Reasons to be cheerful #brexit #brexitopportunity #britishnews
Brexit is an opportunity, not a disaster Brexit ironically is exactly the incentive policy makers need to once and for all deal with our homegrown skills shortage, uncompetitive education system, uncontrolled migration and low wages. In short the catalyst we need to deal with our chronic productivity problem. Mass migration has not mitigated our debt or boosted GDP other than spuriously. The sooner the Chancellor can no longer turn a blind eye to it in order to keep his metric of GDP to national debt and the deficit – or to claim that the rising national debt is under control – the better. ‘It’s not the end of the world if the UK trades under WTO rules with the EU’ Roberto Azevedo, the Director General of the WTO Brexit offers us an escape route before the British Ponzi scheme that is our economy collapses. Short-term pain for long term gain, maybe, but we will be better and more solidly off. An International Monetary Fund study, for example, suggests that negotiating new free-trade agreements that reduce all tariffs to zero can lead to productivity gains worth more than 0.6 percent of GDP. Further targeted deregulation can bring another boost; removing non tariff barriers between United Kingdom and the USA another, translating into another 0.9 per cent boost to GDP and provide UK consumers and businesses with lower-cost and better-quality imports, generate increased competition, which in turn should stimulate innovation.
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