The High Cost of Brexit

Why the UK will Eventually Rejoin the EU

"Brexit was a fantastic example of a nation shooting itself full in the face." Hugh Grant


I have written this month’s Absolute Return Letter with a heavy heart. I don’t take any pleasure from other people’s misery. Nor is there even a nanogram of “I told you so” in this month’s letter. I cry with my many British friends who increasingly find life a struggle, but those tears do not prevent me from seeing the writing on the wall. The British nation will eventually rejoin the EU, but there will be much more pain to be suffered before that happens. Here is why.

How could it happen?

It is a bit unfair to suggest there was only one reason 51.9% of those who voted chose to vote for Brexit. Different people voted for Brexit for different reasons, but if I were to pick one reason that dominated, I would pick the reason explained by Exhibit 1.

net immigration