Brexit affordability debate: what you had to say

An opinion piece by one of our writers triggered a huge response from readers. Here’s a brief summary of what was said.

This article was published in 2017

When one of our writers pitched an article to me last week arguing that Brexit was unaffordable in her opinion, we both knew what to expect.

Brexit is a hugely emotive topic and, as we’ve seen time and again in the media, even the most innocuous article can trigger a vitriolic public response.

But that doesn’t mean we should shy away from discussing important issues and sharing differing viewpoints.

So Felicity went ahead and put together this thoughtful piece, in which she expressed her concerns about the financial implications of Brexit.

What you had to say

What followed was one of the most-commented-on pieces in recent months. Given the Brexit vote was fairly close, it’s hardly surprising that there was support both for and against her viewpoint.

One of the great things about the loveMONEY community is that readers are generally respectful of one another.

While the comments section on some sites (which shall remain unnamed) are often filled with abusive, angry and generally hateful comments, it’s really refreshing to be able to publish a follow-up article such as this highlighting some of the genuinely insightful thoughts people have on this crucial issue.

You can find a selection of these a little lower down in this article*.

There really were too many comments to add them all but, if you do fancy scrolling through the lot, you can find them here. You won’t be disappointed!

Brexit: what are our trade options when we leave the single market

Some moderates still exist

A couple of points struck me when reading through the article (and comments) again this morning.

The first was that more than one in 10 (11%) of you said you’d vote differently if the referendum was held again, according to a poll included in the piece (picture below).

This indicates that, while the vast majority of us have very strong feelings on the matter, a small but significant number hold a more moderate view and could be swayed depending on the information presented to them.

The second was that, while Brexit supporters and opponents are massively at odds over what our long-term future might look like, both are agreed the short-term is going to be an extremely bumpy ride!

Well, that’s enough rambling from me, here’s a random selection of your comments.

A big thank you to all of you who took the time to put together such thoughtful responses to Felicity’s piece. 

What you had to say

@Clive Henson LM

The underlying assumption of the argument is that if we remain in the EU things will stay the same or get better.

However, the EU is in itself a car crash, the Euro is designed to work for only one country (or small group of countries with closely aligned economies), at present that is Germany and to a lesser extent France.

All the other Euro Zone members suffer from interest and exchange rates set to benefit Germany.

@stevemac500

In my opinion, the so-called EU negotiators don't appear to want to negotiate at all but just expect us to meet all their demands.

Let’s walk away from it. We made our way in the world quite successfully before joining the "common market" and I'm sure we'll do so after leaving.

@nealgossage

The debate is not about whether we are leaving or not – rather it is about the severe economic slump the country will suffer when we exit unless there is such a 'soft' Brexit that nobody really notices.

When will one of the politicians who voted Remain stand up and be counted and admit that Brexit will be an utter disaster for the country?

The lies of Farage, Johnson and others need to be exposed for what they are!

@john100

I do honestly believe that our future will be much better out of the cesspit called the EU.

I cannot understand why people cannot see the EU for what it is, An undemocratic organization benefiting the few at the expense of the rest.

There are certain people who wish to remain purely for their own selfish reasons.

@fatmac

The biggest problem I have with the whole referendum process is that we were asked to vote for something and then fed a lot of lies about how it would be if we were to leave the EU like the bus saying all the money would go to the NHS.

I would like to see a second referendum with facts, not lies.

My guess is that only the wealthy will benefit from the UK leaving the EU.

@hardtruth

No one said Brexit would be easy but happen it must and it will. It is the clear democratic will of the people expressed openly and fairly and most importantly beyond dispute.

This country was misled in 1975 into joining a trading club but taken over 40 years on a political integration project. This was the biggest lie and subterfuge.

The EU is sclerotic and needs demolishing and rebuilding (not reforming as it is beyond that) into what it should have a been all along - a free trade zone and security cooperation between like-minded but different countries. It can be this again but it probably has to see demise firstly because the elites will not let it go easily.

@MK22

When are people in the UK going to accept that economically we are a failure?

Wake up! We don't have an empire anymore. We are unbelievably indebted to the rest of the world.

We cannot grow enough food to feed ourselves, we make little that can't be made just as easily and cheaply elsewhere.

All we have is finance, which can relocate itself anywhere it pleases almost literally at the flick of a switch. We are, as Fraser used to say, "doomed"! Probably whether we stay or go!

@Fromthedesert

We don't need to get too excited by data or statistics pulled together by various bodies... they often get it wrong!

Yes, a hard Brexit will be challenging for the UK, but equally for the EU. Fact is, UK had a trade deficit of over 70bn with EU in 2016 and, let's face it, EU will really struggle to fill the gap left by UK contribution to their budget.

The brashness Johnson/Rees-Mogg is not helpful, however, we should not be cowed by the noises coming from EU – a calm sensible approach to negotiation is required.

Long term, we're best out of the EU – we should remind ourselves the UK will not sit well in a group that has a long-term plan of economic/political integration.

@jfm

I live in a European country (not the UK) and people here are utterly fed up with the EU. I believe fervently in Europe and am very pro-European. The EU is NOT Europe.

How can anyone have any trust in an institution whose accounts have NEVER been audited? Who knows where the money goes - apart from enriching Eurocrats who pay NO tax?

@Overtone

The fact that sterling has fallen against other major currencies since we voted to leave the EU is one indication that there's a general expectation that things will be worse for us after we've left.

There can be little doubt that if we leave the EU we'll be able to sell less to it that we do now. 

Perhaps, over time, we'll be able to make up the difference and even do better, as a result of new trade deals with other parts of the world.

Or perhaps not. But one thing is certain – those new deals won't happen overnight.

There will be a period of at least a year or two during which we'll be worse off because we are earning less in trade.

And during that time our currency will at best not recover any value, and more likely lose some more, and what we buy from abroad will cost us more.

@BigBrother

Brexit will be an economic disaster – there is not one shred of evidence that supports the assumption that we would be better off out of the EU.

But it is more than that. We need to counter the other lies of the Leave campaign.

They assert that the EU is undemocratic. This is patently untrue and very rich coming from a democracy that advocates first-past-the-post voting and an unelected second chamber.

They assert immigrants are costing our country billions whereas even the Government's own statistics prove that they are a huge net benefit.

They claim loss of sovereignty and yet ignore that we approve of more than 95% of laws made in the EU.

They claim the EU wants to be a 'superstate' but the overwhelming majority of member countries have no appetite for this, so it won't happen.

As a nation, we have made a grave error, encouraged by press barons with a personal agenda, which we need to have the opportunity to rectify.

Fortunately, the public is waking up to the reality. Brexit is no longer the 'will-of-the-people' with a 5 point lead in the polls for remaining. The EU undoubtedly needs reform, and if we stay in we can lead it. The irony is we had our cake and we were eating it too but we're now headed for crumbs.

@Polonius

It would be wonderful if there could be civilised debate all round rather than the vituperative tribalism and abuse which the referendum seems to have spawned.

It reminds me of the English Civil War (not that I was there) where families would kill their own kin for being on the wrong side.

It's not a football match, it's the future of our children and grandchildren and the less energy wasted in stigmatising and name-calling, the better.

*Some comments were abbreviated. This was done purely to keep the length of the article down. All effort was made not to alter the intended message of each commenter.