Economic Illiteracy

BBC reports:

Oooh! Let me guess. £80bn for the right bollock and £55bn for left one?

No?

Well somebody has dropped a right bollock somewhere…

“Removing all trade tariffs and barriers would help generate an annual £135bn uplift to the UK economy, according to a group of pro-Brexit economists.”

Because that is simply not what Hard Brexit means. Hard Brexit is where we leave the EU with no specific trade deals and everybody goes onto the default WTO rules. That means tariffs and trade barriers within the WTO rules. That puts an upper limit on how bad it can be but that limit is way worse than what we have at present.

Also:

“But the threat that the UK could abolish all trade barriers unilaterally would act as ‘the club in the closet’.”

How do you unilaterally abolish all trade barriers? This is crazy talk even by pseudo-libertarian crackpot standards. If the other countries don’t agree then there will still be tariffs on everything we export to them. If we choose to forgo the corresponding revenue on the stuff coming in then that only hurts our bottom line at a time when we will need every damn cent we can get to stave off bankruptcy. It doesn’t function as a credible threat to anybody else. “Do what I say or I shoot the dog.” doesn’t work when it is your own dog you are threatening to shoot and the gun is made out of celery.

I know I keep on saying that I am not an economist but this twerp actually is one.

We are so screwed…

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August 20, 2017. #Brexit, Money, Politics, Silly.

One Comment

  1. Rik replied:

    A. bit like the sheriff in Blazing Saddles … :)

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