Magazine article Public Finance

Unstable Times Ahead over Brexit, Warns Cable

Magazine article Public Finance

Unstable Times Ahead over Brexit, Warns Cable

Article excerpt

The UK faces instability following the vote to leave the EU, and a possible second referendum on the terms of a Brexit deal, Sir Vince Cable has said.

The former business secretary told the CIPFA conference in Manchester that successful negotiations were usually "played long" but, the longer these went on, the greater the uncertainty that would hamper the economy.

Cable warned that Theresa May's new government would have to pull off a diffi cult, complex negotiation if it was to satisfy Brexit supporters over limits on freedom of movement while also maintaining access to the single market for UK business.

"It is not widely understood here that part of the reason the EU has been infl exible on freedom of movement is that the single market wiThfree movements of capital and labour was a British idea created by Margaret Thatcher and they cannot see why the UK is now walking away from that," he said.

There would be inevitable uncertainty while the new administration tried to negotiate its way out of "12,500 laws and directives" derived from the EU, Cable warned.

He said the UK had still not recovered from the fi nancial crash of 2008 and, while unemployment was low, living standards for average workers were no higher than they were in 2007. …

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