We are getting out in the nick of time. The keepers of the European Union’s dying project have gone beyond the denial phase of mourning and are now utterly deranged. A historic bridge was crossed last week when the European Commission, in the person of its competition commissioner Margrethe Vestager, announced that Apple’s tax arrangements with Ireland were illegal and, as a consequence, the company would have to pay £11 billion pounds in back taxes to the Irish government – which it does not want. Indeed, so adamant is the Irish coalition government on this point that it is now appealing against the EU ruling.

And:

Ironically, the great explosion of technological enterprise from which Ireland has hitherto been in a position to benefit will now be quite likely to shop for a new home – and the UK will be a perfect candidate with the same advantages of transatlantic connections and English language that Ireland had. But the kind of bilateral trade deals with us which Ireland, as a small independent economy, might once have enjoyed will not be possible so long as it remains an EU member.

There will be limitless opportunities for an industrious, entrepreneurial country no longer bound by the parochialism of the EU with its obtusely outdated post-war view of economics. An infinitely adaptable tax structure and a frankly competitive approach to encouraging investment – perhaps with a serious cut in corporation tax and a further lowering of National Insurance contributions for start-up businesses – could allow partnerships to be formed with eager, equally adaptable, emerging powers as well as the possibility of instantaneous response to new technologies and markets. If ever there was a moment to throw off hidebound assumptions and ideological restrictions, this is it.

Talk of adopting the Norway (or the Swiss) model is absurdly self-limiting. Our circumstances as a large, variegated and flourishing economy are unique. Without the encumbrance of Brussels protectionism and perverse anti-competitiveness, our new arrangements can be bespoke and endlessly flexible – surely the keys to survival in a globalised economy.

The dream of a European union was seen from the outset as a way of undermining the nation state with its dangerous tendency to evoke febrile nationalism. The war crimes of the 20th century were to be repudiated forever by deconstructing that demonic vision. Almost entirely forgotten has been the lesson of an earlier century: that the concept of self-governing nationhood, with a government accountable to its own people and free to set its own economic goals, was one of the most progressive ideas in human history. 

It may be time for the British to offer a new version of that model which was once their gift to the world.

David Fuller's view

This column, which I commend to subscribers, shows Janet Daley at her best.  Exceptionally perceptive regarding the EU, she is also well aware of the excitement felt by the 17.5 million who voted for Brexit.  Their ranks are growing by the day as many marginal Remain voters are encouraged by the prospect of a fully independent United Kingdom, leaving the EU much sooner than previously feared, pursuing global interests with a free-market economy, while also maintaining strong but separate alliances with our friends and allies in Europe.

There have been events to celebrate, commencing with the UK Referendum, the victory by Leavers, and Theresa May’s quick success in replacing David Cameron as Prime Minister.  She is clearly an experience and measured hand, who has quickly gained the confidence of many.  The UK economy has actually improved rather than slumped as some had forecast.  This confidence has been reflected by the UK stock market.

I fully believe that Britain will be very entrepreneurial and successful in the years ahead, at least while it is led by the Conservative Party.  Many commentators for whom I have a high regard agree.  However, we do not want to get ahead of ourselves. 

UK voters are divided.  While Remainers are in a minority, left-wing parties including Labour politicians, Greens and Scottish Nationalists want a second referendum.  This ‘vote until you get the result that we want’ will not occur, of course, because it would be an insult to the majority of participating voters in favour of Leave. 

Moreover, we are still in the EU and Article 50 will not be invoked by the UK until the New Year.  I expect the UK to leave the EU reasonably swiftly because Mrs May’s “read line” terms are unlikely to be fully met.  The immediate aftermath of that decision is likely to be followed by increased uncertainty.  I do not expect this to be a disaster and it is unlikely to persist beyond a few months, at most.  Nevertheless, we should be prepared for some turbulence, which will be an opportunity as well as a risk.  Buy-low-sell-high. 

Here is a PDF of Janet Daley's article.