1. Exquisite Tweets from @StewartWood

    PreoccupationsCollected by Preoccupations

    Labour & the left need to face up fast to an uncomfortable & existential truth: Brexit will make radical, progressive politics extremely difficult in the UK. Here's why. (A short thread) 1/7

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    StewartWood

    Stewart Wood

    1. We will become poorer & more unequal. The Govt estimates Brexit will cause a 5-8% fall in GDP over 15 years. And the regional impact will reinforce existing inequalities, with the N East, W Mids & N Ireland worst affected (& London least affected). 2/7 independent.co.uk/news/uk/politi…

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    StewartWood

    Stewart Wood

    2. The public finances will be savaged. HMG estimates the net hit will be £80bn over 15 years. That's equivalent to doubling ALL the money UK local authorities raise, just to stand still. The scope for further tax rises will be severely constrained. 3/7
    independent.co.uk/news/uk/politi…

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    StewartWood

    Stewart Wood

    3. The pressure to cut taxes for business will be immense. Firms will lobby hard for tax cuts to compensate for less access to EU markets. Combined with the need to stimulate demand, the Left will have its work cut out to resist the logic of big cuts to taxes on business. 4/7

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    StewartWood

    Stewart Wood

    4. The appetite for large-scale economic reform will be tiny. The post-Brexit years will be dominated by....Brexit (making up growth, buckets of needed legislation, negotiating a new UK-EU relationship). Progressive reform of our market economy will struggle to get a look-in. 5/7

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    StewartWood

    Stewart Wood

    5. Brexit will amplify the crisis of our public services. The combination of fewer EU skilled workers & worsened public finances means that repairing the damage caused by post-2010 austerity may be a luxury that's hard to afford. Running to stand still will be heroic enough. 6/7

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    StewartWood

    Stewart Wood

    The most urgent intellectual task facing Labour & the left is to ask: in the post-Brexit decade, what policies will & won't work to reduce poverty, raise equality & productivity, & replenish our public realm. It takes courage & imagination to face up to how hard this will be. 7/7

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    StewartWood

    Stewart Wood