An obsession with sovereignty at all costs is not the right starting point for a post-Brexit economic model
The purpose of Brexit is summarised by its advocates in a word – sovereignty. In practice, that means the power to enact laws that European Union membership would forbid. With the exception of border control, the leave campaign avoided spelling out what those legal departures might be.
The picture is coming into focus. On Wednesday, the government described the outline for a system of industrial subsidy. These rules will replace the state aid regime by which Brussels enforces a level economic playing field between member states. The theory is that a nimble, proactive state can make strategic interventions to support up-and-coming sectors, enhancing British competitiveness.
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