Daily Archives: October 11, 2016

Pound sterling falls under $1.23 after leaked papers suggest leaving single market could cost UK £66bn a year | The Independent

October 11, 2016 By in Business Administration, People, Politics, Theresa May Tags: , , , , , , , , , Leave a comment

In an alarming article, the Independent reports that the pound has fallen to its weakest level since the financial crisis broke out as worries persist over the UK’s economic prospects outside the EU. It highlights that Sterling’s latest selloff followed reports that Britain could lose £66 billion of tax revenues each year if the UK takes the plunge with a ‘hard Brexit’.

Source: Pound sterling falls under $1.23 after leaked papers suggest leaving single market could cost UK £66bn a year | The Independent

This crisis was predicted by those who championed ‘Remain’ but the UK media subordinated the evidence. Now the evidence is converging with reality. Theresa May is no Margaret Thatcher and will be forced to make a massive U-turn or test policies with an early general election?

Thoughts?

The Political Logic of Hard Brexit by Jacek Rostowski – Project Syndicate

October 11, 2016 By in Boris Johnson, Brexit, Business Administration, Fiscal Policy, Foreign Policy, Growth, Immigration, People, Politics Tags: , , , , , , , , , , , , , Leave a comment
Project Syndicate

Project Syndicate (Photo credit: Wikipedia)

Conservative Party (UK)

Conservative Party (UK) (Photo credit: Wikipedia)

This is an excellent read published by Project Syndicate; the author, Jacek Rostowski, was Poland’s Minister of Finance and Deputy Prime Minister from 2007 to 2013.It argues powerfully that little more than three months after the UK’s decision in June to leave the EU, British politics is careening out of control. It suggests that an almost revolutionary – and very un-British – dynamic has taken hold, because the Brexiteers are desperately seeking to avoid being exposed as having no negotiating power.

Source: The Political Logic of Hard Brexit by Jacek Rostowski – Project Syndicate

He points out that Prime Minister Theresa May‘s  “Little Englander” speech at the Conservative Party conference signalled that the UK is heading for a “Hard Brexit,” claiming that outcome would run counter to British public opinion, citing a July BBC/ComRes poll, and an an ICM poll.

Theresa May does not have a popular mandate for a Hard Brexit nor for reversing many of David Cameron’s election pledges. Surely, there’s an overwhelming case for an election at the earliest opportunity?

Thoughts?