James Dyson's Counterarguments

6/28/2016 02:25:00 pm Sylwia Angelika Heller 0 Comments



Because of Brexit there is a lot of discussion about whether Britain would benefit from leaving the EU.  A billionaire entrepreneur James Dyson recently raised a very interesting point about this issue. While many argue that Britain would lose a lot by leaving he argues that it would gain more. 

In his opinion Britain would still be able to trade effectively after Brexit. Dyson says that single market in Europe in not a good idea because products for export have to conform to differing standards of the countries of destination. Besides, there is a need to translate the documents relating to transport, to the transaction and to those products. 

Moreover, he argues that leaving the EU means more wealth and more jobs. It can relate to imports and export. Sir James argues that after leaving the EU Britain could implement a 10% tariff on UK goods and on imported goods. Because Britain imports more goods than it exports such a strategy could bring £10 bn a year. 

At the same time he criticises free movement of the EU. His criticism does not originate from the number of immigrants coming to the UK but from lack of a possibility to employ talented people from outside of the EU. He complains that "at the moment, if we want to hire a foreign engineer, it takes four-and-a-half months to go through the Home Office procedure. It's crazy.”

On the other hand, many economists warned about possible negative consequences of leaving the EU. They included limitations on trade and a lack of skilled workers from Europe.
Whether European Union is a beneficial structure for its members depends on a perspective from which people look at it. James Dyson only pointed to possible advantages for economics which Brexit could bring but there are other areas such as science and medicine. 



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