The response to my recent articles and videos shows there is a strong interest in this rather specialised subject.
That should not be surprising – the UK financial services industry contributes £76 billion (more than 10%) of the UK’s tax revenues. It is also a major contributor to “invisible” exports of services, investment income and foreign direct investment. Even after these inflows, the UK still runs a deficit on its current account of the balance of payments with the rest of the world averaging around 4% of GDP – the worst amongst industrial nations. A significant reduction in “the City’s” contribution will have a powerful impact on every UK citizen – replacing just £5 billion of lost tax revenue requires the standard rate of income tax to rise from 20p per £ to 21p (unless it can be hidden with stealth taxes elsewhere!)
So I am introducing a new service “Brexit and the City – the Impact” - attractivey priced at €5 per month. Many of the subjects are intensely technical and that may obscure the ills flowing from Brexit but that will not prevent the slow-motion train crash from materialising. Moreover, many of the relevant data items are annual or quarterly so the narrative will unfold slowly – but punctuated with sharp “events”.
Without shying away from the technicalities, I will aim to provide non-technical summaries so that the commentary is accessible to interested citizens. (If I fall short of this goal, please e-mail me!)
· Brexit and the City: my articles and videos explicitly on this topic. They can be accessed here
· Brexit: articles on Brexit generally (but focussed on the implications for the economy and finance) will be uploaded here
Subscribers to this new service will have full access to both categories – as will our Gold members (description)