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Archive for the ‘British economy’ Category

Japan issues Brexit warning

Posted by seumasach on September 4, 2016

Independent

4th September, 2016

European economies will be thrown into “great turmoil” if the UK and EU cannot agree on a deal for Brexit that includes an element of free movement of labour, the Japanese government has warned.

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The Brexiteer’s export argument is ‘unsophisticated’

Posted by seumasach on August 13, 2016

In fact, we’ve already been there: back in the last crisis the pound fell to as low as 1.05 euro without leading to a surge in exports. On the one hand the UK’s manufacturing base is depleted and on the other, as emphasized here, it is intertwined with production elsewhere. Interconnectedness makes a nonsense of Brexit which probably why in the end it will never happen. Isolationism is not an option and isolationist sentiment is merely a rejection of globalization which is no longer comfortably on our terms.

Business Insider

11th August, 2016

The argument by the pro-Brexit lobby that the fall in the pound would boost UK exports is “unsophisticated,” says Credit Suisse.

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Britain, Brexit, Europe and the lessons of Suez

Posted by seumasach on August 4, 2016

 

“A prolonged period of diminishing influence and relative economic decline is now the likely future for our nearest neighbour. The pressure point this time will not be the threat to sterling exposed by a furious US President, but rather the threat from a diversion of FDI flows seeking secure access to the EU single market.”

We need to go as far away as Dublin to find a journalist who can nonchalantly state the obvious. Thank you, John Looby!

He also rounds the argument off nicely:

“In the longer-run, this will likely see a new generation of pragmatic leaders lead the UK back into the EU. As Heath, Jenkins and others ultimately understood in the wake of Suez, they have nowhere else to go.”

I couldn’t have put it better myself!

John Looby

Business Post

4th August, 2016

Almost 60 years ago a popular and experienced Tory Prime Minister destroyed his career and plunged his country into crisis with a reckless risk which backfired spectacularly. While the retreat from Empire was never likely to be smooth, the stark weakness exposed by the debacle of Suez undoubtedly accelerated the long march to the margins.

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UK heading for new financial crisis

Posted by seumasach on August 3, 2016

“The Bank of England is asleep at the wheel again, and we will be back to beleaguered banksters begging for bailouts – and the taxpayer will be ripped off yet again, but bigger this time.”

Bail-outs are no longer permitted under EU regulations, drawn up by Michel Barnier, bete noir of the Murdoch press, so it will be interesting how they play this one post Brexit. In any case, the people should take to the streets to oppose any bailouts!

UK heading for new financial crisis ‘on grander scale than 2008’ with Bank of England ‘asleep at the wheel’, says AS

Independent

3rd August, 2016

The Bank of England’s annual stress tests of the UK’s banks, designed to ensure Britain’s lenders will not be at the heart of another destructive financial crisis, have been branded “worse than useless”, by a new report.

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May concerned by “gung-ho approach to Chinese investment”

Posted by seumasach on July 30, 2016

In trying to assess the meaning of Brexit one thing is already absolutely clear: Brexit represents a rejection of the kind of top-level state-to-state engagement with China associated with George Osborne. The Comprehensive Strategic Partnership is over. Whether it may be revived later depends largely on whether article 50 is actually ever triggered. From a Chinese viewpoint such a shift would definitely correlate with a Clinton presidency according to a recent analysis in The Diplomat.

May had objections to Hinkley Point, says Cable

BBC

30th July, 2016

Theresa May had “objections” to a new nuclear power station at Hinkley Point during the coalition, the then Business Secretary Sir Vince Cable has said.

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Liam Fox slapped down by No 10 on post-Brexit trade deal

Posted by seumasach on July 27, 2016

The implosion of the Leave camp which began on the day of their pyrrhic victory will be a sight to behold. As Farage goes on his roving commission to bring down the EU, Fox is off to sell out the country to the USA. Meanwhile Redwood and the others look down their noses at a purely imaginary scenario concocted by the British press about membership of the single market accompanied by a seven year emergency brake on immigration. They truly are no-hopers. No matter how many people support you if you have no practicable policy you are doomed.

Politics Home

27th July, 2016

New International Trade Secretary Liam Fox was slapped down by No 10 last night over comments he made about Britain’s post-Brexit trade with the EU.

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‘No good opportunities flowing from Brexit’

Posted by seumasach on July 25, 2016

UTV

25th July, 2016

Northern Ireland’s First Minister and Martin McGuinness held separate press conferences after the meeting, with Sinn Féin’s Mr McGuinness stating his party’s assessment of the referendum results “is that there is absolutely no good news whatsoever about Brexit.”

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LSE-Deutsche Börse dealmakers were wrong to ignore Brexit risk

Posted by seumasach on July 25, 2016

With the failure of this deal looking likely and the removal of Osborne, champion of yuan-trading in the City and defender of HSBC from US regulators, from government, you really have to ask if City of London interests haven’t been sacrificed to US interests by way of the Brexit vote. Is Wall Street then about to bypass London, its traditional point of entry into Europe, in favour of Paris or Frankfurt? Is this also a result of the obvious failure of TTIP? If there is a deal, what, if anything, does the UK get by way of compensation?

FT

29th June, 2016

Anyone who believes that the merger between Germany’s Deutsche Börse and the London Stock Exchange is going ahead must have their head buried in the sand. Just like the people who designed the deal.

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Remain: an open door for Corbyn

Posted by seumasach on July 25, 2016

Cailean Bochanan

25th July, 2016

Jeremy Corbyn is on safe ground in making a U-turn over Brexit. He had originally insisted that Article 50 should be triggered immediately but now seems to have backed down on this and is talking about the possibility of a second referendum after negotiations have been completed. Of course, there will be no negotiations until Article 50 is triggered but let’s not get bogged down in technicalities.

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Sterling falls as surveys point to big Brexit hit

Posted by seumasach on July 23, 2016

Cutting interest rates will only further weaken the pound, fueling inflation and further undermining consumer spending. And so, we enter a vicious circle and a downward spiral. Brexit hasn’t caused this underlying economic weakness: it has merely prevented us from using our geopolitical clout to counter it as we could have done, for example, through the Comprehensive Strategic Partnership with China which was based on our role as gateway to Europe and, consequently, our membership of the EU.

Irish Examiner

23rd July, 2016

Sterling fell as reports suggesting that the UK’s manufacturing and services industries contracted in July heightened speculation that the Bank of England will cut interest rates as soon as next month.

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UK’s financial services sector will retain its passporting rights despite Brexit, Boris Johnson says

Posted by seumasach on July 23, 2016

Johnson’s “everything will remain the same despite Brexit” argument reflects either that he is completely delusional or that he is strongly hinting that Brexit is not going to happen at all. Regarding passporting rights, that will be in the hands of the Europeans and it is no secret that Paris and Frankfurt are vying to succeed London as Europe’s financial sector. His assurances lack all credibility and reflect the bizarre post-Brexit limbo into which we have been cast. Meanwhile, as the incoming capital flows on which we are dependent dry up, the perspectives for the UK economy and living standards are dire in the extreme.

IBTimes

23rd July, 2016

London will remain a global financial centre, according to Boris Johnson, the UK’s newly appointed foreign secretary. Speaking at the United Nations in New York, Johnson dismissed fears over the country’s financial services sectors losing its passporting rights amid the Brexit vote.

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