Brexit 2017

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Firefly said:
The US has a huge internal market. Slashing corporation taxes to being 100,000 jobs home could be like cutting off your nose to spite your face. Billions of dollars less in taxation revenue to increase employment by about .5%...
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Ditto for the UK - cutting corporation tax isn't easy and if it was shouldn't it have been done already?

The Chancellor of the Exchequer, Philip Hammond, floated the idea that taxes could be chopped to bring more business to the UK if negotiations with the European Union turned sour.
But analysts think such a move would be prohibitively expensive at a time when the UK government is still running a large budget deficit.
Martin Beck at Oxford Economics said: “If you look at countries like Ireland or Singapore, they didn’t have anything to lose when embarked on that policy. But for the UK when you’re raising almost £50bn per year from corporation tax, it is much more costly.”

http://www.telegraph.co.uk/business/2017/01/29/uk-cant-afford-tax-cuts-attract-firms-brexit/
 
Looks like the EU is a bigger trading partner than some would suggest, particularly for urban areas..

A report from the Centre for Cities think tank found that 46 per cent of exports from the country’s urban areas are sent to the EU, three times more than to the US and 11 times more than to China.

To offset a 10 per cent drop in EU exports, the UK would have to almost double its exports to China or increase those to the US by a third, the think tank concluded.

http://www.independent.co.uk/news/b...es-european-union-deal-us-china-a7552791.html

Of course there is nothing to suggest that exports to the US and China will increase at all.
 
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