Home > Uncategorized > Brexit. The petulant response

Brexit. The petulant response

To the obvious dismay of many, recent economic indicators have quickly demonstrated that Brexit has had virtually no immediate effect on the Uk economy. This is quite logical because brexit hasn’t actually been enacted but there is a point of view which claims that effect will be far less than anticipated by too many commentators and perhaps the governor of the Bank of England

You can sense the dismay and perhaps this is best illustrated in this characteristically ranting and sloppy article by Will Hutton, the high profile financial journalist who memorably campaigned hard for the UK to join the Euro

Take this passage

 

Further, the world’s companies come here to enjoy the UK “aircraft carrier” effect – exporting into the EU single market from an exceptionally business-friendly environment. Nearly 500 multinational companies have their European or global HQ in Britain – five times more than Germany – a major boost to our business services and commercial property industries alike.

Now the “aircraft carrier” is torpedoed – but until we know the details of Brexit nobody can tell whether it is badly crippled or sunk – along with the economic activity that derived from it. Is the end result likely to be Brexit-lite, with continued access to the single market and some compromise on free movement of people? The Tory right and their media allies will insist that is a sell-out, and will the Labour party want to be painted as a friend of immigration? In which case Britain will be compelled to negotiate trade deals with 27 EU countries, and another 52 deals with the countries with whom the EU has deals in turn. What will the resulting tariff – and indeed non-tariff – regime be?

No mention of the countries with whom the EU has not managed to negotiate a trade agreement. India China Brazil Australia and USA being somewhat high profile examples

And multinational head offices?  Dare we mention Google? Or the fact that Switzerland has a virtual industry in “multinational head offices”?

This is poor stuff and I could go on and take issue with many more points within the piece (which becomes increasingly hysterical) but the public deserves better and closer analysis of the effects of Brexit than this drivel

 

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