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Brexit costs the UK billions in lost trade and tax revenues- ITV News


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Posted (edited)

The CER’s analysis shows that Brexit has cost the UK billions of pounds in lost trade, lost investment and lost tax revenues.That’s money the country could really do with at a time of rising national debt and falling living standards.At the Conservative Party Conservative Conference last October, the prime minister promised the UK was on the way to becoming a high wage, high productivity, low tax economy.The evidence suggests that Brexit, so far, is delivering the opposite.“If the economy is 5% smaller than it would otherwise have been then we are all 5% poorer. It also means that taxes have to rise to fund the same quality of public services that we had before,” says Springford.

“That’s the backdrop to the chancellor’s decision to raise the overall tax [burden] to levels that we haven’t seen since the 1960s”.

Brexit cost the UK billions in lost trade and tax revenues, research finds | ITV News

Edited by The Silver Shroud
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  • The title was changed to Brexit costs the UK billions in lost trade and tax revenues- ITV News
 
Posted (edited)

In a spectacular U-turn, far from being  a "high wage, high productivity economy", the UK will be "low wage in real terms".

The UK is on its way to being the Sick Man of Europe once again. Even if we were to apply to re-join the EU (which is un-realistic), we no longer meet the economic criteria - so Brexiters can rest easy that their precious Brexit is "safe" (as Frost puts it).

Workers will have to settle for real-terms pay cuts if Britain is to avoid 1970s-style “stagflation” and soaring interest rates, Boris Johnson has warned.

In a major speech, the prime minister performed a startling U-turn on a promise – made just months ago – to create a high-wage economy, instead highlighting the pain to come from rising inflation.

“We cannot fix the increase in the cost of living just by increasing wages to match the surge in prices,” Mr Johnson said, in a speech billed as the latest reset of his troubled premiership.

He said: “If wages continually chase the increase in prices, then we risk a wage-price spiral such as this country experienced in the 1970s". 

Boris Johnson tells workers to accept pay cuts or UK faces 1970s–style ‘stagflation’ | The Independent

Edited by The Silver Shroud
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8 minutes ago, The Silver Shroud said:

In a spectacular U-turn, far from being  a "high wage, high productivity economy", the UK will be "low wage in real terms".

The UK is on its way to being the Sick Man of Europe once again. Evenif we were to apply to re-join the EU (which is un-realistic), we no longer meet the economic criteria for growth- so Brexiters can rest easy that their precious Brexit is "safe" (as Frost puts it).

Workers will have to settle for real-terms pay cuts if Britain is to avoid 1970s-style “stagflation” and soaring interest rates, Boris Johnson has warned.

In a major speech, the prime minister performed a startling U-turn on a promise – made just months ago – to create a high-wage economy, instead highlighting the pain to come from rising inflation.

“We cannot fix the increase in the cost of living just by increasing wages to match the surge in prices,” Mr Johnson said, in a speech billed as the latest reset of his troubled premiership.

He said: “If wages continually chase the increase in prices, then we risk a wage-price spiral such as this country experienced in the 1970s. Stagflation – that is inflation combined with stagnant economic growth.

Boris Johnson tells workers to accept pay cuts or UK faces 1970s–style ‘stagflation’ | The Independent

The longer he's in power the more he's ****ing the tories. I'm glad he's still pm.

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2 hours ago, The Silver Shroud said:

...Brexit has cost the UK billions of pounds in lost trade, lost investment and lost tax revenues...

Britain is now free to negotiate her own international trade agreements, without some inept corrupt and obsolete entity interfering in her affairs

 

2 hours ago, The Silver Shroud said:

...That’s money the country could really do with at a time of rising national debt and falling living standards...

That money would continue to get spent unwisely

 

1 hour ago, The Silver Shroud said:

...The UK is on its way to being the Sick Man of Europe...

Visit any British urban center and then ask yourself if your location pays any resemblance to a European society

 

2 hours ago, The Silver Shroud said:

...the prime minister performed a startling U-turn on a promise – made just months ago...

