Missing the bus, again.
After the creation of the Common Market it took less than 4 years to realise that the UK had missed the bus and desperately needed to get on board. But it took another 12 years to get in and by the time it did the UK was already the sick man of Europe.
2 years on from leaving the EU and we are back where we started.
This is a disastrous budget. It forces a fall in household income that has never been seen before, it means tax rises for everyone for 6 years by freezing tax bands, it taxes the middle classes more than the rich, and lots, lots more.
Why, because our economy is plunging into a deeper and longer recession than our rivals.
This is not just the cost of Trussenomics, a mad experiment but not a permanent cost, or Covid, the costs of which are well known and in the accounts already.
No, this is the result of 12 years of austerity, cuts, low productivity and low growth.
Economic illiteracy compounded by the plain idealogical stupidity of Brexit, which on its own is costing 4-6% of the whole economy, minimum.
Yet, the OBR is still predicting post recession growth of over 2% when the economy bounces back.
This seems very unlikely to me, the UK is getting poorer by the minute, growth trends have been low for a decade, investment flatlining, foreign direct investment tumbling, hundreds of thousands are leaving the workforce, trade with our nearest and largest market has been decimated.
Where is the growth coming from? Why would a foreign company invest here? Why would EU companies not just run down their operations in the UK? Why is Ireland booming, when we are not?
Until we discuss these issues, there is no hope. Just more budgets like this one.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
By Jonty Bloom Media