IOur panel’s “Brexit optimists” also agreed that the prime minister’s plan to raise wages was “for the birds”.
Emily Carver of the Institute of Economic Affairs said it was possible wages could rise in some deficit sectors such as lorry drivers, but that Brexit was unlikely to lead to higher incomes for the entire economy.
Julian Jessop, who acknowledged that he was unusual as an economist in favoring leaving the European Union, agreed, although he thought there could be benefits from lower regulation costs and non-EU trade in the long term.
Jonathan Ports, professor of economics at King’s College London, said there is little evidence of wage increases even in sectors such as hospitality, where labor shortages are severe. And he said that if wages go up, the money has to come from somewhere, most likely because companies are raising prices, in which case people’s conditions will not be better overall.
The panel agreed that the labor shortage was largely the result of coronavirus lockdowns, and affects most countries in the world – workers going home are closer to family and often find other jobs. Britain may be more affected partly because we relied more on foreign workers, and partly because Brexit has made it harder to import new workers to replace our lost workers.
But the high price of natural gas has nothing to do with Brexit, as Anna Isaacs, GranthshalaThe editor of economics, explained. This mostly has to do with the world economy returning unexpectedly from the Covid recession, compounded by labor shortages and supply problems.
Watch the video below to watch the full event
very Granthshala Readers attending the event demanded to know whether Brexit had yielded any benefits, and our pro-Brexit panelists did their best to point to regained sovereignty and the momentum of the vaccine program. Some readers asked whether we think the difficulties caused by Brexit will change the mind of enough voters to reopen the question. The problems of pig farmers, who have had to start slaughtering and burning their stocks due to a shortage of workers in slaughterhouses, are striking, especially as farmers strongly support Brexit.
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That said I thought it was unlikely that there would be any appetite among any politician to reverse Brexit, and it was hard to imagine that the Labor Party would even propose to renegotiate the terms of the EU trade deal. giving. So far, the Keir starrer has talked about making the current deal even better.
My thanks to all of our panelists for participating in an interesting discussion, based on a really solid rather than rhetorical one. If you couldn’t make it to the event, I’d say this recording is worth watching.
Credit: www.independent.co.uk /