UK Economy Flexes Its Muscles on the World Stage as EU Red Tape is Slashed
Kemi Badenoch, a staunch advocate of Brexit, has boldly declared that Britain has ascended to the status of an “international trading powerhouse,” a direct result of its departure from the European Union. Speaking at the Institute of Economic Affairs, Badenoch highlighted the newfound agility of the UK economy, now liberated from the EU’s “mindless red tape,” enabling British firms to operate with unprecedented ruthlessness in the global market.
In a striking example, she referenced a historic paperless trade shipment between Britain and Singapore, accomplished under the innovative Digital Economy Agreement signed in June 2022. This instance epitomises the UK’s cutting-edge approach to international trade, free from the cumbersome bureaucracy once imposed by the EU.
Badenoch’s rhetoric was not just aspirational but backed by hard data. A landmark study from the Institute of Economic Affairs has unveiled a substantial increase in UK goods and services exports post-Brexit. Notably, goods exports to EU countries surged by 13.5%, and even more impressively, by 14.3% to non-EU countries. Services exports followed suit, with a 14.8% increase to EU nations and a staggering 22.1% to countries outside the EU.
In an era where services are projected to constitute 77% of global GDP by 2035, and with the middle-class consumer base expected to double by 2050, predominantly outside Europe and North America, Badenoch’s outlook for the UK is bullish. She asserts that the trade winds are shifting eastward towards services, positioning Britain to capitalise on its status as an independent trading nation.
The UK’s pivot towards the Asia-Pacific region is a strategic move to tap into these burgeoning markets, fostering growth and employment at home. It’s a narrative of triumph over the Brexit naysayers, as Britain not only joins but surges towards the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), marking the most significant post-Brexit trade deal to date.
Badenoch’s forward-looking vision is further underscored by the imminent trade talks with Turkey and a monumental £1 trillion trade agreement with Florida, setting the stage for a mega free trade deal with India. As Britain strides confidently towards its £1 trillion export target by 2030, it’s clear that the nation’s trade strategy is robust, forward-thinking, and unabashedly optimistic.
Indeed, Badenoch’s message is a clarion call to those who doubted Britain’s post-Brexit economic prospects. With a flurry of trade deals and strategic alliances, the UK is not just surviving but thriving, carving out its niche as a formidable global trade entity. Story Source.