- Feb 27, 2010
BBC Report last night.Doing what they have always done but without being shackled to the lowest growth block in the world would be a start.....
Removal of tariffs on imported goods driving up the purchasing power of the lowest 50% income bracket and thus domestic demand (they don't tend to save so much),
Getting rid of a ton of regulation and a whole tranche of bureaucracy (efficiency).
Not forcing the poor to waste a large % of their money on over priced low value foods and basic consumer goods thus driving domestic demand, improving BofP and generally making poor people's lives better.
Not paying for an INTERnational health service.
A selective immigration system like the US, Canada and Aus so they get the best and the brightest (yeah I know we have the lottery but that is a small %)
Not paying for a EU Army (Although the comedy value might be worth it).
Investing 12B a year in something that actually generates a return ie education or infrastructure. Lets do some math, a hospital cost maybe $1B, so after 5 years nearly every county in the UK could have had a new hospital, not mentioning the construction industry spin offs, second 5 years could be schools - 200M$ each so that's 5 per county (ish). 3rd 5 years, rail up grades would be three cross rail size projects. Thats 15 years of mass construction / investment all "paid for already so no tax hike). All require steel, labor, trucks, talent.............
Personally id take a bunch of that money and invest it in O&G extraction, from what I read they are sitting on 100s of years of shale, they already have connectors to Europe, Europe can by its gas off the Russians, the Arabs, The US or the Brits. Shale is cheap, make your choice.
Investing 39B in the same (contentious but true)
Investing the money they do charge on the tariffs they decide to keep in the same rather than sending the revenue to Brussels...
Lowering the CT rate to that of ROI which seems to work for Ire'.
Lowering the CT rate to a point that undercuts the EU by enough to offset any EU tariff charges.
Not having to manufacture to CE standards when the destination country doesn't need, require it or want.
Creating free ports and special economic zones (allowed under WTO), in fact NI could be a special economic zone with nominal CT of 5% for e.g. to compensate for the farm problems.
Sell processed fish products to the far east would be another good idea and they are certainly going to be swimming in fish - pardon the pun ;-)
There are other perfectly good revenue raisers like taxing foreign commercial vehicles (I have seen ques of eastern European lorries there that pay no road taxes or fees. Additionally in the US / Canada we also keep an eye on truckers cross border fuel loading - another tax dodge!
...few ideas there buddy blue.
The British plan for Brexit was to cut and paste all the trade deals the EU made when Britain was a member, insert "UK" instead of "EU", and expect the other country to sign up straight away.
It is not working out that way - other countries, even Commonwealth countries, are reading the fine print and asserting their own interests. Very few have accepted a "rollover" deal = Canada refused point blank.
Because Britain may be a large economy, but it is not as large as the EU economy. The EU has much more clout.
So "Global Britain" is going to be smaller and poorer than "European Britain", a lot more so in the short term, but with a longer term recovery that will still not regain the pre-Brexit UK.