Britain re-entering the EU ‘an inevitability’, says Treasury minister
A Treasury minister has said it is his personal belief that Britain will one day return to the European Union, arguing that rejoining would be in the country’s long-term economic interest.
Speaking in the House of Lords, Lord Livermore made the remarks during a debate on Brexit and the UK economy. His comments come as the country approaches ten years since the 2016 referendum that resulted in Britain leaving the EU.
The discussion began after Lord Mackinlay of Richborough argued that the Labour government was benefiting from freedoms gained through Brexit. He pointed to the UK’s ability to set its own tariffs and use subsidies to support industries, describing these as advantages now available to ministers.
Lord Mackinlay also referred to Labour’s policy agenda, including plans affecting the steel industry, and questioned whether the government supported closer ties with the EU through membership of the single market or customs union. He argued that such arrangements would limit the UK’s ability to make independent economic decisions.
Responding to the criticism, Lord Livermore dismissed claims that Brexit had delivered significant economic benefits. He said any gains from measures such as tariff reductions were minor compared with what he described as the broader economic cost of leaving the EU.
According to Lord Livermore, Brexit has had a substantial negative impact on the UK economy, with some estimates suggesting losses ranging between 4% and 8% of GDP. He said the government was working to reduce those effects through efforts to improve relations with European partners.
He added that, in his personal view, Britain would eventually return to the EU because doing so would be in the national economic interest. However, he stressed that the government’s current priority is pursuing a “European reset” aimed at strengthening cooperation and supporting economic growth.
Labour’s 2024 manifesto ruled out rejoining the EU, the single market, or the customs union. Instead, the party pledged to maintain Brexit while seeking closer ties with European allies and neighbours.
