Americans Aren’t The Only Ones Voting Against Economic Interest

Brits love doing it too.
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If the polls are right, about half of British people are about to do it in a spectacular way, all in the name of Making Britain Great Again.

“We don’t have control over what happens to our country,” he said. “We can’t get rid of undesirables. E.U. regulations prevent all manner of things.”

What about trade, economic growth and jobs? Mr. Plumb said Brexit fears were overblown. And if there is a price to be paid, abandoning Europe will be worth it.

Now, if only anybody were being honest about the price to be paid….

Brexit proponents are trying to sell an emotionally gratifying movement as economically virtuous. One could wallpaper Buckingham Palace with the pages of recently released reports — from the International Monetary Fund, the Organization for Economic Cooperation and Development and a half-dozen academic institutions — concluding that a Brexit would diminish the British economy. It would put trade at risk, they say. It would sow unease across Europe….

“The pro-Brexit argument that Britain will be free of lots of regulations, that there will be a bonfire of red tape that will cause us to grow rapidly and we��ll strike lots of new trade deals as this buccaneering new England — there’s just no credible scenario to any of that,” said John Van Reenen, director of the Center for Economic Performance at the London School of Economics. “There aren’t anything like the game-changing propositions that the pro-Brexit camp is putting forward….”

“The minute the U.K. is no longer part of the E.U., there is zero chance that London remains the center for euro-denominated transactions,” said Jacob Kirkegaard, a senior fellow at the Peterson Institute for International Economics in Washington. “London will become a much smaller, more regional financial center.”

Never mind all of that though:

“Life’s not just about money,” said Mr. Tice, whose firm manages a hoard of real estate worth in excess of $750 million.

‘Brexit,’ A Feel-Good Vote That Could Sink Britain’s Economy [NYT]
Earlier: Brexit Good For Spite, Little Else; British Hedge Funds Finally Getting Revenge On EU

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