That clown wearing a silly haircut should be replaced by Nigel Farage

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Posted (IP: Staff) ·

Posts removed - Let's keep things civil in here please.

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:sleepy:

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Posted (edited)
On 6/10/2022 at 4:09 PM, itsnotoutthere said:

:sleepy:

It is boring reading about the UK economy going down the pan, isn't it? I agree. Imagine how exciting it would be to find an article that says the opposite!

The UK is lagging behind European counterparts in terms of growth because of Brexit, the Director of Tax Research UK tells Nick Ferrari.

The UK is second only to Russia in an OECD growth forecast for 2023. The report predicts that Britain will have a 0% growth rate for next year.

"The OECD is being rather optimistic", Professor Richard Murphy told Nick Ferrari, adding that the predictions for 2022 are already way off.

"There's no sign we're going to get 3.6% this year" he said, fearing that a 0% growth rate may come in 2022 and 2023 "might be worse rather than better than that".

Professor Murphy referenced the "peculiar problems the UK has" as factors in the lack of growth. When quizzed by Nick, he noted that Brexit is the primary issue.

"This week we've seen data that's shown only two regions of the UK have grown since 2019 – they are London unsurprisingly, perhaps, and Northern Ireland."

'We literally shot ourselves in the foot with Brexit', tax expert tells LBC - LBC

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Posted (edited)
15 minutes ago, The Silver Shroud said:

It is boring reading about the UK economy going down the pan, isn't it? I agree. Imagine how exciting it would be to find an article that says the opposite!

The UK is lagging behind European counterparts in terms of growth because of Brexit, the Director of Tax Research UK tells Nick Ferrari.

The UK is second only to Russia in an OECD growth forecast for 2023. The report predicts that Britain will have a 0% growth rate for next year.

"The OECD is being rather optimistic", Professor Richard Murphy told Nick Ferrari, adding that the predictions for 2022 are already way off.

"There's no sign we're going to get 3.6% this year" he said, fearing that a 0% growth rate may come in 2022 and 2023 "might be worse rather than better than that".

Professor Murphy referenced the "peculiar problems the UK has" as factors in the lack of growth. When quizzed by Nick, he noted that Brexit is the primary issue.

"This week we've seen data that's shown only two regions of the UK have grown since 2019 – they are London unsurprisingly, perhaps, and Northern Ireland."

'We literally shot ourselves in the foot with Brexit', tax expert tells LBC - LBC

The problem I have is how does someone divorce the Brexit impact from both coronavirus and the Russian sanctions? Its totally impossible to evaluate, be it positive or negative. Someone`s personal bias on the topic is irrelevant.

When I apply critical thinking I reach the conclusion that I should place no confidence in the opinion of this professor. With high coronavirus rebound inflation, and rising fuel and food costs due to Russian sanctions, I think its far more likely we will have somewhere around -2% overall growth this year. In other words a recession.

I think the USA and Germany will get hit the worst. The Germans as they have virtually no gas and absolutely no oil of their own. And the USA which imports a lot of goods from Germany, for some bizarre reason is still trying to dismantle its petroleum sector, and has a President who doesnt seem to know how to manage inflation or the escalating cost of living to Americans.

Scratch that last point, he knows what to do or has advisors telling him what to do, the problem is he is putting his ideals first.

Edited by Cookie Monster
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Cookie Monster is correct.

Couple that with many leaver MP's, business groups and media wanting to get back into Europe and the play on data plus PR spin will always lurch towards, "the UK must go back".

It'll be political suicide for whichever party gets the UK back into the EU but they'll be OK drinking doubles in Brussels with a cushy fat cat public sector pay and pension bonus to soften the blow for going against the vote of the people.

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It's happening everywhere not just Britain but yes by all means conveniently associate it to Brexit.

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Posted (edited)
On 6/13/2022 at 1:47 PM, OpenMindedSceptic said:

Couple that with many leaver MP's, business groups and media wanting to get back into Europe...

Getting back into Europe is okay, as long as the EU becomes fully dismantled and then built back up into a functioning benevolent entity

Edited by Autistocrates
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