British economy needs a reboot whatever the Brexit outcome

Britain will lose a substantial piece of its dominant finance industry with Brexit. Years of finance-centric development have left the UK with a geographically unbalanced economy, with London thriving while other regions flag, says the writer, and th
Britain will lose a substantial piece of its dominant finance industry with Brexit. Years of finance-centric development have left the UK with a geographically unbalanced economy, with London thriving while other regions flag, says the writer, and that research at universities outside of the capital city will help reverse this. PHOTO: REUTERS

"I'm really enjoying the season finale of the UK," quipped Irish software engineer Damian Sullivan on Twitter. His joke may not be far off the mark.

Brexit negotiations are looking more and more like the type of destructive brinkmanship that the United States has seen in recent years. But the stakes are much higher in the United Kingdom - rather than just shutting down parts of the government, a failure to reach a Brexit deal would result in huge economic and legal chaos. That in turn could prompt Scotland to leave the UK, meaning that Brexit would indeed be the union's final episode.

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A version of this article appeared in the print edition of The Straits Times on January 29, 2019, with the headline 'British economy needs a reboot whatever the Brexit outcome'. Subscribe