The Cliff’s Edge: Osborne’s Plea for Reentry Highlights Brexit’s False Promises

George Osborne, former chancellor and cabinet member under David Cameron, has acknowledged Britain’s economy has “fallen off a cliff” since the 2016 referendum. His candid assessment is striking not just because of its severity but also because it underscores his prescription for recovery: rejoining the European Union’s customs union.

Osborne’s call to action is predictable given his background as an ardent Remain supporter, yet it highlights a broader critique of Brexit’s handling by those who championed it. Proponents claimed that Britain would be free from EU red tape and strike new trade deals with nations like America, liberating itself from the supposedly stifling customs union. However, nearly three years since the referendum, the promised land of post-Brexit prosperity remains elusive.

Britain’s reliance on trade with Europe cannot be overstated, as Osborne points out. The impact of leaving the customs union has been particularly damaging, given its implications for trade and investment. Even ardent Brexiteers now seem to acknowledge that securing new trade agreements takes time, yet Britain’s failure to deliver on these promises has been a hallmark of its post-Brexit era.

Countries like Germany and France continue to thrive, buoyed by their continued participation in the customs union. Osborne suggests rejoining would be “a pretty straightforward decision,” resonating with those who have long argued for a more pragmatic approach to Brexit. His distinction between rejoining the customs union and the single market highlights the need for flexibility in trade agreements.

Osborne’s call may resonate with those who opposed Brexit, but it also underscores divisions within the Remain camp. Notably, he seems to suggest that this decision would be easy for someone like Andy Burnham, a fellow politician and Remainer, implying there is still room for intra-party debate on how best to approach Britain’s economic future.

As we reflect on Osborne’s plea for reentry, it becomes clear that Brexit’s legacy extends far beyond its immediate consequences. It has created a complex landscape of promises unfulfilled and opportunities squandered. For those who believed in the potential of post-Brexit Britain, the current state is a harsh reminder of the dangers of economic isolationism.

The cliff Osborne speaks of is not just an economic precipice but also a moral one. It represents the distance between the rhetoric of Brexit - ‘Take Back Control,’ the slogan that resonated with many during the referendum campaign - and the reality of Britain’s diminished global standing. As we move forward, it’s crucial to confront this gap head-on, acknowledging both the failures of Brexit and the imperative for a more pragmatic approach to trade.

Ultimately, Osborne’s call to rejoin the customs union serves as a stark reminder that some promises are better left unmade, particularly when they come at the cost of economic stability.