This week marked the third anniversary of Brexit, and coincided with the “bleak verdict” of the International Monetary Fund: this year the British economy will perform worse than all the major economies in the world, including Russia, writes the author of the article.
On virtually every metric, from business investment to exports and employment levels, the UK lags behind the competition. According to Bloomberg Economics, British GDP would be 4% higher if the state remained in the EU.
The UK had a powerful voice in the EU as one of its three largest economies, also enjoying special status thanks to its UN veto power, close relationship with Washington and “impressive military strength”.
But over the past decade, defense spending has stagnated, while funding for the diplomatic service and foreign aid have declined in real terms. “Even Washington has little time for a country that is not part of the EU. As journalist Neil Asherson once feared, the UK has become Little England,” Zakaria said.
According to the author, to regain its weight, the UK must first return to the EU.