Previously, I have set out the appalling fiscal position we face due to soaring age-related spending without provision to cover it.
We must return to growth or face ruin. That’s why it would be a huge mistake to bind ourselves to the EU’s anti-competitive regulations, regulations which the USA is trying to reform.
In that context, this is a profound moment in the life of our country: it is reported this Labour government means to align to EU rules, which would rule out a trade agreement with the USA because the USA will not tolerate the EU’s practices.
The Growth Commission has made clear what that would mean: -6.725% to -9.35% off GDP with EU alignment versus +7.9% with sensible reforms and a US free trade agreement.
For reasons the Growth Commission has explained, this ought to be a no-brainer, one which helps us avoid ruin.
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