The essence – the true distillation – of the Patrick Minford Plan for Brexit is that we should simply do what is best for us here. All those things about trade and conforming to international standards and all that well, when they work for us here domestically then we’ll do them, sure. When those international structures impact upon our ability to do what’s right for us domestically then they can fuck off.
The Good Professor doesn’t quite use that language but then that’s because I’m a potty mouth.
So, our attitude to trade barriers. They’re – obviously and simply – a tax upon consumers. We don’t particularly desire to tax consumers in this manner so we won’t. Unilateral free trade it is then. How Johnny Foreigner decides to tax Johnny Foreign consumers is up to Mr. J. Foreigner.
Brussels-era laws governing the financial system are to be repealed and City watchdogs will be given the freedom to set their own rules in a sweeping post-Brexit shake-up intended to make the Square Mile more competitive.
Ministers have also vowed to expand the role of the Financial Conduct Authority (FCA), giving it a greater focus on growth and international competitiveness to help London rival the likes of New York and Hong Kong.
The Treasury is seeking to ditch the legalistic approach taken when Britain was in the European Union, where rules were set by Brussels and Whitehall through legislation and only enforced by regulators.
A raft of financial services law from before 2016 will be gradually scrapped in coming years under the proposals, which are subject to consultation.
It will be replaced with regulations drawn up by the watchdogs themselves.
Of course, we should never underestimate the ability of our own leech class to screw things up on their own. But this is indeed the Minford Plan. We’ll do things here to benefit us. How they interact with what those folks over there are doing is a secondary consideration. Even, it’s one that everyone just has to adapt to as we set policy for that 80% of the UK economy that is inside the UK and ruled by the UK.
This is sensible, just, appropriate and good. The only real question is whether we should call it Little Englandism or Great Britishism.