Brexit

The banks would all flee. International investors would take fright. And the pound would turn into the Great British peso. We heard a lot over the last four years about how leaving the European Union would be catastrophic for the UK economy. But here is something odd. With the transitional arrangement coming to an end with the close of the old year, and with the UK now out of the Single Market and the Customs Union, and with just a loose trade arrangement with the rest of the continent that doesn’t even cover financial services, so far the FTSE is loving Brexit. True, it is only the first week of

On New Year’s Eve at 11 p.m., the United Kingdom departed both the single market and the customs union, making the end to the country’s former membership of the EU complete. It was a moment to celebrate for Brexiteers; the commemoration of sadness for some Remainers. Or should I say ‘Rejoiners’ — there is no remaining now, Great Britain having departed the European Union. Many Rejoiners have set out their stalls already. ‘When they tell you to “move on” DO move on — to the long, strong, campaign to rejoin,’ tweeted Simon Schama, the historian and noted fan of the UK’s membership of the EU, ‘However hard the road, however

Part of the soap opera appeal of politics comes from the idea that it is a competitive sport based on fine margins – with a result that will be determined by the relative performances of the teams and their captains. Under the British first-past-the-post system two major parties slug it out in an epic tussle across hundreds of seats and then one of them wins. Sometimes things are so closely fought that neither party has an outright majority, in which case one or more of the minor parties gets to choose which should be propped up. From this point of view, every policy shift or zinger soundbite thrown by Boris

During the debate over Boris Johnson’s Brexit agreement in the House of Commons today, Theresa May chastised the Labour leader over his criticism of both her deal and the current deal.  Appearing to be the only MP in the chamber wearing a mask while waiting to speak, the former Prime Minister heard Starmer wish for a better Brexit agreement, while accepting that he will whip his MPs to vote for Boris’s ‘thin deal’. These words stirred something within May as she thought back to the numerous painful meaningful Brexit votes under her watch. Back then, Starmer was shadow Brexit secretary and played a key role in moving the official Labour position to backing a

As political journeys go, it’s akin to Jeremy Corbyn quitting his allotment to grow marrows on an Israeli settlement. Nicola Sturgeon, a lifelong pro-European since June 24, 2016, has decreed that the SNP will vote against the free trade pact agreed by the UK and the EU. This is quite the turnaround. Sturgeon has previously said ‘a no-deal Brexit is a catastrophic idea’, warned of ‘the dire economic consequences of a no-deal Brexit’, described ‘the nightmare scenario of a no-deal Brexit’ and urged the UK Government ‘not to countenance in any way a no-deal Brexit’. She personally claimed that no-deal ‘could push 130,000 people in Scotland into poverty’ and touted

Should we be worried that the UK didn’t get all that it wanted for financial services in the UK-EU Trade deal, as the PM mentioned to the Sunday Telegraph? Financial services are our biggest export industry by some margin, including to the EU, as well as (arguably) our biggest taxpayer, so anything that hampers it could have serious economic repercussions. The EU for its part has said that it will consider in its own time if it will grant ‘equivalence’ to UK financial services, making it easier for UK based institutions to serve customers in the EU, and will only do so if it is in the EU’s interest. The

The new UK/EU Treaty is needlessly long and turgid in its prose: this document was not drafted by people who think the law should be understood by all. Close inspection of the small print reveals that none of the details undermine sovereignty. It has been restored and the UK has the power to control its own laws. To understand what’s happened, consider the last two big treaties. Under the Maastricht Treaty the EU’s ability to control UK law was extended on what came before but was confined to specific areas only. That was called ‘spheres of competence’. The 2007 Lisbon Treaty vastly expanded the EU’s power and the idea of

Ursula von der Leyen quoted TS Eliot’s poem ‘Little Gidding’ in her press conference today: ‘What we call the beginning is often the end. And to make an end, is to make a beginning.’ The free trade deal between the UK and the EU marks beginnings (new arrangements on commerce, fishing and security cooperation) and ends (the single market, free movement, Erasmus), but what we can’t yet be sure of is which category Scottish independence falls into. We might glean the answer from the 2,000-page agreement when the text is published but it is more likely that the question will remain open for some time. In the orthodox reading –