Why the UK’s economic prosperity lies outside the EU

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James Faulkner

A few years ago, I was lucky enough to buy my first house. In order to help pay the bills, I took on a lodger who was studying for a master’s degree in Engineering at my local university. We got on very well, and I soon discovered that my lodger, who was originally from Colombia, wanted to work in the UK once he completed his studies.

I assumed he would find work easily, being so highly qualified in an area where the UK is crying out for workers. As it turned out, the salary for the job he was offered, albeit being well above the UK average, was fractionally below the requirements for non-EU citizens in order to gain a work visa.

Here was a highly educated and bright young man who would no doubt have made a meaningful contribution to the UK economy had he been permitted to stay and work here. But it was not to be. Instead, he was discriminated against in favour of workers from EU member states, for whom there is no minimum salary threshold.

To me, this encapsulates the mistake the UK has made in pinning its colours to the EU mast for so long.

Remainers like to point out that the EU is the UK’s largest trading partner, which is of course true. But non-EU trade – the trade that Britain conducts with the other 167 nations on the planet – is already larger and is also growing at a much faster rate. For example, while the value of UK exports to the EU actually declined between 2011 and 2016 (from £243 billion to £236 billion), exports to the US rose by more than 26% over the same period, to £100 billion.

Incredibly, the EU has yet to negotiate a free-trade deal with the US, which remains the world’s largest and most influential economy. This calls into serious question the efficacy of the EU as a trading bloc, especially given that the US is supposedly one of the EU’s closest allies.

What’s more, the EU’s share of global economic output is declining – and is expected to continue to fall in future. The richest pickings in terms of global growth are to be found further afield – in places like Oman, where UK exports have increased by 354% since 2010; and Kazakhstan, which was up by 210% to £2 billion over the same period.

In order to secure its trading relations with the fastest growing economies of the 21st century, the UK needs a nimble trade policy which can react quickly and independently in the interests of UK trade. This is surely infinitely better than relying on the EU’s lumbering bureaucracy, which took over seven years to negotiate a free trade deal with Canada!

Of course, Remainers will claim that negotiating the UK’s own free trade deals will prove just as tricky. But they forget one crucial difference: the EU has to satisfy 27 disparate member states when it negotiates, whereas the UK will in future be negotiating on its own behalf. This means the UK’s trade policy will be tailored to suit the interests of British industry and British citizens, rather than to placate French farmers and various other vocal EU lobby groups.

In embarking upon the UK’s new international mission, we have the great advantage of already being a very outward looking nation – in fact, we’re head-and-shoulders above the rest of the EU on several metrics.

The UK remains the top destination for Foreign Direct Investment (FDI) projects in Europe – and is second only to the United States globally in its ability to attract overseas investment capital. What’s more, it seems to have retained its appeal as an FDI destination in spite of all the talk about the risks to the UK economy from Brexit. The City of London remains arguably the world’s go-to financial centre, with an ever-greater number of foreign IPOs (initial public offerings) highlighting its attractions. Due to the legacy of the UK’s imperial past, we have extensive links across the globe, and many of the world’s nations emulate the UK’s parliamentary and legal system. English is the language of global trade. We are the world’s second-largest exporter of services (after the United States)… I could go on…

Don’t get me wrong, I am not under the illusion that pivoting away from the EU won’t cause some disruption in the short term. But the long-term gains on offer through re-aligning our economy towards the more dynamic parts of the world are surely worth the hassle. Maybe then we can welcome my Colombian friend with open arms.

1 COMMENT

  1. Don’t domesticate the demographic factor that will trigger the economy falls.
    1:) All Brits fall on quick and extreme advertising on Brexit by some of few politicians in the parliament (beginning with Farage former of UKIP which was supported by “sweet” money). Who wanted Great Britain all for their own? That’s the result of a short decision without a long term result impact. I’m from Slovenia btw and this is my point of view of conspiracy that began in 2014. Data gathered from Wikipedia. After all, then become project fear to keep the project Brexit continue and even more negative.
    2:) A lot of websites that promote Brexit are Clickbait tested by Malwarebytes like http://www.thesun.co.uk, http://www.express.co.uk, http://www.globalresearch.ca, and http://www.dailymail.co.uk. No to mention BOTS operating by Russian that impact even the election of Donald Trump. Clickbait is content whose main purpose is to attract attention and deceive visitors into clicking on a hyperlink to a particular web page. Clickbait often leads to the content of questionable value.
    3:) Conclusion, the plots were made by Boris (promoting biased information’s with his red bus), Theresa (insisting the benefits without exposing the reality) and etc. by corrupted data and some corrupted members of parliaments and media who were supported by UKIP and “sweet money” by just seeking the power of interests without worries of the nation. All is about power and money for such elites. I consider you to search Wikipedia and check Fact about Brexit https://youtu.be/UYonSZ8s3_o
    That is the most independent and accruable source on the internet.

    Brexit explain https://youtu.be/EpYrclfgX2I
    Why Brexit happens: https://youtu.be/dcwuBo4PvE0
    False information https://youtu.be/zgkF23nFIBw
    Brexit Objectively https://youtu.be/4QMw3qSQrZo
    History of UK https://youtu.be/vrykQAuNyZM
    End of EU part 1 https://youtu.be/S9VNX4FOIGc
    End of EU part 2 https://youtu.be/s3pqplqc-zw
    Dangerous of Brexit https://youtu.be/Jf-qGNxl1r8
    Please check the video and share it if you want to know the truth https://youtu.be/CNYPJc-GijQ
    https://www.theguardian.com/commentisfree/2019/feb/13/dark-money-hard-brexit-targeted-ads-facebook#comment-125828236
    http://fortune.com/2017/11/15/russia-twitter-bots-influence-brexit/?utm_source=facebook.com&utm_medium=social&utm_campaign=social-share-article&utm_content=20190306&fbclid=IwAR2VvTwmInM7XM1dMjLv6oxSxv-YoUrqacUhLb-6-ryG1X7tUWcr3yR1JX8

    Well, you know if you are a Brits. But prediction for your economy will fall quickly economic researches said https://youtu.be/EpYrclfgX2I. Look what happened when you colonized the USA after 100 years later they become independent and wants the UK patriots out of Their land despite the war between the nations with the same peoples. Now it seems Trump promises you to help with the issue. Isn’t this a conspiracy?

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