“The United Kingdom has decided to leave the European Union. The weakness of the Labour Party and the resolution of the EU question have created a unique political opportunity to drive through a wide ranging supply-side revolution on a scale similar to that of the 1980s. This must include removing unnecessary regulatory burdens on businesses, such as those related to climate directives and investment fund regulations. Furthermore, it is vital that the UK sets about drafting new free trade deals with countries outside the EU, allowing further exporting opportunities for many of our manufacturing and service based firms.
“However, we must remember that many factors holding back the UK economically have nothing to do with membership of the EU. This includes:
- our significant budget deficit
- our worrying balance of payments deficit
- our failure to invest in strategically important infrastructure (exemplified by the delayed decision on airport expansion – which has become something of a national embarrassment)
- the UK’s arcane planning regulations that are a major cause of the housing crisis
- our over-complex tax system
- our low household savings ratio
- our continuing education problems (particularly in maths and science)
- returning to monetary stability after an unprecedented 87 months of 0.5% interest rates
“The UK’s exit from the EU must be viewed as an opportunity for reform, but it certainly isn’t a ‘silver bullet’ to the UK’s problems. The Government must now reconcile its political differences and get on with meeting the important challenges that lie ahead.”
Date Added: Friday 24th June 2016
