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QuantumChoices #FBPE #ABTV @tfoale
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@JuliaHB1 What happens when our fresh food imports can't cross the border without delays because we are no longer in the customs union?
@JuliaHB1 What happens to high-tech businesses that can't get the skills we need not because we won't let them come, but because the hostile environment puts them off? The skilled have choices.
@JuliaHB1 Growth comes entirely from production. It flows down to service providers and rent-seekers. What happens to the UK economy when our producing enterprises leave, in their own self-interest?
@JuliaHB1 We have the highest rents in Europe. Do you really think that this is the fault of the EU, rather than the rent-seekers in government that have the perverse incentive to restrict housing supply to force rents up?
@JuliaHB1 We have the highest property prices in Europe except for Luxembourg, driven by tax benefits for property owners. Do you think this is the fault of the EU rather than our own property-owning MP's?
@JuliaHB1 We have the highest income disparity in Europe by a very big margin. Do you think this is the fault of the EU rather than our rent-seeking MP's?
@JuliaHB1 Despite that we have the joint lowest wage growth in Europe. Property price inflation means that investors can make more, less risky money buying property than by investing in job-creating producers and services businesses. Do you think that's the fault of the EU?
@JuliaHB1 We have low and decreasing labour productivity. Low productivity means low wages. The Germans and French could take Friday off and still produce more in a week than the average Brit. Do you think this is due to the EU rather than under-investment in production?
@JuliaHB1 Now, rent-seeking by itself is not necessarily bad. Neither is profit. The problems come when government is run by rent-seekers or profiteers, because they have the perverse incentive to fix the laws and tax system to favour themselves.
@JuliaHB1 In a normal economy the rent-seekers' income is limited by the incomes of producers. If rents are too high production drops and less property can be let, so it is self-limiting.
@JuliaHB1 However, the UK has two things that have changed the game in favour of rent-seekers. The first is the UK's offshore tax havens, and the second is the Anglo-saxon legal trust, a legacy of medieval times.…
@JuliaHB1 Trusts are secret - tax-evaders, oligarchs, despots and money launderers can hide assets in trusts which are managed in Jersey or Antigua or any of our other offshore jurisdictions. Watch this documentary, currently free on Amazon Prime.
@JuliaHB1 So currently it's estimated that there's fifty TRILLION dollars in assets in these trusts. The beneficial owner cannot be traced, so can't be taxed. Anti-money laundering doesn't work with trusts.
@JuliaHB1 The City of London advises on these trusts without getting its hands dirty, for big fat fees. This is where the rent-seekers are getting more and more rents from - servicing offshore accounts. Which means they are living off OTHER COUNTRY'S producers, not ours.
@JuliaHB1 So UK industry, the source of all jobs, is less and less important to the government. Its priority is to preserve the secrecy of the offshore tax havens. It can be left to leave or die. This is the Patrick Minford economic model for Brexit, remember?
@JuliaHB1 So, given all that, do you really think the government is going to reverse forty years of policy to suddenly invest in producers and create jobs? That wouldn't suit the rent-seekers at all. It diverts money from rents into growth. Much harder work - earning rents is easy money.
@JuliaHB1 If you aren't the beneficiary of an offshore trust fund, Brexit is NOT going to help you. It's going to lead to job cuts, further wage stagnation and so on. Our wealth is inextricably linked to the EU because our biggest export is services and the EU is the only services market.
@JuliaHB1 Those services are paid for by EU producers. The income that flows from those producers down to our service providers, including white van man and our tradesmen and shops, mostly comes from the services we export to EU producers. Which requires free movement.
@JuliaHB1 But here's the rub - every senior promoter of Brexit is a beneficiary of the offshore trust secrecy system, from Banks, Wigmore and Farage through the media moguls and senior MPs, to the owners of Cambridge Analytica and Putin and his oligarchs.
@JuliaHB1 These people have persuaded you that Brexit is a good idea by making the EU your enemy - because it suits their short term interests. They can make a lot of money and go live where they want. The rest of us can't.
@JuliaHB1 In fact even if your reason for leaving is immigration, the fastest way to stop migration from Africa is to give its producers back their money. While Africa owes $200bn, despots have hidden almost a trillion in offshore trusts. Africa is really a creditor to the west.
@JuliaHB1 So, JHB - are you a beneficiary of an offshore trust? If not, why are you supporting Brexit? How many journalists can a collapsing economy support?
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