This blog is about why Brexit is bound to harm ordinary people. The list is long.
First, there’s the cost of tariffs. Put simply, we import more than we export and there is little sign of that changing. The result is we are bound to pay more in tariffs than we raise, and tariffs, like VAT, are regressive. That means more is paid as a proportion by lower income households than higher income ones. The result is a double whammy: we will all be worse off but lower income households will be worse off by more.
We pay more in tariffs than we raise, because we import more than we export?
Whut? Who pays tariffs? Consumers in the country the imports are headed to. Who collects the tariffs? The government of the country the imports are headed to.
So, the French government collects the tariffs on British exports going to France, the people who pay them are French consumers. And the British government collects the tariffs on French exports to Britain, the British consumers being the people who pay them.
That is, the mount of tariffs we pay is equal to the amount of tariffs we raise. Must be, can’t be any other way. A tariff is upon us, not them.
And yet there’a a university in the British Isles which employs this man as a professor of a subject that includes economy in the title?
Tempus fugit eh, Eheu fugaces.