May’s Brexit Deal Is a Betrayal of Britain
— December 4, 2018
By Mervyn King
There have been three episodes in modern history when the British political class let down the rest of the country: in the 1930s, with appeasement; in the 1970s, when the British economy was the “sick man” of Europe and the government saw its role as managing decline; and now, in the turmoil that has followed the Brexit referendum. In all three cases, the conventional wisdom of the day was wrong.
In the first two instances, it took a revolution: in 1940, the dismissal of the prime minister and his replacement by someone better suited to the role of wartime leader; in the 1970s, a political and intellectual upheaval, and a radical new government capable of changing course. Both times, the country escaped ruin by the skin of its teeth. Today’s challenge is of a similar order.
Read the full Bloomberg article.
Lord Mervyn King is the Alan Greenspan Professor of Economics and a professor of Economics and Law, a joint appointment with New York University School of Law.