Politeia, June 9 2022, Barney Reynolds
The UK has recently been confronted with a series of adverse economic shocks – from Covid and the war in Ukraine, to the consequence of passive (and ongoing) resistance to the exercise of UK sovereignty by those employed to run the system. Many with power still cling to the EU approach and thinking, often seeking to obstruct measures that diverge from EU requirements. This problem must be tackled if we are to put the UK economy on the right path to address Covid debt and manage the challenging environment for consumer prices. Such a course is also central to the economic growth on which the UK’s success depends.
To that end the government pledges to remove the unnecessary EU laws still on the UK statute book that hold the economy back. The aim is to put UK businesses in pole position to forge ahead under clear laws, carefully crafted. The UK’s service sector, including the financial sector, has not been forgotten. Financial services cover a vast swathe of businesses, from the big household name banks to investment businesses, pension funds and insurers, including the local broker that helps to insure the car. This sector is vital to people’s daily lives, to home ownership, as well as to firms, including those small entrepreneurs breaking into the market who bring competition and lower prices for consumers. With much of the worldwide talent based in the UK, financial businesses also continue to drive economic activity, with more and more commercial assets being transformed into financial tokens traded by financial market participants. The sector though is held back by vast swathes of unnecessary, poorly constructed EU-inherited law.
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