Brexit offers us the opportunity to compete in a world which is rapidly evolvingby Paul Ormerod / February 9, 2018 / Leave a comment
A great deal of the economic commentary about Brexit remains focused on the immediate future. But the key economic question relates to the longer term. How well will Britain’s economy adapt to rapid changes and the innovations of the future?
There are of course influential people who do not like to see capitalism being innovative, in ways that can be hard to control. It is this comfort blanket view of the world which surely lies behind MIFID II, the latest regulatory fest from the European Commission, which started to come into force at the beginning of this year.
The Markets in Financial Instruments Directive II is designed to offer greater protection to investors. At least seven years in the making, it already runs to several thousand pages of regulatory requirements. In this mind set, bureaucracy and rules can eliminate risk.
But it is so complicated that it is virtually beyond the powers of a human to grasp. Certainly, experts like Phil Treleaven at UCL who have shone the light of AI on it believe that it is riddled with contradictions.