Freedom: To many pundits and economists, Brexit has been a disaster for Britain, isolating it from Europe and ensuring that its economy will stay on a slow-growth path. One word describes this: Nonsense.
Sure, some economists and market mavens have predicted trouble for the U.K., while billionaire socialist George Soros is betting big on a British Brexit catastrophe.
But whether you believe Brexit was a good idea or not, it will almost certainly not lead to a worse long-term economic outcome for the U.K. -- unless, that is, British politicians manage to make even worse economic decisions than European Union officials have, which is hardly possible.
To begin with, the EU has turned out to be a rotten deal not just for Britain but for any nation seeking to pursue economic growth — which all nations should do. Not only is its regulatory state overbearing and at times absurd, but it costs the EU's 27 members by some estimates hundreds of billions of dollars a year for minimal gains.
Free trade is one big benefit, but really Britain can still negotiate a deal with the EU to continue that. But what if the EU decides to punish Britain as an example to others who might be getting an itch to leave? And what if Scotland bolts from the U.K. so it can stay in the EU? Won't happen.
As Red Jahncke, president of the business consultancy The Townsend Group International, wrote recently in USA Today: "The U.K. is a net importer from the EU, so any tariff war or trade restrictions will hurt EU businesses more than U.K. companies, especially exporters in Germany, which is a huge trading nation. As for Scotland, it can't afford its independence."
Meanwhile, trading partners are eager to maintain their trade with the wealthy British market. As the U.K. Express reported, Australia, Canada, South Korea, India and Mexico are all "keen" to negotiate new trade deals. And the U.S. Congress, despite President Obama's haughty threat to send Britain to the "back of the queue" on trade, has made it clear that signing a deal is a priority.
"We should begin discussions with Great Britain to ease concerns so that we do have a smooth trade relationship with Great Britain, because they are our indispensable ally," said House Speaker Paul Ryan, sounding more sensible and presidential than either of the current candidates or the current occupant of the White House.
Yes, the British pound took a beating, a result of uncertainty over the U.K.'s ties to major trading partners. But assuming the pound stays weak, it should help make British goods cheaper on global markets — offsetting any hit to domestic consumption.
Britain, a nation filled with educated and well-trained people, is now regaining control of its destiny. Far from hurting it, Brexit will only make it stronger.
