... With weeks left before the UK leaves the EU by default, none of the three main options on offer – a no-deal Brexit, Prime Minister Theresa May’s withdrawal agreement with the EU, and rescinding Article 50 in order to remain in the EU – commands a majority in Parliament or among the population. Each generates maximum discontent: The no-deal scenario strikes most as a dangerous plunge into the unknown. May’s deal appalls Remainers and is seen by most Leavers as the kind of document only a country defeated at war would sign. Lastly, a Brexit reversal would confirm Leavers’ belief that democracy is allowed only when it yields results favored by the London establishment... If any of the three immediately available options were endorsed, say, in a second referendum, discontent would increase and the larger questions plaguing the UK would remain unanswered. Britons’ reluctance to endorse any Brexit option at present is, from this perspective, a sign of collective wisdom and a rare opportunity to come to terms with the country’s great challenges while re-thinking the UK’s relationship with the EU. But to seize it, the UK must invest in a “People’s Debate,” leading, in time, to a “People’s Decision.”

The People’s Debate must address six issues: the British constitution, including the creation of an English parliament or multiple regional English assemblies; the electoral system and the role of referenda; the Irish question, including the possibility of joint UK-Irish sovereignty over Northern Ireland; migration and freedom of movement; Britain’s economic model, particularly the outsize role of finance and the need to boost green investment across the country; and of course the UK-EU relationship.

To be democratic, the People’s Debate must take place in regional assemblies, leading to a national convention, where a menu of options is finalized before the next House of Commons translates them into referendum questions that will enable the People’s Decision by 2022. Thus, the UK government must secure a transition period after the country formally leaves the EU on March 29, lasting at least until the people can decide three years later.

During the transition period, the UK should remain in the EU customs union and the single market, with freedom of movement and full rights for EU nationals in the UK. Then, in 2022, voters can choose whether to stay in the customs union and the single market, exit completely, or apply to re-enter the EU as a full member...

https://www.project-syndicate.org/commentary/british-brexit-debate-democratic-opportunity-by-yanis-varoufakis-2018-12