My answer to What are some specific acts of economic folly by countries?
Answer by Desmond Last:
Suicide is normally an individual act. However the U.K Government of Theresa May has committed the entire population to a lemming like rush for the cliffs of Dover.
The actual act of not having an economic plan should the U.K leave the E.U is the act of folly.
Money likes to know where it is going. It is required to plan estimate calculate and deliver. Money likes to have its hand held, and is loath to risk itself on a plan that does not exist.
May was a member of a Cabinet that decided to hold a referendum. May did not resign and was against the U.K leaving the EU. So complacent was the U.K Government, and so unaware of what the country wanted, that it did not have an economic plan should the people decide to leave the EU.
Folly is a kind word. Now we in the U.K have a Government who have not told the people what they intend to do, and even worse have not told money what they intend to do. They have made vague statements about Trade Agreements, and associations with countries who will sign anything, as long as it means they can dump goods into the U.K’s bulging trade deficit.
To make matters worse May has had to give China money a scare by putting the brakes on the Hinkley Nuclear Power Station (and it was not done with tact) – a deal she objected to when in the Cabinet – but said nothing to the people who elected her. The Hinkley Power Station is one of Osborne’s Follies. It should never have got off the Plan A drawing board.
Theresa May has to listen. Something Politicians all over the World have forgotten how to do. That means listen to the People – not the Media.
Money will not stay in the U.K. It makes instant decisions, and some of monies rationality is not contained in the sterile world of a bankers rationale.
Fear of the unknown is the biggest enemy of risk. The single biggest act of Folly by a Government in modern history is just that.
The U.K needs alliances. It cannot be a thriving developing economy on its own. Single one-off Trade Agreements must become part of a new Economic non-EU group.
The U.K has to go head to head with the EU as a competitor it cannot do that with single-country agreements. Ultimately the U.K game plan has to be as a partner in a reformed E.U.
May must also convince Money that without the developing security of the EU, particularly in cyber-security and money laundering, that the U.K is not going to fall behind in security stakes.
Otherwise it is goodbye money and goodbye U.K.