Wednesday, 9 March 2016

My LT column; 9 March 2016

My attitude to the EU Brexit vote on the 23rd June is more D-Day than Dunkirk.

My heart wants to leave but I’m being offered nothing, zilch, none, nichts, nada by the Leave campaign.

Leave.EU admit we will be economically worse off but, lower living standards are worth the price of just over 2 million foreigners leaving and just under 2 million Brits living in foreign lands - returning. 

The economics of lower living standards are simple. If we leave we will be placed alongside USA, China and the Rest of the World in paying tariffs to export to the EU. Tariff payments that will tax UK businesses and worse, go straight in the back pockets of Eurocrats.

We sell £25 billion in car exports to the EU and the tariff tax in 10%. That’s £2.5 billion straight into Brussels accounts for starters. They take our money but with no need to listen to the UK anymore (or give us any of our money back). 

Head & Mayer have used the sophisticated data on buyers, sellers and assembly costs to work out that an extra 10% on the cost of a UK car will lead to a 12% fall in car sales and production. 

With Brexit and a free reign they will come after more of our money. Taxing UK bank transactions in the EU worth £billions top of EU future UK income streams. They tried last year.

We actually export £200 billion worth of goods to the EU.  Brussels Eurocrats win both ways. 10% of £200 billion in UK exports to the EU is a lot more than net £9 billion the UK currently pays.

Those lovely Eurocrats will also be able to have a field day with non tariff barriers. Different regulations and standards, border checks for red tape compliance. And there is nothing we can do other than not sell £200 billion of good to to the EU. We’ll be Europe's lackey. 50% of our total export goes to the EU but they only export to us 10% of their goods. Who’s the boss? Not that exports matter. Euro politicians know they cannot either; 1) give China and the USA higher tariffs than the UK; 2) make concessions to the UK that encourages more breakaway nations.

We’ll get stuffed if we leave and that's why I believe it’s time for a new Normandy landing.