Brexit

The leaked government Brexit forecasts have this morning been reported by the BBC just as its leakers intended: as embarrassing proof that Brexit is bad for the economy. If it had any vague interest in being impartial, perhaps the Beeb would have bothered to make the rather obvious point: not only have we seen such forecasts before, but the new figures are more optimistic than HM Treasury’s last effort. The government’s April 2016 analysis said that the economy would be 3.8 percentage points smaller than it otherwise would have in 15 years if we were to stay in the EEA; that has now been revised down to a 2pc hit.

There are many things to worry about with Brexit, but the terms of the transition should be pretty low down that list. The transition was always going to have to be off-the-shelf (if you could negotiate a bespoke transition, you might as well do the final deal) and as long as it is time-limited, it shouldn’t be a problem. Indeed, it should help smooth out Britain’s exit from the European Union. Bill Cash’s urgent question today was another sign of how some Tory Eurosceptics are becoming more and more concerned about the terms of the transition, and how it will make Britain—in effect—a non-voting member of the EU. Jacob Rees-Mogg’s

How much trouble is Theresa May in? Just three weeks ago, it looked as though the Prime Minister was at her strongest point since the disastrous snap election. Now, the BBC 10 o’clock news is leading on questions about her survival – with reports of irrepairable drift, Brexit rifts. The Sunday papers are filled with a deluge of negative headlines depicting a party out of control – including on-the-record criticism from Conservative MPs. Former minister Theresa Villiers has gone on the airwaves to warn that the Prime Minister could be about to sell a lie on Brexit. What’s more, reports claim that the influx of letters to Graham Brady continues to

Boris Johnson and Philip Hammond are further apart on Brexit than anyone else in the inner Cabinet. But there is one thing they agree on, I say in The Sun this morning. In the last 10 days, both of them have expressed their frustration to close allies that Theresa May won’t make a decision; that Britain is at a nation-defining moment in its history and that there is no real leadership. Their interventions are an attempt to provide that leadership, to give people an idea of what Brexit will be like. Absurdly, the Brexit inner Cabinet did not meet this week despite the fact that there is not yet a

A decade ago, bankers were not merely the masters of Davos, but the ‘masters of the universe’. No one calls them that any more. It is a mark of how far the global economy has shifted that the market capitalisation of Goldman Sachs was this week overtaken by that of Netflix, the online entertainment company. The world’s five largest companies are now all in the field of technology and the internet: Apple, Google, Microsoft, Amazon and Facebook. Ten years ago, none of them made the top five: the masters, then, were Exxon, Walmart, China National Petroleum and the Industrial and Commercial Bank of China. We are in a period of

There’s renewed speculation in Westminster that Britain might end up staying in the customs union. The CBI is calling for the UK to stay in a customs union with the EU and Labour is expected to move to backing customs union membership soon. The argument goes that because customs union membership does not require free movement, it is compatible with the referendum result. Big exporting businesses tend to like the idea as it would ease most of the bureaucratic problems in moving goods around post-Brexit. But I don’t think Theresa May will go for this idea. If Britain stays in the customs union, then it can’t do comprehensive free trade

This post first appeared in the Spectator’s Evening Blend email, a free round-up and analysis of each day’s politics. Sign up for free here. Why is Boris Johnson quite so keen on improbable-sounding bridges? The Foreign Secretary became obsessed with the idea of a ‘garden bridge’ across the river Thames when he was Mayor, a project that was cancelled by his successor Sadiq Khan after it became clear that public money would be needed to build the structure, which would then not always be open to the public. Unabashed, Boris is now suggesting something much bigger and more eye-catching: a bridge across the Channel to France. Johnson was talking about