Brexit

The London Stock Exchange is no longer the red-hot crucible it once was, given the multifarious ways by which shares, bonds and derivatives now change hands. But the prospect of the LSE passing into the control of Deutsche Börse — in what was announced as a ‘merger of equals’, but with the Germans holding the larger stake and the top job — is a mighty provocation to Brexit campaigners. The Express claims it would reduce the London market ‘to an insignificant regional afterthought’. Brexit or not, there’s logic to a pan-European trading platform with shared technologies and harmonised listing rules: but who can doubt that the German agenda must be to hoover as much business as possible from London to Frankfurt?

[audioplayer src="http://rss.acast.com/viewfrom22/donaldtrumpsangryamerica/media.mp3" title="James Forsyth, Fraser Nelson & Isabel Hardman discuss the opening skirmishes of the EU referendum campaign" startat=540] Listen [/audioplayer] The government, or at least David Cameron’s bit of it, seems to think that trade is something that takes place because of a trade agreement. The order is the other way round. People trade, and have done for several thousand years, because it is to their mutual advantage. After a bit, governments come along and try to direct and often impede it, but in the modern world of instant communications, ready transfers of money and container shipping, this has become blessedly difficult.

Although the Tories currently find their party divided over Europe, they can at least take heart that the opposition face greater internal conflict. In fact, rather than attack Matthew Hancock in the Commons today over the Cabinet's Brexit issues, Labour's deputy leader Tom Watson opted to make a joke about his own party's misery: 'Mr Speaker sadly I am not in the strongest of positions to lecture the poor minister on handling splits in his own party.' Watson did at least manage to find time to take a small jab at the Conservatives.

Michael Howard has said he believes Britain should leave the EU. The former Conservative leader said David Cameron's attempts to renegotiate had 'met with failure'. Here, in an extract from his article published in the Daily Telegraph, he says Britain is better off out of Europe: Europe’s leaders may spurn the possibility of a new round of negotiations. They – and others – will certainly deny any possibility of this kind between now and our vote. They want us to vote to remain. The Prime Minister says that the possibility of further negotiation is “for the birds”. We shall see. But if he’s right it will just mean that Europe’s leaders will have finally set their faces against the fundamental and far-reaching reform that he said he wanted.

Although David Cameron insists that he wishes to remain on good terms with his Brexit-supporting Cabinet members, he's not planning to make life easy for them. Today Sir Jeremy Heywood, the Cabinet Secretary, has issued new guidance relating to the referendum that means SpAds and civil servants are banned from assisting Eurosceptic ministers with any material that could be used to back Brexit during office hours.