosperity programme and in particular our Special Trade Commission, building on our post Referendum analysis: 48:52 Healing a Divided Nation and The Road to Brexit, seek to capture the moment by providing the UK Government with genuine expertise and experience.
Our Special Trade Commission brings together 11 world-class trade negotiators with a combined experience of 200 years in trade deals, trade negotiation and the WTO.
The Legatum Institute remained firmly neutral during the referendum campaign but now the decision is taken we have a responsibility to work for the best possible outcome.
The referendum result highlighted a divided nation but at the Legatum Institute we know that real change does not come from ongoing criticism but rather through creative solutions. We are therefore committed to addressing the challenges that arise and harnessing the opportunities. We are optimistic, without being unrealistic, about Britain’s future. The UK’s departure from the European Union does represent an opportunity to shape the legacy we leave for future generations.
We’re determined to ensure that legacy is a positive one.
Shanker Singham, Director of the Legatum Institutes Economics of Prosperity Programme talks of the "3 fundamental pillars" of getting Brexit right.
"What does a successful Brexit look like?"
"The UK is a predominantly services led economy. The barriers to the UK’s service sector are very high around the world, and could be lowered in trade agreements with like-minded countries, bilaterals with major emerging markets, and in true economic partnership agreements with developing countries who will embark on the difficult structural reforms their people need provided they also achieve agricultural access to a large developed market. All this is possible, but only if we do not take these opportunities off the table by the manner in which we exit the EU.
We must negotiate in such a way that we take as little of this potential off the table as possible. There are three fundamental pillars whose integrity cannot be violated if we are to achieve this goal. They can be summarized as follows. We must allow ourselves to negotiate agreements with others (no Customs Union), in the areas where we are strong (services), so we cannot be a member of the EEA (because then we will not be able to negotiate on our domestic regulations and we would not be able to engage in substantial domestic regulatory reform), and we must be agriculturally more open, so we can do the deals with developed and developing countries alike that we can do and others cannot, so taking advantage of our own destiny (no CAP or CFP). We must turn our open economy to its maximum advantage"