| Topic: | Re:Re:Re:Re:Re:Re:Re:Re:Re:State of play today | |
| Posted by: | T P Howell | |
| Date/Time: | 27/06/16 21:15:00 |
| It get's worse. I have spent my day with investors, including industrial direct investors from overseas, all telling the same story: - they won't be investing into the UK now because i) no guaranteed of free access to the richest market in the world; and ii) the UK economy is only going in one direction - and not the right one. All of this was totally obvious beforehand - inward investment has been on hold for over a year due to the uncertainty caused by the referendum promise. The UK Embassies and trade attaches knew this, and were politely and privately pointing out to Cameron and co the damage that the uncertainty was already doing to the UK, prior to the referendum. Yes, British goods will be cheaper in overseas markets because of the decline in the pound (except of course the EU - by far our biggest market - because the Euro will also decline). It is just a pity that we won't have the investment needed to build the capacity to manufacture those goods and to re balance our economy. 80% of our economy is based on "invisibles" (services), where it is far easier to put up barriers (particularly non-tariff barriers) than it is against tangibles (such as the German cars and the French wine we keep hearing so much about, and why the rest of Europe "needs us so much" so will "have to give us a good deal"). Services depend on free movement of workers, free movement of capital, and right of establishment. They are the difficult ones - free movement of goods is easy. Xenophobia - no, sorry, racism (hatred, not just fear of foreigners) has been unleashed. The last time I heard a racist joke in polite society before today was in 1991. Overnight, we have undone 25 years' social and economic progress in this country. The usual Chiswick Forum pundits (notably absent from this thread (unusual in itself) with one exception) who speak so confidently from a viewpoint uncorrupted by knowledge will no throw the meaningless slogan at me that I am "talking this country down" (which is just as meaningless as "take back control"). Gove and Johnson now appear moribund with fear, and certainly not "in control", in the realisation of the deep wounds they have inflicted on this country's position and prospects by their dogma and hubris. |