Freedom to Attract Trade and Investment, which is based on The Freedom Association’s submission to the government’s Balance of Competences Review, shows the threat that EU regulation poses to the United Kingdom’s ability to attract trade and investment. By looking at some of the restrictions to investment, from the Customs Union to EU regulations, this paper analyses the regulatory environment and argues that jobs and GDP are under threat from EU regulations and the increasingly preferable business environments being offered elsewhere.
Indeed, this publication also illustrates that countries outside the EU are managing to form deals and attract increased levels of investment through having competitive economies that work efficiently to maximise their respect competitive advantages. Singapore is one of these nations that has increased the foreign direct investment coming into its country by nearly 3.5 times ($55 billion to $181 billion) from 2000-2010 while Switzerland, a non-EU nation, has been able to turn itself into the most competitive and innovative economy in the world (according to the World Intellectual Property Organisation and the World Economic Forum respectively) partly through being able to sign free-trade deals with countries such as Canada, Japan and China – years before the UK could due to Switzerland being outside the EU and the UK being a member.
Within this paper are statistics compiled by some of the UK’s leading economists such as Tim Congdon, Ruth Lea, Ian Milne and Professor Patrick Minford, which illustrate that the UK is becoming less of a beacon for investment because of the spectre of EU regulation. In doing so, this publication shows the dangers of being complacent. It illustrates that the EU’s regulatory burden is putting the UK at a disadvantage when it comes to attracting global investment and that other nations around the world are taking advantage of this. If anything, we hope that this paper acts as a wake-up call – and that we can create an environment that enhances the UK’s global connections, helps it to maintain its position as a global entity and halts its decline and descent into becoming a regional mino.
In short, to use the wording given by Professor Patrick Minford in “Setting Business Free: Into The Global Economy“, the economic case for withdrawal is overwhelming.
If you have any questions about the submission, or would like a comment from the Better Off Out campaign, please contact Rory Broomfield, Director of Better Off Out, on 07557772540 or firstname.lastname@example.org.