Legalising Cannabis Won't Save Us from Our Brexit Budget Black Hole, but It Will Make Things Much Easier
Phillip Hammond has said the UK faces a budget black hole of £100bn due to the Brexit induced economic downturn. Sadly, legalising cannabis would only create £1bn in tax revenue.
Last week Chancellor Phillip Hammond said that the UK faces a budget black hole of £100 billion due to the Brexit induced economic downturn. For public services already stretched to the limit the prospect of having to absorb further cuts and privatisation is, frankly, terrifying.
Some have floated the idea that there is a simple solution to plug the gap, and Brexit could push the government to legalise cannabis.
Alluring as the idea of building a strong home-grown economy on, well, home-grown is, and it is estimated a legally regulated cannabis industry in the UK would be worth around £7 billion. This would create tax revenue of £1bn, hardly enough to make up the Brexit shortfall. Our new economic utopia, free of the...
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