From the Guardian · · 1m 20s
Osborne: rejoin the customs union
The chancellor who sat in the cabinet that called the referendum now says Brexit wrecked trade, and names the one fix he thinks is easy.
In brief
The chancellor who sat in the cabinet that called the referendum now says Brexit wrecked trade, and names the one fix he thinks is easy. Rejoining the customs union is the cheapest lever on UK growth, because it fixes trade without reopening free movement. Originally reported by the Guardian.
Off a cliff
George Osborne says Britain's economy fell off a cliff after Brexit and is plainly poorer than it would have been otherwise.
“Brexit has been a mess. Britain has basically gone off a cliff.”
Who is saying it
Osborne was in David Cameron's cabinet when the referendum was called, and Theresa May sacked him after the vote. That makes the verdict sting.
The one fix
Rejoining the EU is a hard sell a decade on. The customs union, Osborne argues, is a smaller and faster move.
“I would rejoin the customs union. It's a quite simple thing to do.”
Nobody voted for this
Leaving the customs union was never debated in 2016. Osborne says voters did not know it was on the table, and trade took the hit.
“No one knew we were leaving it and it has had a devastating impact on trade.”
The American deals never came
Staying out was justified by the blockbuster trade deals Britain would strike with the US. Osborne calls that fanciful now.
“That all looks pretty fanciful now.”
No free movement attached
Unlike the single market, the customs union does not require accepting free movement of people. Osborne points at Andy Burnham to make the case.
“It's a pretty straightforward decision.”
The short version
Rejoining the customs union is the cheapest lever on UK growth, because it fixes trade without reopening free movement.
