THIS year I spent my family Christmas in London — and as I walked through the streets, I gazed upon a skyline filled with cranes and new towers rising to the heavens.Everywhere I saw investment, streets full of visitors from all over the world spending money in the hotels and shops.
So much for the doom-mongers among the banks and multinationals. The financial centre is booming and Britain is in rude economic health. In the past few days, the Confederation of British Industry reported manu-facturing orders at a 30-year high and export demand at its busiest in 20 years.
This is a great boost to the regions and entirely down to our competitive currency created by the referendum vote. As a consequence, the current account deficit — how much more the UK spends than it earns — has improved for the first time in years.
To top this, the CBI has been forced to eat its words from earlier this year, now admitting that growth in 2017 will almost match last year, at 1.8 per cent.
The UK is now the best place in the world to do business, according to Forbes magazine, a leading source of business news.
The Bank of England has dubbed the City of London “Europe’s Banker” and will continue to welcome financiers from all over the world. And the knock-on effect for millions who voted for Brexit is clear to see.
Unemployment is at an all-time low and employment at an all-time high. This is a stark contrast to much of continental Europe where, in the “wonderful” EU, unem-ployment is in some countries above 25 per cent.Young people in the EU are hardest hit by the jobs shortage. Why do they put up with it? We now have the opportunity to be better off, with or without a free trade deal with the EU.
Provided the Government retains our newly won freedoms to set taxes, decide on regulations, make trade deals and remove tariffs, the UK economy will boom for years to come. Crucially, the removal of tariffs on food, clothing and footwear will reduce the cost of living — especially for the poorest in Britain, who spend more of their income on these things.
To read John Longworth’s piece in full, click here.