Opinion: With Brexit, Britain is finally at the wheel of its own destiny
A pro-Brexit supporter demonstrating outside Parliament in London on Oct. 29, 2019. Ryan Bourne is the R. Evan Scharf chair for the public understanding of economics at the Cato Institute and was formerly head of public policy at the Institute of Economic Affairs in London.
It is an utterly historic moment. Britain’s elected representatives of the European Parliament have been retired. In fact, the U.K. has departed all the E.U.’s political and administrative bodies. Now, the so-calledbetween Prime Minister Johnson’s government and the E.U. comes into effect, under which a “transition phase” has begun. This sees the U.K. continuing to pay into the E.U. budget and adhering to E.U.
But Jan. 31 is not about the immediate consequences, or policy decisions made, but where ultimate political authority resides.Formal exit overcomes a necessary hurdle in moving toward a new U.K.-E.U. economic settlement, yes. And the shape of that relationship has become clearer given Johnson’s thumping electoral victory, and his desire for Britain to exit the E.U.’s single market and customs union. But it’s about much more than that. The key implication of leaving the E.U.
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