Bretix and the missing £10 billlion

Recently a group of major businesses in the UK engaged a top law firm in London to ensure that Brexit is not triggered without a debate and vote in Parliament. The reason for this is quite simple, Brexit and the Tory Members of Parliament were generally against the referendum to exit the EU. Just in case you quote business organisations which were pro Brexit, I think you will find that these were mostly small businesses with no real interest in cross border trade. And if you quote Sir James Dyson, maker of the eponymous vacuum cleaner as a pro Brexiter, that is easily explained. He makes his vacuum cleaners in Malaysia and his income is global. A devalued pound, which it has now become, makes him richer!

So big business is lined up against Brexit and will use the law (maybe, since nobody knows what the law on this matter actually is – hard to believe but true) to resist it. But then along comes the UK finance minister (or Chancellor of the Exchequer as he is termed in the UK) with a promise to cut business tax from 20% to 15%. Brilliant. That will make business think twice. Maybe Brixit wasn’t such a bad idea.

The cost of this tax change is about £10 billion but no mention as to how the shortfall will be made up. Clearly, like Brexit, the idea comes first, the detail comes much later.

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