Great Yarmouth and Lowestoft SEZ 2024 – 24 x 18cm, acrylic on canvas
In 2023 Tory MP Kemi Badenoch announced that the UK will shortly commence negotiations with Singapore for a “new, modern investment treaty […] guaranteeing clear standards of fair treatment to investors”. The UK’s accession to CPTPP includes a range of investment protection standards and – in the words of the UK Government – a “modern and transparent” ISDS mechanism. Undoubtedly, the Investor-State Dispute Settlement ISDS (established in 1966 by The World Bank) will be a key component to insulate corporations from any future govts wishing to revoke contracts in place inside the UK 86 SEZs. Sandy Springs USA (pop.100,000) was seceded to Prospera, a move that cut off tax revenue to the inner city and outsourced all govt services to private providers,
NaomiAKlein called this “the glimpse of a disaster-apartheid future” Oliver Porter, advisot to Prospera (see video) neglected to mention that Sandy Springs struck its own reverse course in 2019 bringing govt services back in-house, why? Privatisation had proved much too costly, the option of public ownership was much cheaper and turned its back on the open markets. Understand that Prospera is currently suing the Honduran Govt via ISDS for $11 billion, that is nearly two thirds of the Honduran economy. This is why ISDS and decades long licensing of SEZs are 2 peas in a pod.