Britain will be the big winner from Brexit

Barring an asteroid hit, a major earthquake in California, or some other unpredictable event, the only sensible way to predict the future is to project it from current trends, modified by likely political decisions. Ten years from now, then, the European Union will have largely disbanded, the per capita income in the United States will be roughly what it is today but possibly more equally distributed, and London will be the world’s financial center.

Brexit will cause Britain to radically modify its policies on trade, regulation, and taxation. To counter the initial negative effects of leaving the European Union, the Conservative Party now in control of the British government has already proposed to attract investment by reducing corporate taxes.

When finally free of EU controls, Britain will also liberalize its trade policies. Within five years, it will apply for membership in the North American Free Trade zone, as well as other free trade agreements to which the United States is a party. The success of reduced taxation will also induce the British Conservatives to enact substantial financial deregulation. This will attract financial firms to London rather than New York, where the Dodd-Frank Act—and its current suppression of financial and economic growth and innovation—will still be in force.

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Britain will be the big winner from Brexit

 
Πηγή: American Enterprise Institute