Britain's divorce from the European Union (EU) must adhere to an objective framework of rules in order for investors to truly understand whether Brexit has been successful or not, according to a report published by an independent think tank.
The U.K. in a Changing Europe has launched a report titled 'A Successful Brexit: Four Economic Tests' on Monday. The report proposes an objective set of guidelines to help gauge whether negotiations between the U.K. and the EU are prosperous.
"To find out whether we are headed for a successful Brexit, we need to know not just what Brexit means, but what constitutes 'success' and what 'works'. For this, we need an agreed set of 'tests' against which we can evaluate the government's plan, the EU's position, and what emerges during the negotiations," the report said.
The group of academics consulted in the report agreed on four tests to decipher whether Brexit has been successful.
Firstly, a successful Brexit would improve the country's economic growth rate as well as bolstering the ability to finance its own public services. Secondly, fairness should be at the heart of negotiations to ensure the most disadvantaged are in a more prosperous position by 2019.
The third test would gauge whether Britain has a more open economy and society as a result of negotiations and lastly, whether Brexit allows the U.K. to genuinely increase democratic controls.