ITV Peston: Benefits of the UK-EU reset

On 18 March 2026, John Springford, an esteemed economist, appeared on the influential ITV program "The Peston Show" to discuss and update his earlier estimates regarding the potential benefits of the UK-EU reset. This reset, which took place several years prior, marked a significant shift in the relationship between the United Kingdom and the European Union, moving away from the tensions and uncertainties of the post-Brexit era.

Springford began by recapping the initial analysis he had conducted following the announcement of the reset in 2023. At that time, he had projected that the UK-EU reset would yield substantial economic advantages for both parties. The reset had been driven by a mutual recognition of the need to rebuild trust and foster cooperation, particularly in areas such as trade, security, and environmental policy. Springford's earlier estimates suggested that the reset could lead to a 2.5% increase in the UK's GDP over a decade, alongside a similar boost for the EU's overall economic growth.

In the intervening years, the UK and the EU have worked diligently to implement the agreements that form the basis of the reset. This has included negotiating new trade deals, harmonizing regulatory standards, and collaborating on key policy initiatives. Springford noted that these efforts have already begun to bear fruit, with trade between the UK and the EU increasing by 15% since the reset was formalized. This growth has been particularly evident in sectors such as manufacturing, services, and agriculture, where cross-border trade has become smoother and more predictable.

One of the most significant benefits of the reset, according to Springford, has been the stabilization of the UK's economy. Prior to the reset, the country had faced considerable challenges, including high inflation, labor shortages, and investor uncertainty. However, the improved relations with the EU have helped to alleviate these issues. By restoring confidence among businesses and investors, the reset has facilitated increased foreign direct investment in the UK, which has contributed to job creation and economic resilience.

Springford also highlighted the positive impact of the reset on the UK's public opinion regarding the EU. Polls conducted in recent years have shown a marked shift in public sentiment, with a majority of Britons now viewing the EU as a valuable partner rather than a competitor. This change in attitude has been crucial in enabling the UK government to pursue a more proactive and collaborative approach to EU matters, fostering a spirit of cooperation that was once unimaginable.

However, Springford cautioned that while the reset has undeniably brought about positive changes, there are still challenges to be addressed. One such challenge is the need for the UK and the EU to continue working together to tackle global issues such as climate change, cybersecurity, and migration. Springford emphasized that the reset must be seen as a dynamic process, with both parties committed to adapting and expanding their cooperation as new challenges emerge.

In conclusion, John Springford's updated analysis of the UK-EU reset paints a picture of a mutually beneficial relationship that has yielded significant economic and political advantages for both the UK and the EU. While there are still hurdles to overcome, the reset has undoubtedly laid the groundwork for a more stable and prosperous future. As Springford's insights continue to shape public discourse, it remains clear that the UK-EU reset represents a pivotal moment in the history of their relationship, one that has the potential to reshape the trajectory of both nations for years to come.