Today, Theresa May will announce that she has decided that the UK will commit economic suicide by not only leaving the EU (which is bad enough n it’s own right) but also say she will drag us out of the European Single Market and it’s Customs Union.
This will mean that all import of goods from the EU & our exports to it will not only be subject to tariffs & quotas but have to undergo customs inspections at EU borders (including when being transported in or out of the Irish Republic).
The consequences of this are that costs to industries that import raw materials from the EU will rise, our exports to the EU will become more expensive and therefore less competitive and the prices in shops on any goods brought in from the EU will go up.
Inevitably, this will lead to inflation in the UK at the same time as wages will be squeezed as companies try to mitigate cost rises elsewhere.
It also means that companies like Toyota, BAe, Bomdardier and many others who have multiple facilities across the EU will not be able to move parts in or out of the UK as easily as they can now with a knock-on effect on jobs here.
Sterling has already taken yet another dive in the Currency Markets because of leaks from May speech, adding to inflationary pressures here in the UK
What May is proposing is economic madness and only those who are ideologically blinkered over the EU will welcome it. For most of us it will signal her intention to inflict a long, hard period of economic hardship on the British people. We must stop her.