Post-Brexit: U.K. Can Lead Europe to Greater Economic Freedom
Fear-mongering pundits and politicians campaigning for the “Remain” campaign had predicted dire consequences for the United Kingdom if British voters decided to leave the European Union. Developments in the weeks following the June 23 decision by a solid majority to “Leave” have proven the Remain-side alarmists wrong. As “Vote Leave” proponent and Member of the European Parliament for the U.K. Daniel Hannan writes, “Britain’s jobs miracle has continued, with more people in work than ever.” Far from leaving, however, some multinational companies that had urged a “Remain” vote have made significant new investments in the U.K.
Among EU countries, only the U.K., Ireland, and Estonia ranked in the top ten in The Heritage Foundation’s annual 2016 Index of Economic Freedom. With the departure of the U.K., then, the EU will lose one of its few economic freedom role models—especially in the Index pillar areas of Rule of Law and Open Markets.