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the issue I see with that is that "balance of payments" is often represented by finished manufactured goods. Things that are bought for a solid price and whose value is accurately reflected within GNP.

Services, especially financial ones, have a much less mechanical relationship to GNP. The money never enters the UK financial sphere, is never taxed here, is never declared here. So, although financial services declare a fabulous value to the nation, the country only benefits from a shadow fraction of this value via wages (but rarely bonuses), and other land subsidies.

The UK is hevily represented in areas that provide no benefit, but has a hollowed out manufacturing base entirely unable to respond to increasingly favourable international trading circumstances

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Tue Aug 22nd, 2017 at 05:12:34 PM EST
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