Polly Toynbee wouldn’t like the answer most of us would give to this question if we were directly asked it. For quite a large portion - we’d bet a majority rather than just a plurality - would indeed like to have a 50% pay rise. Which isn’t what Polly thinks we ought to want given the horror with which she regards this possible future:

Charles Grant of the Centre for European Reform says the EU is genuinely alarmed that Britain may develop into a deregulated Singapore on its border, unfairly competing by undercutting on standards and social conditions while subsidising our key industries to destroy those of its member states.

It’s worth pondering whether Singapore competes unfairly, subsidises and all that. Not so that anyone has noticed is the correct answer. But it’s also true that the place is about 50% richer than the UK. Or, to put it into more domestic terms, about as much richer than the UK average as London is of that same average. It often being said that we should be trying to get the non-London parts up to that London standard, no?

What’s much more interesting is that the EU, Polly and the CER all agree that this possibility is within our grasp through deregulation. We can be 50% richer simply by having less government and waiting a bit. Sure, we agree, but it is rather fun that they are making that same claim. For if that weren’t possible then there would be no fear of outperformance from deregulation, would there?