Last month a hedge fund threatened to move from Connecticut to another state. Its boss, Ray Dalio, earned $1.4bn last year. That’s as much as 34,482 teachers earning the average salary for teachers here of £29,000. But that wasn’t enough for him and he demanded Connecticut help him build new offices. They gave him $22m. You can read about the story here.
That’s $22m that he doesn’t need. It’s about 1.5% of what he earned last year. But it reduces Connecticut’s ability to employ policewomen and firemen; to repair its roads and look after its elderly; to run its schools and operate its healthcare programmes.
That can’t happen in the EU.
We have rules – called ‘State Aid’ rules – which stop powerful corporations playing countries off, one against the another. They know Member States can’t give the money – and this stops them demanding it.
You will have read about…
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