With financial markets around the World falling because of the Brexit threat, there is another way of looking at this story – look at the damage that the Conservative right wing have inflicted on the UK? Not only is financial wealth eroded but taxes will need to rise to mitigate the damage done by Brexit. Throw in eye-watering austerity to the public sector and the alarm bells are loud and clear.
I have never been a great supporter of George Osborne, as regular readers of this blog will know. For me, he’s been too light on economics and too big on dogma. BUT I firmly believe that Osborne is right to signal the enormous risks and mitigation with an emergency budget.
The Brexit leaders have consistently refused to set out financial plans and risk mitigation for fear of causing alarm and losing votes.
Amazingly, Osborne is now hated on both the right and left of UK politics.
Reflecting on the post Brexit political world, I wonder if we’ll see breakaways in both the Conservative and Labour Parties? Perhaps, we could well see the left of the Conservative Party uniting with the left of the Labour to form a new unity government?