A UK Treasury minister has stated that Britain rejoining the European Union is “an inevitability”. Lord Livermore expressed his personal view during a debate in the House of Lords, arguing that Brexit has caused significant damage to the UK economy.
Speaking at the despatch box, Lord Livermore said: “My personal view is that that is an inevitability. Of course, the UK will at one point re-enter the EU because it’s absolutely in our national economic interest.” He added that the government’s current European reset is crucial for economic growth.
His comments come a decade after the 2016 referendum, where 52% voted to leave the EU. Lord Livermore criticised the idea of “Brexit benefits”, stating that tariff cuts might add only 0.001% to GDP, while Brexit has cost at least 4% of GDP.
Conservative peer Lord Mackinlay of Richborough countered that the Labour government is using Brexit dividends, such as zero tariffs and subsidy powers. He questioned whether the government would seek to re-enter the single market and customs union, which would limit such measures.
Labour’s 2024 manifesto committed to staying outside the EU, single market, and customs union, but pledged to reset relations with European allies. The government has launched consultations on tariff suspensions and is progressing the Steel Industry (Nationalisation) Bill.
