The most heavily-criticized part of TTIP is what is referred ISDS (Investor-State Dispute Settlement) which empowers companies to sue national governments when their profit-making is threatened by legislation. As its critics have argued, such a mechanism would specifically discourage regulatory practices, and guard against shifts towards progressive tax rates. It would also further entrench the economic reforms of the last four decades, and raise international obstacles to any government looking to change course. The reason why it isn’t critically discussed in debates like that which took place between Clegg and Farage, is that TTIP is considered to be a fait accompli amongst Britain’s main political parties. Fiscal neoliberals, they all agree on the necessity of economic union with the United States.
Tellingly, another side of this consensus is support for American-style health care privatization. The Health and Social Care act (2012) allows 70% of NHS contracts to be farmed out to private companies. TTIP will extend this, not just to British companies, which is bad enough, but to US companies seeking to enter the UK healthcare market. At the same time, the Cameron government has underfunded the NHS by increasing funding at 1%, while the costs of the health system rise at a much higher rate. Of course, the current coalition has spent £3 billion on a bureaucratic overhaul to ‘devolve’ power to the doctors.