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A Vision for Global Britain


The Prime Minister is soon to make the defining speech of her carrier, as she prepares herself, her impassioned commitment to the referendum result swells strong like a fire fed by the wind. Within just hours of obtaining office, Theresa May assembled a committee for international trade and appointed its first trade minister, Liam Fox in over 43 years. She's taken every opportunity since to state that she wants "Britain to become a global leader in free trade".

Thus far these signs are encouraging. Free trade is an extension of free markets. It allows one to import goods without tariffs and creates competition for otherwise noncompetitive industries, to lower prices on goods and services and to generate wealth and income among impoverished and penurious countries.

It's what made the British Empire strong and in time, if we unlock its great perennial power will provide sustained growth in foreign countries far and above what could be achieved in foreign aid. As members of the European common commercial policy (Customs Union) we've so far been unable to sign our own trade deals.

But with a level head, a hardy heart and prior communication on trade deals with the US and New Zealand, the UK is in a fundamentally strong position to charter new territory in the upcoming UK-EU negotiations. Still its clear that this by itself, is not enough. In order to make that first step toward a truly "global Britain" the Prime Minister must negotiate first a non-discriminatory immigration policy, that does not favor unskilled labor from the European Union over their better trained counter parts from non-EU countries.

Second she must also negotiate the right to repeal any EU law and regulations and must become fully detached from all existing EU structures. Its implied then that this will require a vote in parliament to repeal the European Communities Act (1972) which gave supremacy of European law over UK law, independent of the triggering of Article 50, set for the end of March.


Whatever benefit it may once have offered to abandon the plurality of a diverse and global market such as the Common Wealth, with "agrarian, commodity-based, industrial and service economies" for merger in a political institution, it does not benefit us today. After all the purpose of free trade is to buy and sell what you don't already have.

The UK has been hit harder by external tariff barriers than any other member of the block. Trade with the EU is in deficit and falling. It makes up only 10 per cent of GDP. Whereas trade with non-EU countries makes up at least 11 per cent, and even though only 6 per cent of businesses trade into the single market the whole lot are slapped down by all EU regulations. Tying every part of ourselves lock, stock and barrel to the only shrinking customs union in the world.

According to the International Monetary Fund (IMF) the EU is worth only 17 per cent of global GDP as compared to 36 per cent in the 1970s and that "growth" is currently stagnating. In the following years it will be outgrown by NAFTA and China.

Brexit is an opportunity, not the leave Europe but to join the rest of the world. It is the entire world whom we belong to and the whole of humanity with which we are part.

Comments

  1. P.S. Theresa May's 12-point plan appears to accommodate everything I had hoped for! I'm so happy 😊

    ReplyDelete
  2. Quoted Daniel Hannan "Why Vote Leave"

    ReplyDelete

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