Wrote another belter of a thread on Twitter.
Kindly the Twitter ThreadReader app made it into something that looks more like my usual blog posts.
Enjoy and best wishes for 2019!
Lately I have become a bit obsessed with Britain’s trade deficit and Balance of Payments with the Rest of The World(ROW). Let me explain why, and what’s it got to do with #Brexit.
For me as a UK-expat in Euroland I have seen the value of my pension drop by 20% since the dreaded referendum.
Of course markets never like uncertainty, but I did notice that every time a Government Minister assured us it would be a ‘Soft #brexit’ there was a slight upturn. Mention ‘Hard Brexit’ or ‘no-deal’ and the short term gain was immediately wiped out.
FDI is the magical money tree the Tories invented, when they no longer managed to keep the UK’s trade books balanced.
It happened around the same time Britain decided it did not want to join the Euro.
We no longer export as much as we import?
Let’s have a giant car boot sale!!
For sale the UK offered it’s Utilities, empty factories and warehouses, all with prime access to the emerging giant EU market that was developing on its doorstep. Hey presto. Our abysmal trade record solved. National Financial Accounts balanced and the Pound propped up by FDI🤗
All this happened without being honest to the UK electorate. Not joining the Euro was sold as a clever move. The country kept partying as if it was still 1999 while across the pond the EU economy, powered by Germany, went from strength to strength.
Of course with failing investment and falling productivity wages of ordinary working people in Britain fell behind.
Et on charlatans, who wreaked havoc on our economy, while lording it over, had to find a scape goat.
In true fascist style, an easy target was found: Immigrants!