Tories revolt over Osborne’s Brexit ‘punishment’ budget | Politics | The Guardian

English: George Osborne MP, pictured speaking ...

English: George Osborne MP, pictured speaking on the launch of the Conservative Party manifesto for the 2009 European Parliament elections, at Keele University. (805×1207 px, 283,711 bytes) (Photo credit: Wikipedia)

The Guardian reports that Conservative Party rancour is growing as 65 MPs defy chancellor in move that signals scale of difficulties that David Cameron will face after referendum.

Source: Tories revolt over Osborne’s Brexit ‘punishment’ budget | Politics | The Guardian

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?

Thoughts?

 

What would Brexit mean for the UK economy? | World Economic Forum

English: Official logo of the World Economic F...

English: Official logo of the World Economic Forum. (Photo credit: Wikipedia)

In this excellent analysis the WEF explores the question, ‘What will be the economic repercussions if Britain votes to leave the EU?

Source: What would Brexit mean for the UK economy? | World Economic Forum

Reading this article, I am left with two important conclusions.

Firstly, nobody knows whether the economic outcome from Brexit will be ‘bad’ or ‘very bad’ (to paraphrase the IMF). It will depend upon future trade negotiations. Most experts feel that these negotiations will be prolonged. I’m a realist, so I lean towards ‘very bad’ as the economic outcome of Brexit.

But the second point is that the Brexit supporters are completely oblivious to economic arguments. They are ready to bury their heads in the sand like ostriches claiming that the numbers don’t make sense. The WEF conclude that the Brexiteers are most interested in regaining control of the UK. The word sovereignty is frequently deployed. Sadly, we live in a highly joined up world.

So I am left with two simple open question:

  1. If Brexiteers are not just Little Englanders,  strong on xenophia, what are their real plans?
  2. Why won’t the Brexit camp reveal costed policies and risk assessments?

Thoughts?