EU Loans £80 Million to Chinese Steel Industry

EU Loans £80 Million to Chinese Steel Industry

Forget £9 million from the tax payer for Europhile propaganda – the European Union Investment Bank has now given out £80 million in ‘soft loans’ to China’s steel industry. As per usual, this is being hidden behind a veil of environmental concern and was supposedly loaned out in an effort to persuade China’s steel giants to reduce their emissions through ‘greener’ technology.

I don’t see it as our concern – quite simply: it is not the duty of the European Union taxpayer to ensure China reduces their emissions. However, that is not the main concern here – the real point is the disgraceful injustice here for the British steel industry. The steel industry in Britain is facing an incredibly tough time at the moment, with more than 22,000 jobs at stake and this is partly due to the notorious Chinese steel company Wuhan Iron & Steel Corporation who received £40 million of the loans. It is at this point that true anger, disgust and resentment is felt towards the European Union by steel workers and the communities they support with such dedication – why is it that the EU is giving generous financial aid to the same Chinese steel companies which are driving our traditional industries into the ground by the day through sly dumping strategies so extreme that the European Commission proposes a 36.6% tariff on the Wuhan Iron and Steel Corporation itself?

What’s even more infuriating is that this is clearly not just another leftist fascination with ‘green energy’ – the former Environment Sec. John Redwood has said that:

“This is another example of how British people do not want to see their money spent. The EU is supposed to be careful who it lends money to, and lending to a foreign government in order to create competition to British industry is not what we had in mind.”

This is a blatant disregard by the EU for British workers who toil, day in day out, to provide not only food for their families but to continue to support (proudly) their working class communities (such as Port Talbot, where the steel plant now foresees closure).

There is no arguing against why this is happening – we have simply lost control of our trade completely, the EU restricts our policies to such an extent that we now lack any ability whatsoever to maintain competitiveness within the steel industry. John Redwood again:

“We hand £350 million a week to Brussels, that’s money we should spend on our priorities, not Chinese steel.”

“This is another example of how British people do not want to see their money spent”

And what is all this for? Membership to this special club with annual membership fees exceeding that of our treasured, now struggling, National Health Service? David Cameron can print as many propaganda booklets as he wants – hard working, British people care about British industry and the European Union has made it clear (yet again) that they simply don’t.

Thanks for reading.

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Sanders and The American Dream

Sanders and The American Dream

As a future prime beneficiary of the increased threshold for personal allowance in the United Kingdom, you may think of me as biased in my opinion of income tax. Taking a leap of faith with business in the United Kingdom never means risking your health care or education and the safety net provided by the British taxpayer ensures this.

America, of course, is the focus of this piece and the safety net there is far weaker than in the UK. This is a good thing. It accentuates the innate competitive nature of the American Dream and I would argue that most Americans want to protect this competitiveness. Corporate tax in America is 35% – this goes against everything that America is forged upon. Keep what you earn; don’t expect help from the state. It’s quite simple really – and traditional conservatives base a lot of their attitudes around that rule of thumb.

The main appeal of progressive tax to the masses is that it directly combats corporatism – it doesn’t. Huge conglomerates such as Apple and Google keep trillions of dollars in offshore bank accounts in order to avoid such steep tax rates because they are smart. Business owners simply do not want to pay 35% tax and they will avoid it one way or another. So, let’s have America follow Ireland’s example of a 15% corporate tax rate despite criticism it has received from Europe and let’s keep American businesses in America because it clearly works. Ireland have seen an increase in average income and job growth and perhaps more importantly the increase in housing and travel related income that has resulted from Irish businesses returning to Ireland.

Bernie Sanders, the 2016 Democratic frontrunner, suggests that we see an increased income tax of 60% to follow the example of countries like Norway in order to build a catch-all safety net for Americans. This is going to hurt ordinary, middle-class Americans, American business and all for what? A socialist pipe dream that’s been swatted down time and time again in the last century. Ben Shapiro, Editor-in-Chief of DailyWire, said it best:

“Trump will build a wall to keep people out. Sanders will have to build a wall to keep American business in America. He will literally have to chain them down.”

Sanders is dead-set on destroying the true American Dream through policy which directly undermines the competitiveness underpinning America’s admirable consumer-driven economy.

The majority of Congress agree that corporate tax in the US is too high and yet hard-working American business owners are sitting idly, waiting for politicians to roll out a wider, more expansive tax reform. For Sanders, this tax reform would be progressive. Yes – you would have to give the state more money simply because you earned more money. Sanders argues that corporations evade America’s staggering corporate tax rate through offshore funds – this is true. What’s baffling is that his solution to this is to increase corporate tax because ‘the rich must pay their fare share’. The rich do pay their fair share – simply because they earn more money than you does not mean that the state is entitled to more of their money. My real point here is that progressive tax is inherently immoral: the idea that the more you earn, the more you pay is incredibly unfair. It stems, however, from this idea of entitlement and victimization that Sanders likes to play on and is ingrained into socialism itself – but that is incredibly off-topic and could potentially be a separate post it its own.

Drawing to a close we can conclude that:

  • High corporate tax in America drives business away
  • Lower corporate tax in Ireland has seen great economic benefits
  • Sanders believes in an incredibly immoral and anti-American progressive tax rate
  • More business will choose to leave America if Sanders is elected.

Thanks for reading.