In Search of Nirvana is all about my expat life since leaving London in 2008. First stop was the warm sunny Maltese Island of Gozo and then on to South West France. Read about the trials and tribulations, the up's and downs, the positives as well as the negatives.
Monday, June 01, 2009
Thank You To The Government of Malta, From The People Of The UK.
The worldwide credit crunch, as it has been named by the media has been brought about by the greed of the banks of some of the worlds richest economies. The pressure laid on managers to obtain ever bigger bonuses meant taking bigger and bigger risks to maintain those profits. As we all know the deck of cards collapsed and one of victims have been the UK car industry.
The UK car economy has gradually been built up over the last century with the encouragement and assistance of the British government to turn it into the economy building machine it is today. This time last year the UK car industry was responsible for more than 2% of GDP (gross domestic product) that's 2% of one of the richest nations on the planet this is not as I am sure you will agree a small money earner for the economy. Today the UK car industry finds itself fighting for survival, again working together with the Brittish Government it is very slowly turning around.
In January of this year the Maltese government introduced it's revised car registration tax, I won't bore you with the details but it turns out that this tax has given to the Maltese what appear to be the most expensive cars in Europe. I am talking about up to 80% more expensive than the same car can be purchased for in the UK. The people of Malta are not at all stupid so they are travelling to the UK to buy cars in droves and either driving them or having them shipped here to Malta, result is a bargain for the Maltese, even with the high tax imposed on the vehicles when they are registered here in Malta they are still much cheaper.
As for the UK car industry, well they are just lapping up those Euros being brought to the UK from Malta, we are not talking small sums, we are talking may be millions of Euros each month that are flowing out of Malta and into the UK playing it's small part in assisting the British economy. You would think that they might want to encourage there own car industry to grow and keep the euros in Malta, help the industry grow and increase the GDP of Malta, instead the government pursues short term tax gains through the registration tax whilst at the same time destroying the Maltese car trade, but they are the government, they know what they are doing, don't they?
A big thank you to Malta and it's forward thinking government for your Euros, the UK is very grateful for the small part you are playing in helping the UK economy in it's time of need.
I don't make jokes, I just watch the government and report the facts. Will Rogers.