This morning listening to Swivel Garage on the Andrew Marr show it struck me again: These kippers keep repeating this mantra that EU needs Britain a lot more than the other way around simply because “we buy more from them, than they buy from us”.
I have only ever heard one UK politician in parliament challenging this notion. Sadly I can’t Google the reference in Hansard for some reason. I remember he said something like: “I always thought selling abroad was the hard bit; buying from abroad seems the easy bit!”
Every UK bank note used for foreign imports is in fact something like a British IOU:
I, Governor of the Bank of England, promise the bearer of this note to pay x or y amount.
No wonder so much of the UK’s infrastructure is now ‘foreign owned’, These UK IOU bonds eventually wing their way back from China, Germany, France etc.
Can someone please call Farage on his life show tonight and ask him to get to the bottom of his economic thinking: Why does he think that the UK can continue living on credit after #brexit. How does saying “beye beye” to your largest export market help solve what ‘The Economist’recently referred to as ‘The other deficit’ ?