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

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?


To the Commissioner for Energy | EU to Do 2015-19 – Bruegel

47th Munich Security Conference 2011: Günther ...

47th Munich Security Conference 2011: Günther Oettinger, Commissioner for Energy. (Photo credit: Wikipedia)

This is an excellent, must-read article from European think-tank, Bruegel. Check it out!

via To the Commissioner for Energy | #eu2do.

Here’s the executive summary of the letter:

You must respond to a changed context for EU energy policy characterised by concerns about security of supply, the emergence of low-cost fossil fuel sources and obstacles to decarbonisation policies; you must work for a long-term strategy and reverse the trend of renationalisation of energy policy

This blog, which has been an outspoken advocate of an effective energy strategy for Europe, fully endorses the Bruegel article. Perhaps, the Bruegel article has been too polite and there are a couple of other points?

Firstly, the EU’s energy directorate probably needs to clean house of its political bureaucrats and introduce top-down some professional expertise. At the moment, the group is overweight with greens and regulators, and very light on strategists and policy-makers.

Secondly, it must look at Europe’s loss of competitiveness because of an ineffective energy strategy. Along with excessive austerity, this is contributing to millions of people out of work.

Thirdly, there is a need to remove the bias against both Cyprus and Israel, both of which have enormous offshore gas and possibly oil reserves.