Gerard Lyons: We will prosper from Brexit

Let me highlight some of the many arguments in favour of Brexit:

First, the EU is badly placed to prosper in the future global economy. Globalisation, technical change, communication and innovation are changing the outlook. Geography is no longer a barrier to trade. Economies that will succeed need to be flexible, adaptable and control their own destiny. Brexit allows us this. In contrast, the EU has become centralising, regulating and controlling, the opposite of what is needed for jobs and future success.

Second, there is a mistaken view that if we remain we can somehow change the EU to make it fit for purpose. We are always told the EU will reform but it never does. The EU never addresses its major problems such as high youth unemployment, depression in Greece or mass migration.

Third, the EU could get even worse. The EU is expected to be the slow-growth region of the world economy in coming decades. Remaining in the EU carries considerable uncertainty because we don’t know what will happen to the euro. To paper over the economic cracks the eurozone will have to centralise further towards political union. Although the UK does not have to join the euro, within the EU we will find it hard to avoid any fallout from it.

Fourth, Brexit will allow us to trade with the EU and deliver lower food prices. There are too many scare stories about the Single Market. The EU is a customs area. It sets an external tariff with those outside the EU. This is aimed at protecting agriculture and manufacturing, and results in people across the EU paying more for the prices of these things compared with world markets. With Brexit, people would suddenly face cheaper prices for food, as we would be paying world prices.