LyrArc Article Gist
This leader article in The Economist refutes the notion in an article by Greg Ip in the WSJ that Britain would benefit by being self reliant. Self reliant on what it asks? Self reliant on British selves for people outside of London by limiting contacts with mainland Europe and keeping out people. It points out that it is not just a rejection of Europe but also of London, the main financial centre of Europe before Brexit. It refutes the notion that the decline in the value of British currency, the Pound, would automatically lead to higher exports by saying that this was always one of the "inanities of Brexit"- that with supply chains spread out in many countries Britain which was integrated into the supply chain in Europe could suddenly integrate into supply chains far away in Asia. It predicts pain from Brexit, and sees the "hard Brexit" as a bad choice for Britain, as announced by Theresa May in October 2016 and planned for 2017.