If the UK leaves the EU, what will happen to the UK economy? In this video, Anatole Kaletsky argues that Brexit would be economic suicide, or at least self-harm. A trade agreement that grants access to the Single Market implies conceding political sovereignty, contributing to the EU budget, and free movement of labour. This video was recorded during the “Economics of the UK’s EU Membership” conference organised by the National Institute of Economic and Social Research in February 2016 and held in London.
Anatole Kaletsky, 22 June 2016
Karl Whelan, 20 June 2016
A large amount of business done in the City is linked to the UK’s membership of the EU. In this video, Karl Whelan discusses the impact of Brexit for the UK’s financial sector. He also argues that leaving the EU would take away the UK’s voice in shaping future legislation, which it would nonetheless have to follow in order to retain access to the Single Market. This video was recorded during the “Economics of the UK’s EU Membership” conference organised by the National Institute of Economic and Social Research in February 2016 and held in London.
Nauro Campos, 17 June 2016
As Europe heads towards Parliamentary elections, this VideoVox looks at the economic benefits of EU membership. On average, European countries are 12% richer a decade after they join the EU. The UK is 24% better off since joining in 1973. The video was recorded in March 2014.
Nicholas Crafts, 15 June 2016
If the UK leaves the EU, what's next for the economy? In this video, Nicholas Crafts of the University of Warwick discusses the impact of EU membership on the British economy. The type of agreement the UK would reach outside the EU is most important, and the risks outweigh the potential gains. This video was shot during the “Economics of the UK’s EU Membership” conference organised by the National Institute of Economic and Social Research (NIESR) on 23 February 2016 and held in London.
Randolph Bruno, Nauro Campos, Saul Estrin, Meng Tian, 05 May 2016
The current Brexit debate has highlighted questions about the benefits and costs of EU membership. This column considers the effect of membership on foreign direct investment (FDI). Using several measures, EU membership is found to increase FDI inflows by 14–38% between 1985 and 2013. These results support arguments for economic integration, and indicate that, like international trade, FDI is a key channel through which payoffs are delivered.
Angus Armstrong, 09 March 2016
The upcoming vote on the UK’s membership of the EU has sparked a vibrant debate on topics ranging from sovereignty and sterling to migrants and the military. This column discusses evidence on the economics of Britain’s EU membership drawn from a recent conference where both sides of the debate were represented.
Swati Dhingra, Thomas Sampson, 04 March 2016
In June, UK voters will decide whether to remain part of the EU. This column explores the UK’s options if a majority votes in favour of Brexit. One possibility is for the UK, like Norway, to join the European Economic Area and thereby retain access to the European Single Market. An alternative would be to negotiate bilateral treaties with the EU, as Switzerland has done. All options, however, involve a trade-off between political sovereignty and economic benefits.
Nauro Campos, Fabrizio Coricelli, 11 December 2015
Whatever the result of Britain’s upcoming in-or-out referendum on EU membership, its relationship with the EU will change substantially. To assess these changes, it is important to understand how Britain has benefited from EU membership. This column argues that EU membership has brought benefits through three key mechanisms – trade, foreign investment, and finance. The current focus on UK exports to and imports from the EU may severely underestimate the true potential costs to Britain of Brexit.
Nauro Campos, Fabrizio Coricelli, 03 February 2015
Britain eschewed EU membership in the late 1950s but changed its mind in the early 1960s, only to be rebuffed by Charles de Gaulle. Membership came only in the early 1970s. This column argues that, among others, Britain joined the EU as a way to avoid its economic decline. The UK’s per capita GDP relative to the EU founding members’ declined steadily from 1945 to 1972. However, it was relatively stable between 1973 and 2010. This suggests substantial benefits from EU membership especially considering that, by sponsoring an overpowered integration model, Britain joined too late, at a bad moment in time, and at an avoidably larger cost.
Nauro Campos, 22 May 2014
As Europe heads towards Parliamentary elections, this Vox Views interview looks at the economic benefits of EU membership. On average, European countries are 12% richer a decade after they join the EU. The UK is 24% better off since joining in 1973. The interview was recorded at the Royal Economic Society annual conference at Manchester University in April 2014.
Philipp Böhler, Can Selçuki, Jacques Pelkmans, 01 April 2012
Turkey has been a candidate for EU membership for 15 years. Some have argued that its best chance of gaining entry is to join the European Economic Area first. This column argues that such a move would be bad for Turkey and bad for Europe.
Thorvaldur Gylfason, Per Wijkman, 24 April 2010
Should Turkey join the EU? This column argues for Turkish membership in order to wed the economic interests of the country with the rest of Europe and reduce the chance of future conflict. To start the process of EU membership, Turkey should be invited to enter the European Economic Area.
Thorvaldur Gylfason, 21 July 2009
Iceland's dramatic crisis has given it reason to seek EU membership. This column lays blame for the disaster at the feet of a corrupt and inept political class running the country.
Jon Danielsson, 21 July 2009
The Icelandic parliament has decided to apply for EU membership. This column warns that domestic opposition and outstanding disputes with EU member countries on Icesave may derail the agreement.