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Old 3rd Aug 2019, 20:52
  #744 (permalink)  
Join Date: May 2003
Location: London/Oxford/New York
Posts: 2,276

"The economy has continued to grow unsustainably in spite of the leave vote and shows no real signs of slowing down."

And there you have it, the unbridled untruth. The facts are that investment is down across the board, decisions to either relocate or close manufacturing operations are rife across the land, with most decisions being taken in boardrooms overseas, many in the EU, and thousands of jobs are in the process of disappearing. And all this while we are still IN the EU single market and customs union.

Last week BMW announced that they have relocated their X3 engine manufacturing operation from Hams Hall in Birmingham to Germany. They have done this as the engines are destined for BMW X3 production in South Africa, but they are then exported world wide from there as products with sufficient EU content to have them classed as EU products. BMW made the move as the engines will be classified as non EU and therefore the percentage of EU content would dip below the threshold. PSA have advised that a no deal would see them close Ellesmere Port, the last Vauxhall manufacturing plant making cars in the UK. The Dutch Government has issued a warning to Dutch companies to the same effect, advising them to switch component sourcing from the UK to else where within the EU. THIS is the harsh reality of the so called plain sailing of trading on WTO rules that a no deal exit will produce.
Multiply that across the enormous number of UK companies supplying components into the EU and you see the size of the problem. Add this to Japanese, Indian and US and Korean companies considering relocating their plants within the EU as that is where the majority of the production goes, and you begin to see the massive hit that the UK economy is going to take as of November 1st.

Then you have the problem that the financial services, chemical and pharmaceutical industries will face, and the farmers who will see instant 40% tariffs on 46% of their produce.

And you wonder why people are fearful?
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