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ID: 145564

Impact of EU membership on UK economic performance / Crafts, Nicholas

Crafts, Nicholas	Journal Article
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Summary/Abstract

The relatively deep level of economic integration achieved by the European Union (EU) has been highly successful in increasing trade for its members. Larger trade volumes have had positive effects on productivity levels. In the case of the United Kingdom the gain from joining the EU was probably around 10 per cent of GDP and this far exceeded any costs of membership, possibly by a ratio of seven to one. A major reason for this outcome was a significant increase in competition as protectionism was abandoned. The economic implications of Brexit are much less clear because there are many permutations of what it would entail. Future trade barriers rather than budgetary transfers are the main issue. Brexit could be quite costly if the UK left the single market and used its new policy space badly. Ironically, while Brexit clearly appeals to free traders, it could end up empowering protectionists.

Key Words

Competition ; Productivity ; Growth ; Trade Barriers ; Brexit ; Membership Fee

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ID: 162605

Industrial strategy: policy like it's 1964 / Crafts, Nicholas

Crafts, Nicholas	Journal Article
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The remedies provided in Prosperity and Justice: a Plan for the New Economy are less convincing than its diagnosis. It entails a substantial shift back towards selective industrial policies and resource allocation by the state rather than the market, with the ambition of changing the structure of the economy. Many economists are likely to be sceptical of some of the arguments put forward in the report. An obvious issue is the huge policy discretion to be given to government without effective constraints, and the significance of government failure is overlooked. It is a triumph of hope over experience.

Key Words

Policy ; Industrial Strategy ; 1964

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ID: 153306

New industrial strategy: making Britain great again? / Crafts, Nicholas

Crafts, Nicholas	Journal Article
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Key Words

New Industrial Strategy ; Making Britain Great Again

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