The world economy is moving towards an age in which highly specialized companies with expertise in specific processes will lead economic growth. Therefore there is no reason for Britain to get bogged down by a continent that invests its precious resources in subsidizing surplus dairy or wine production. This deal shows that Britain is better off looking forward, developing products that have no boundaries.
ARM’s chips are effectively a good example of a product that will sell everywhere no matter what the trading conditions are. Their chips are an essential component in most of our cell phones and tablets. The company is also quickly becoming a leader in the field of automotive computing and in the internet of things – IOT – revolution. ARM controls such a dominant share of the market, that it would be nearly impossible for any company in the EU to develop competing products over the next few years.
Brexit could even encourage further job growth in this sector. With the decline of the British Pound, it is now cheaper to produce these chips in Britain than it was a few months ago. If the pound stays weak at a level at which it makes the export of these products cheaper, companies like ARM could do much more for the British economy than just attracting vast sums of investment. The potential to further develop goods and services that focus on the development of ARM products, could create a whole industry that wouldn’t otherwise exist.
Therefore, it is necessary to understand that the future is about high value added, highly sophisticated products and services. These will never see barriers to trade. They are as essential as many of the scarce raw materials which under no circumstance would face import tariffs in the EU and most other regions. Brexit will just create more economic opportunities for a highly educated and highly skilled British workforce, which has a key role to play in this new, more democratic version of globalization.
