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About: Singapore-on-Thames     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : owl:Thing, within Data Space : dbpedia.demo.openlinksw.com associated with source document(s)

"Singapore-on-Thames", sometimes "Singapore-upon-Thames", is a term for a possible model of the British economy after Brexit. Under it, the United Kingdom would greatly diverge from its neighbours in the European Union (EU), offering businesses low tax rates and a much lighter regulatory climate as an alternative, much like Singapore does within its region of Asia. The term arose in the media as a characterisation of remarks made by Chancellor of the Exchequer Philip Hammond to a German newspaper in early 2017, to the effect that if the EU refused access to its single market on terms favourable to the UK then the UK would necessarily have to change its economic system to one less like EU countries in order to remain globally competitive, an outcome he did not want.