Rishi Sunak’s rise as British Prime Minister, the obsession with immigration, and the continuing dominance of Brexit are instances of the deep-seated problems of British politics, aggravated by over a decade of austerity. The British political establishment shows no signs of the profound political rethinking required in the aftermath of the damaging effects of Brexit.
With EU–India clinching a post-Brexit trade negotiation, the present paper proposes to examine whether the free trade agreement between the two regions would increase production efficiency and thereby social welfare. Using the partial equilibrium model, the study reveals that the EU–India FTA yields less positive trade and welfare gains in India after Brexit specifically, for consumer, industrial, and capital goods, whereas it would still be in India’s interest towards the specific benign impact of an FTA in raw materials, intermediate goods, and agricultural goods. From the policy perspective, India is not well-served by its pursuit of protectionist agenda and instead should push for trade liberalisation as a better path for the global trading system.
The United Kingdom’s withdrawal from the European Union is indicative of not only its own narrow self-perception but also of the rise of an anti-immigration and racist stance put forth by right-wing groups. */ */
As the euphoria of a victorious defeat subsides, there is a sense of determination within Labour ranks as well as a degree of real hope among those in the broader electorate who wish to see Tory rule and austerity come to an end sooner rather than later. The way ahead will not be easy, not least because of the still very deep divisions of Brexit both within the Labour party and beyond.
Brexit is a Conservative Party policy-idea that got out of hand. The collapse of the centrist and liberal Tory leadership created a vacuum for hardliners within the party, in the right-wing media, and in other smaller parties to occupy that space, and call for the reinvigoration of British exceptionalism through Brexit. Unfortunately, a political and constitutional crisis besets the United Kingdom, reducing the reality of British exceptionalism to Little England isolationism.
Abhijit Sarkar makes two claims in "Spoils of Brexit for India" (EPW, 13 August 2016): British voters ignored the interests of non-British Commonwealth residents in the European Union referendum, and that the outcome of the referendum will benefit India. The second claim is questionable, and is based on little evidence. The first, meanwhile, relies upon unsubstantiated assertions and unscientific experimentation, but nevertheless raises interesting questions about legitimate democratic participation.
The intransigence of the European Union with respect to freedom of movement of people now lies exposed as morally and ethically hollow in the light of its conduct with India. The same insistent EU refuses to actively apply similar rules of the game of free movement of people in the global arena, which raises the question of solidarity and principled conduct.
With the exit of Britain from the European Union, this ambitious supranational project now faces a seemingly intractable political crisis and a debate has ensued over the legitimacy of the union as a whole. As the sovereign debt crisis unfolded in Europe, neo-liberal economists and politicians offered to solve the problem by cutting back spending. But, advocating cutbacks according to the principles of market democracy created further political and constitutional risks in Europe.
Notwithstanding the conventional narratives of the anti-immigrant sentiments holding sway during the referendum for Brexit, an empirical investigation of the possible factors leading to Brexit does not show any signifi cant correlation between the share of migrants from European Union countries and the regions that voted for Brexit. Share of social security transfers in income was most important in determining if a region voted leave. Decreased employment opportunities and increased hardships that necessitate reliance on welfare payments could have fuelled the anti-immigrant and anti-European sentiment.
Following the United Kingdom's exit from the European Union as a result of the recent referendum, Indian big capital is dismayed in anticipation of the contraction of the monolithic EU market. However, the focus must veer from the losses for big business to the gains for the average Indian. The pound's depreciation in the aftermath of Brexit can be helpful in combating domestic inflation in India. To some extent, Brexit is likely to put a brake on capital exodus and on brain drain from India to the UK. It would also mean cheaper and unrestrained arms trade between India and the UK. It makes the EU less weighty as a cohesive politico-economic bloc, thereby reducing its pooled leverage against India.
