Listening to the drivel coming from The Rt Hon Kemi Badenoch MP[1] this morning on the radio reminds me that we have a long way to go. The road travelled is a long one.
The tendency to either speak like a badly typed up press release or repeatedly call apples – pears is astonishing. It must be that there’s a switch that has been thrown in the brains of Ministers that is hit to engage illogical nonsense. From that moment a droning sound emanates. Jumbled up words are contrived to say Brexit = good – not Brexit = bad. You would imagine that such Ministers think they are talking to naughty 5-year-olds. It doesn’t mater what the facts are this behaviour continues.
Even good news, like BMW’s continued investment in the UK, is flipped into an EU bashing session. The fact is that the UK had to demonstrate its willingness to support the car industry to retain that much needed investment.
Brexit has been, and is, a complete catastrophe, and everyone knows it. That is everyone who isn’t a Conservative Minister, or a Labour would be Minister. Badenoch plays childish games to paint a picture of great success when the reality is one of significant pressure.
The Foreign Direct Investment Statistics are not good[2]. To quote a recent report to Parliament: “Net investment from the EU was -£24.1 billion, compared to £28.0 billion in 2020, while net investment from Europe as a whole was -£27.6 billion “. Note the “-“, in other words negative.
To quote further:” The UK’s share of inward investment projects has stabilised after “falling sharply following the 2016 vote for Brexit”, with the 21% of projects attracted in 2015 “representing the high-water mark.” In other words, the UK was doing exceptionally well until Brexit came along.
And so much for so called – levelling up. London retained its status as the UK’s largest destination for inward investment projects. London continues to attract the world’s attention.
What’s further idiocy is the random pick and mix approach that this Conservative Government has adopted. There appears to be no strategy. No direction. Just an opportunism. Jump in a wholly reactive manner and then announce success, as if it was planned.
Looking at investment going the other way. The UK’s outward investment flows to the US reached their highest level since 2017. So, post-Brexit, British investors see opportunity in the US. Could it be because they are investing? The US Infrastructure Law targets a range of spending from repaving roads and water system upgrades.
With the News, such as it is, surely, we need a UK Infrastructure Law. Would British investors not want to support that idea?
POST 1: Badenoch would not face the reality. On Sky News she skirted around the subject but let slip that cars will be more expensive in the UK because of Brexit. Rules of origin impact the British car industry.
POST 2: For the sake of balance. At least Badenoch is taking a practical approach to China. The Conservative back benchers who push for a hard line are not thinking about the need for dialogue on climate change and trade. Intelligence and Security Committee of Parliament China (independent.gov.uk)
[1] https://www.gov.uk/government/people/kemi-badenoch
[2] https://researchbriefings.files.parliament.uk/documents/CBP-8534/CBP-8534.pdf
John Vincent 