What is the impact of Brexit?

This is an edited transcript of a live RTE interview with the chief executive of the Royal Society, Professor Richard Lloyd.

The interview was conducted on September 14, 2017, during the Royal Academy of Engineering’s Annual Conference in London.

It has been edited for clarity.

RTE: What are the impact factors that impact the decision to leave the European Union?

Lloyd: The EU is a complex system, and its members are not all alike.

As a result, the impact on the UK is not static.

The UK has to make an informed decision on what it is prepared to pay, how it is going to pay for its future and how it will deal with the consequences of Brexit.

One of the most important outcomes of the referendum was the rejection of a UK exit from the EU.

The result of that was the Brexit referendum, which led to the EU leaving the UK.

That result is one that will affect the UK’s economic future.

RTE: Why does the Royal Institution want to ensure the UK remains part of the EU?

Lloyd: There is a very strong case that we should be part of it.

The economic and political benefits of being part of a single market are so enormous that we can’t ignore that.

If the UK stays in the single market, then there will be an incentive for us to maintain and enhance the benefits that it brings.

The single market is the single best way to keep our economy growing and to provide the opportunities that we all seek.

RTA: What role does the EU play in your research and practice?

Loyd: It is essential that we are able to provide UK researchers and engineers with the tools and skills to be successful in the global digital economy, and this is why the EU is such a critical part of our research and development programme.

RTT: What impact would Brexit have on the scientific research?

Loyd (inaudible): It would be devastating, because we have got a huge global scientific enterprise, and the EU has got a very important role in the UK in terms of the supply chains of scientific research.

RTR: How do you see the impact to the UK economy of Brexit on jobs?

Lodl: I think there will certainly be a very significant reduction in the level of employment that the UK can sustain and that will be felt for the rest of the period of time that we stay in the EU and its regulations.

RMT: Are you worried that the Brexit vote will undermine Britain’s research?

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