Helena Morrissey: Project Fear is over, now we need Project Hope to take us forward

Storm clouds: Parliament after Britain voted for Brexit
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Helena Morrissey30 June 2016
WEST END FINAL

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Writing in this paper three months ago I urged — in vain, as it turned out — a calmer approach to the referendum debate. Outlandish claims on both sides coupled with bad-tempered exchanges made for a dispiriting build-up to the vote and certainly haven’t helped in the immediate aftermath. It’s impossible for senior Remain campaigners within government to argue convincingly that all will be well given their earlier prophecies of doom if Leave prevailed.

While a Leave outcome creates near term uncertainty, aggressive scaremongering was a campaigning tactic that now leaves many people feeling more worried than they need be. In reality, both outcomes carried risk. A Remain result would have left us tied to an EU refusing to reform seriously despite facing a long-running “crisis of economic competitiveness” (David Cameron’s own words). And it’s hard to imagine the Conservatives would have settled back to business as usual after discrediting the party’s Leave campaigners.

But we should not extrapolate this week’s emotional reactions and initial financial market panic into the future. These kneejerk responses reflect both the current inevitable uncertainty and a significant mispricing of risk heading into referendum day.

I remain confident that the UK will not just survive but thrive outside the EU, depending of course on the progress we make from here. The calm, thoughtful approach missing from the campaign is now necessary. And whichever way each of us voted, we have a shared interest in making the best of the outcome.

There is real opportunity in the possibility — not yet a reality — of more control over our destiny. Democratic accountability is a great prize and a great responsibility. While the political fallout persists, business leaders must help set out a constructive way forwards. Looking for evidence to support the doomsday scenario is unhelpful. The time for point-scoring is over.

The Leave victory is a chance to go global, not turn inwards. And as we work out how to achieve this, it’s important to remember that we have time to get it right. The process of the UK leaving the EU will be an evolution. The UK alone sets the timetable for invoking Article 50 — and we don’t need to do so until we have a clearer picture of what we are looking for at the end of the ensuing two-year negotiations. Whatever the current tough talk from EU politicians, the EU is then legally required to work with us on exit terms, including our ongoing trading relationship.

It’s also important at this critical moment for our country to be bold. Creating merely the appearance of change will only store up problems. The electorate sent a message last week: that many distrust mainstream politicians, feel disenfranchised and want more control. This is the mood across not just Britain but much of the EU and the US. The rules of engagement between government and people must be re-written, with more listening and less lecturing. Many Remain supporters are upset with the result but share this perspective, and that may give us common ground.

As we consider the next steps, let’s create a checklist. Mine has not changed over the past few years but there’s a genuine possibility it might be realised. I’m calling it Project Hope: a Britain that is democratic, accountable, flexible, competitive, global, diverse and open.

Helena Morrissey CBE has several City roles but is writing here in a purely personal capacity.

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