Jacob Rees-Mogg Hosts Bruges Group Gathering Celebrating Brexit Benefits Amid Shifting Labour Stance
A Bruges Group event was held at Jacob Rees-Mogg’s Westminster townhouse to celebrate the launch of the publication "75 Brexit Benefits." Among the attendees were prominent Brexit supporters including Iain Duncan Smith, Bill Cash, and John Redwood. Rees-Mogg hosted the gathering but left early to appear on GB News.
At the event, Rees-Mogg mocked the Labour Party's calls to re-enter the EU, characterizing their stance as part of a revived referendum debate. Meanwhile, Labour's position on Brexit seems to be evolving. Shadow Chancellor Rachel Reeves highlighted that Brexit-related cuts to capital spending have negatively affected the economy. Labour figures like Wes Streeting and David Lammy have discussed the possibility of undoing Brexit or seeking closer ties with Brussels, although the party currently has no plans to rejoin the customs union.
Public opinion remains divided, with surveys indicating that about 56% of people view Brexit as a calamity, while 31% do not share that perspective. Economic analyses suggest that Brexit has resulted in a 6-8% loss of GDP so far, translating to approximately £240 billion in lost wealth and an estimated £90 billion reduction in government tax revenue annually.
These economic impacts have contributed to a realignment among voters; Labour supporters are now more inclined to consider parties like the Liberal Democrats or Greens over Reform UK, signaling a shift away from hard Brexit positions. Although the "75 Brexit Benefits" publication highlights some advantages, such as protections for animals, critics emphasize that the overall economic costs are substantial and that the Treasury's annual loss of around £90 billion is notably absent from the document.
