Tuesday 15 March 2016

Obama coming to Europe to campaign for Project Fear

Barack Obama is planning to use a visit to Europe to campaign for the UK to remain in the EU.

The US president is coming to the end of his second term and isn't allowed to stand again according to the US constitution so has plenty of time on his hands for interfering in other peoples' business.

There are a number of reasons why Obama is keen for the UK to stay in the EU, primary of which are the devastating effect the EU has on the UK economy, fear of a Commonwealth Free Trade Area and the value of UK public services in the TTIP agreement being drawn up in secret between the US and EU.

Membership of the EU suppresses the UK economy and prevents us from rising up the league table and challenging the US at a time when it is under pressure from China and other fast growing economies such as India and Brazil. The reams of red tape originating from the EU and burden of over-regulation harms our competitiveness and keeps us in our place. Leapfrogging France last year was more of a reflection on France than the UK.

A Commonwealth Free Trade Area would include India, Canada and Australia - three major and growing economies in the top 12 economies in the world. Combined with the UK those four economies are worth well over $8tn - almost as much as China. The combined value of Commonwealth economies is over $11tn which is larger than the Chinese economy and is second only to the US.

The TTIP treaty being concluded in secret by the EU and the US will give American companies access to markets in the EU and open up the public sector to private ownership. American companies will be allowed to sue governments that don't allow them to privatise parts of public sector services such as the NHS or introduce measures that harm their profits. TTIP is tipped well and truly in America's favour and Obama is desperate to keep it on track.