It never ceases to amaze how Prime Minister Theresa May still spouts catchphrases. Instead of concise details for a future economic partnership with the EU, she resorts to vague imagery. The latest, after “strong and stable leadership” then “calm leadership” and even “free and frictionless trade”, prior to her meeting with European business leaders, is a “bold and deep economic partnership”.
However, Brexit has begun to challenge John Redwood, Tory Arch-brexiteer and financial pundit. In print he has been advising clients to invest abroad and away from the UK. It seems Brexit, or bad Brexit, is causing anxiety about the present and future state of the economy.
There are fears among people like Mr Redwood that the UK economy is sliding while we have still got full membership of the EU, in contrast to the current growth of the other 27 member states.
The future looks bleak. Estimates of UK productivity have been downgraded and the IMF indicates the UK is a “notable exception” in an improving global economy. The UK will trail Greece over the next five years. National UK tax rises will be needed to fund the Westminster mismanagement of the increasing National Debt, currently at £1.8 trillion or 87 per cent of GDP. Interest rates are rising, which will add to the bill and the still falling pound.
How an ill-defined “bold and deep” economic partnership with the EU – which can never better full membership – and the, as yet non-existent, bilateral trade deals in the Global British nirvana, will turn the economy around in the immediate future, is beyond the bounds of comprehension when a warring Westminster Cabinet is holed below the waterline and a PM spouts catchphrases in place of substantive policy initiatives.