The IMF expects the EU to carry on underperforming the US by a big margin, as it has done all this century to date. It expects the UK despite the bad budget, the high taxes and the net zero madness to grow a little faster than the Eurozone and to beat Germany, France and Italy…
The IMF expects the EU to carry on underperforming the US by a big margin, as it has done all this century to date. It expects the UK despite the bad budget, the high taxes and the net zero madness to grow a little faster than the Eurozone and to beat Germany, France and Italy this year.
The pro EU cheer leaders in the UK wrongly projected a recession, rising unemployment and falling house prices to follow immediately we had voted to leave. The opposite happened.
They then claimed our growth over the first fifteen years of Brexit would be 4% less, or 0.25% lower . They based this on the bizarre assumptions that productivity growth would slow as we lost trade activity with the EU.
They said you can only trade successfully with nearby countries, ignoring the surge in EU and UK trade with China and India and the fact that the US is our largest national export market.
There is another obvious fallacy in their spin. Our trade with the EU is in heavy deficit. Imports do not add to GDP, and are subtracted in the accounting to work out GDP. Importing more from the EU will not help us grow or be better off. If instead we embarked on import substitution, growing and making more of the things we need and importing less from the EU, that would boost our GDP well.
The UK thanks to its crazy net zero policies is busily de industrialising so we have fewer goods to sell. We are however very good at services and are boosting our exports rapidly. These mainly go to non EU English speaking and common law countries. We are now signing trade deals which help promote this trade, thanks to Brexit.
