The UK has voted to Leave the EU, but we must not leave the Single Market

Sam Bowman, Executive Director of the Adam Smith Institute, said:

“This is a vote for Britain to open up to the world: to strike free trade agreements with Asia’s growing economies, forge deeper links with the other Anglosphere countries, and make Britain’s economy as competitive as possible.

“However it is clear that markets have taken a severe hit, much of which is down to uncertainty about what will happen next. It is crucial that the UK does not leave the Single Market even as it leaves the EU, in order to reassure markets and avoid a major economic shock.

“This ‘EEA Option’ will take the economic risk out of leaving and avoid most of the economic losses that Remainers warned leaving would entail. Staying in the Single Market for a period of five to ten years would give the UK the time it needs to properly disengage from Europe as a process, not a one-off event. It is also important that the government does not trigger Article 50 immediately – we need as much time as we can get to negotiate Britain’s exit.

“Of all the arguments for Leaving, the one unifying feature is a desire for sovereignty and UK having control over our own policies. Though immigration did motivate people it was as much the sense of having ‘no control’ as it was about there being too many people. It would be a mistake to assume that this is a strictly anti-immigrant vote.”

For further comments or to arrange an interview, contact Flora Laven-Morris, Head of Communications, at flora@adamsmith.org | 07584 778207.