My answer to What type of economy does the United Kingdom have? How has this influenced the country's lifestyle?
Answer by Desmond Last:
The United Kingdom does not have a Sovereign economy. It has lost the ownership of its Economic system which is now in the hands of International Economic Conglomerates.
Take Scotland, which is still part of the United Kingdom. It does not have the money to allow it to become independent. The oil price has reduced the revenue it obtains from North Sea Oil. 10 per cent of which is owned by Chinese Investment Companies.
Wales has Port Talbot but it is owned by Tata an Indian Company.
England does not own any of the U.K major car manufacturers.
We do not make the rolling stock for our Train systems. We assemble some.
We do not make the vehicles in the U.K Plants we assemble them.
Our Heavy Goods Vehicles are made in other countres.
Our high-tech Industries are owned by overseas companies.
Theresa May has a problem. The U.K may be open for business. But for how much longer.
Is lowering the rate of Corporation Tax going to cause companies that can produce within the E.U and enjoy a less ‘Bureaucratic Existence’ come to the U.K?
Companies post Article 50 who are in the U.K will have two bureaucracies to deal with. The E.U’s and the U.K. Previously common compliance would have made approval less costly.
Example. I want to export to the U.K. I conform to E.U and am Type Approved. Pre-Article 50 I meet U.K requirements. Now I will have to study the U.K requirement to see if they contain any additional regulations..
To deal with this and export to the E.U the U.K is going to have to mirror all new E.U Directives. That means a whole new level of civil service and much of it will have to go through the U.K Parliament.
Every law that contains a compliance reference in the U.K will have to be changed to remove the E.U requirement – a very costly undertaking.
The U.K will also have no input into the making of Directives which will affect U.K made products.
That is why I say the U.K needs a vision for its future. It is pointless to go wandering round the World picking up single country trade agreements when what is needed is an understanding of what the U.K’s place is in Europe.
It is all very well for May to say Brexit means Brexit but where is the U.K in all that bravado.
We cannot lead when we are not part of any team to lead.
In my opinion, first Cameron and now May’s failure to listen to new theory is the most most negative aspect of the U.K’s economic future.
The U.K is still trying to live a 5 star lifestyle on a 3 star income.
It does not own what it makes.
Unless Theresa May is prepared to get rid of the dead wood of economic ideas that have decimated the U.K economy for the past 20 years, then the U.K will not be an Economy worth investing in.