How UK's EU membership already cost us £200 bln
Against George Osborne's scaremongering about the losses Brexit might incur, how about considering the vast losses EU membership has already cost us? They run into the hundreds of billions
Using Mr Osborne’s method of assessing economic loss we have already lost far more than he fears we might by belonging to the EU. Just look at the losses we can directly blame on our membership:
There is no evidence that our growth rate increased as a result of our membership of the single market, and there was no favourable upward wobble in growth when they “completed” the single market in 1992 or widened it again in the years thereafter.
This is not surprising as the “single market” is a set of complex and expensive rules and laws, not a proper free market. The growing complexity of EU single market measures coincides with the last decade when growth has been slower than before.
It would not be right to blame the EU on its own for the banking crash of 2008, as this also occurred in the USA. The EU version of the banking crash has however turned out to be deeper and longer lasting than the US version thanks to the ill constructed Euro.
It is right to blame the EU for the recession of 1992 when the European currency scheme swept aside any possible benefits of the single market completion that year.
Overall, we have already lost £200 billion of income and output by belonging to the EU.
Mr. Redwood's writing is re-posted here by his kind permission. This and other articles are available at johnredwoodsdiary.co
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