Nearby
Following on from yesterday’s blog about the election of Trump I have been looking at his economic policy in more detail, for The New European.
If he implements his policy of 60% tariffs on all Chinese goods imported into the USA and 10-20% on the rest of the world we are basically back in the 1930s.
America will suffer most with a huge drop in growth and higher inflation, but in the UK growth will halve for two years and interest rates will be 3-4% higher. The NIESR has crunched the numbers and they look a bit optimistic to me but frightening all the same.
For a country that is desperately trying to grow its way out of trouble this would be a disaster, the rest of the world would suffer too, but we are a small and relatively open economy and we would be hit more badly than most.
Meanwhile the Reform nutters are now boasting that they are close to Trump and the wind is in their sails.
Except he is the vainest and most selfish President in history and doesn’t care a jot for the average American let alone Nigel Farage or the good people of Clacton.
He is also like many Brexiteers an economic moron, we could really do with the protection, power and influence of a much larger economy and trading block.
Anyone know of one nearby?
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
Economics, trade and Brexit, not necessarily in that order but the dog always comes first.
This morning on R4 Pat McFadden was being his usual unflappable reassuring self about the strength of this country's relationship with the US. I don't know about you, but I am not remotely reassured. If ever there was a time for Labour to pivot on one of its policies, it is now. Don't wait for the shit to hit the fan in January or soon after, which it will. Our government should immediately open negotiations to rejoin the single market.
Not that Farage gives a fuck about the good people of Clacton either.