Financial TimesFinancial Times

How Brexit made Britain a more European country

By Janan Ganesh

29 Nov 2022 · 3 min read

Editor's Note

Brexit was supposed to enable the U.K. to go its own way, distinct from continental Europe. But higher taxes and bigger government mean the opposite has happened, according to this FT essay.

There were times in the middle of the last decade when a British pound was worth €1.4. For most of the period since then, the rate has hovered around €1.1. What can you do, as a Remainer, other than salute Brexit for hitching us closer to our European brothers and sisters? The ultimate dream, that of parity, is alive yet.

What a continental country Britain has become since it left the EU. What a deceptively European project Leave is turning out to be. Under the surface tiffs — over refugees, over Northern Ireland — a convergence has been going on across the Channel. The recent trajectory of the two currencies against the dollar is the most eye-catching example, but far from the most profound.

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