In deciding whether we want to be part of the EU we should ask ourselves whether or not it is advantageous to the UK to be part of that trading bloc. A trading bloc is advantageous if it enables us to access a larger free market for our goods and services. Economic theory from Adam Smith to David Ricardo shows that our prosperity is enhanced when we are able to focus on those goods and services that we are best at, and trade them with others who have different skills.
How is that going with our EU partners? Not very well judging by last year's Office for National Statistics figures. We have a negative balance of trade of £55.7bn with our EU partners: they sold us far more than we sold them. And it is clear from their actions in terms of regulation that they would like to snaffle and/or stifle our biggest industry – financial services – as the proposed curbs on bankers' bonuses demonstrates. For all its faults, this is our biggest sector for employment, exports and tax revenues, and the suggested curbs will place us at a disadvantage when competing with US and Asian banks and financial institutions.
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Binding ourselves to the EU is like trying to run a race with a ball and chain as we are forced to import the labour practices and business regulation of countries that are the losers in global competitiveness. Given the choice, you would surely ally yourself to countries that are doing better, such as Singapore, which is second in the table of labour market efficiency; or the US, which is sixth. Do not be fooled into thinking that this is impossible, or that we have to be in a trading bloc with Europe because of our geographical proximity to it. Britain had successful trading relationships that spanned the globe over a century ago, when distance was a real obstacle to doing business. In a world increasingly dominated by the internet, digital business, and near universal access to jet travel, distance is irrelevant. Full story...
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How is that going with our EU partners? Not very well judging by last year's Office for National Statistics figures. We have a negative balance of trade of £55.7bn with our EU partners: they sold us far more than we sold them. And it is clear from their actions in terms of regulation that they would like to snaffle and/or stifle our biggest industry – financial services – as the proposed curbs on bankers' bonuses demonstrates. For all its faults, this is our biggest sector for employment, exports and tax revenues, and the suggested curbs will place us at a disadvantage when competing with US and Asian banks and financial institutions.
(...)
Binding ourselves to the EU is like trying to run a race with a ball and chain as we are forced to import the labour practices and business regulation of countries that are the losers in global competitiveness. Given the choice, you would surely ally yourself to countries that are doing better, such as Singapore, which is second in the table of labour market efficiency; or the US, which is sixth. Do not be fooled into thinking that this is impossible, or that we have to be in a trading bloc with Europe because of our geographical proximity to it. Britain had successful trading relationships that spanned the globe over a century ago, when distance was a real obstacle to doing business. In a world increasingly dominated by the internet, digital business, and near universal access to jet travel, distance is irrelevant. Full story...
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- The European Union & Soviet Union similarities...
- Nigel Farage destroys Barroso's State of the European Union...
- Why the European Union has failed...
- (ESM) or The shocking truth of fascist Europe...
- The EU dream has turned into a nightmare...
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