I would like the UK Government to start discussions with the European Union to seek to rejoin the EU Single Market and to make rejoining the EU Single Market a priority for the UK Government, and to set itself the aim of rejoining the Single Market within 12 months.
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In 2023, the EU accounted for 41% of the UK Exports, and 51% of imports. The OBR estimates that both exports and imports will be around 15% lower in the long run than if the UK had remained in the EU. We believe that any reduction in income for the UK involved could force the Government to raise taxes and reduce spending on public services. We believe the 52:48 Referendum result meant people may have wanted a softer Brexit, which we think rejoining the Single Market could deliver.