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uk gdp is over £2 trillion - with over 80% being internal trade
Internal trade is, for instance, going for a haircut or buying 6 potatoes.
The rest (under 20%) involves exports or imports, say, around £400 billion.
Of course, nobody ever tries to put tariffs on exports,
so we're down to £200 billion of exports, and less than half of that goes to the EU.
So say the EUSSR puts a 10% tariff on all British exports, that's £10 billion.
Well, Britain pays that amount net to the EUSSR masters to protect their uncompetitive producers.
Where is the problem? Why are we all doomed?
Of course, Britain would immedately retaliate by charging the EU 10% on their exports. Britain's exporter could even lower their prices, or try to sell the goods and serices to someone else.
mark carney and the fear of change
Mark Carney is now talking more sense than his previous scaremongering, probably because he now serves different/new master after the Conservative leadership race.
All change brings advantage to some and disadvantage to others. Carney appears now to be closer to giving the obvious and correct message.
Nobody knows the outcomes of moving away from the protectionist EUSSR. Much depends on how people react to the new opportunities and the new winds of competition.
For the pound falling, the pound was down lower than this in the early 1990s. Since then, fascist 'new' Labour printed money on a large scale. Empiric evidence is that such corrupt profligacy can take a decade or more to feed into the likes of exchange rates. Brown the clown was 'inflating' the pound at around 8% when he was booted out.
Much of that inflation has been feeding into house prices and it is no surprise if it also feeds into exchange rates. (ESxchange rates are a rather poor inflation measure because many other poorly administered countries do likewise.)
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