While all the attention today has been on Theresa Mays big Brexit speech we’ve now got the first polling reaction from YouGov to Mr Corbyn’s statements earlier in the week. Although this was covered widely by the media on Monday the general reaction has been fairly negative for the Labour leader. Just 24% said they support the approach that he is taking with 43% saying they oppose.
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Finally catching up on the speech.
It felt like May at her best: comprehensive, detailed, and hitting all the One Nation notes. Of course, this should have happened a year ago but it seems that she’s had to wait for the thicker Brexiters (most of them, to be fair) to educate themselves on the reality of the situation.
However - and there is a however - I’m not clear on the dynamics. What this *looks* like is an offer to mirror the EU customs union and trading regulations almost entirely in order to retain very close access to the single market.
FS and digital services were the only areas where she suggested the U.K. would want to deviate.
Let’s be honest, first, that this amounts to a recognition that a properly hard Brexit would be very economically damaging.
But some questions do follow, and I think Lilico gets this.
- What happens when the EU creates new rules? Presumably we are forced to mirror, or lose access to a particular market sector.
- If we are so closely aligned to the EU, what else do we have to trade in potential FTAs? If we want to allow in lesser-regulated hairdryers from China, say, then we’d be undercutting our own hairdryer manufacturers who are forced to follow regulations mirroring EU ones.
Surely Brexit can’t mean a kind of fictional sovereignty, based on no deviation from a EU we no longer have a voice in, and with no other FTAs to compensate...
Or can it?
Yes: there are a great many private equity companies that like to back great businesses. But there are also many that buy stable business, cut capital expenditure, and load the resulting business up with debt. (It's not just private equity, of course. Tata Steel bought Port Talbot, and slashed capex to get dividends out.)
These are great strategies for near term financial return and to meet the maturity profiles of the average private equity firm (in and out in six years). But they are not necessarily the best for the long-term success of an economy.
It’s amazing. Global tax regulation emerging from a body other than the EU! It’s almost like the UK will still be able to cooperate multilaterally after Brexit.
Listening to Corbyn tonight he hasn't a clue and would not have been able to undertake such a complex and thought through speech in a month of Sundays
"The United States has been running serious deficits for decades. Much of this is because those on the west coast in particular sought to offshore manufacturing to enhance their profits. They were able to do this because of “free trade”. The result was the hollowing out of significant parts of the US , in particular the rust bucket states that swung the election Trump’s way. It has also massively undermined US power. The geeks of California have done incredibly well out of free trade and have bought politicians to promote it. But they have done terrible damage to the US."
You and I agree that the geeks have done well out of free trade. But it's worth remembering that - other than Apple - the other tech giants aren't really in the manufacturing business. (Intel is in the manufacturing business, and its biggest fabs are in Oregan, Ireland, Israel and Singapore.)
So, your contention that they chose to fuck over Middle America doesn't really hold water.
(Also, the US runs trade deficits for the same reason we do: they save too little and spend too much.)
Think of it as arranging a (much) longer transition period.....
MarqueeMark
February 26
"The locals might yet be impacted by the narrative of Labour simply playing politics with Brexit for party political gain, rather than what is about negotiating the best deal with Brussels.
For example, what Corbyn says today is meaningless, unless he says how much he is prepared to pay Brussels for his/a/the Customs Union. And if he is pledging it is going to be "full tariff-free", as the BBC reports, then that looks like no change in our relationship with the EU. How well is that going to play with those Labour Brexit voters in Leeds?"
Early on in his Presidency, Trump planned to get rid of the tax deductability of interest, which would have done more to prevent the hollowing out of American industry than anything else. Sadly, he flunked it.
It was still despite the opening part full of the UK believing it can have all the advantages of the SM and CU without much in the way of disbenefit.
The extent to which some of us who voted LEAVE will be content with the continuing cat's cradle of ties to the EU remains to be seen.
I do welcome May's assertion we won't get into a race to the bottom in terms of environmental standards and workers' rights - I just don't believe much of the Conservative Party supports that and will water down those commitments at the first opportunity.
All in all, a re-assertion of the fundamental tenets of Mayism - her almost mystical affection for the Union and a desperate desire to keep everyone "in the tent".
Too much groupthink and hysteria.
As for Corbyn, I am not and have never been a fan.
Does anyone else think we seem to want to exchange real sovereignty for market access and call it “Brexit”?
They remain aligned to this day in terms of the labour market, or driving on the left, but slowly but at times radically diverged as time went by and circumstances changed. Some major, like neutrality in the war, declaring the Republic in 1949, unpegging the currency in 1979 ,to the trivial like kph not mph on the road signs.
The point is they had the control to do it, align and take the “easy” route, or decide to diverge and take some consequences- good or not so good.
'atque, ubi solitudinem faciunt, pacem appellant.'
(Although you dramatically overstate the proportion of private equity money invested in growth businesses. Go download the reports for the Blackstone, KKR, Apax and Bain buyout funds if you don't believe me.)
But you need to remember externalities.
It might be that the money tied up in that steel mill in Pittsburgh could be better used investing in AirBnB. But if your actions close the major employer in a town, then the state is left to pick up the (expensive) pieces.
Are we heading toward economic vassaldom?
Second, while he is admirably clever at being all things to all men, that lasts until he has to make decisions. Can he really put them off for four years?
Third, his team still look like a bunch of inept lightweights who with the possible exceptions of Starmer and Macdonnell would have been considered over-promoted as a sub-postmaster in Dyffryn Ardudwy. While there is talent on the Labour benches at the moment, either they are not willing to serve or he is not willing to use them. This leads to about a gaffe a week.
However, that said, no party since 1865 has improved its position at an election after losing seats previously without a spell in opposition. May herself will be in her mid-60s and is already looking rather stale. So a Conservative landslide is clearly very unlikely unless something dramatic comes out. Considering that Corbyn has survived lying about his links with the IRA and Iran and his deputy taking half a million from a fascist propagandist, it's hard to see what that could be.
It should say:
38% of REMAIN voters back Corbyn’s approach with 31% opposing
(13% of Leave voters back Corbyn’s approach with 61% opposing)
(Yes, I know kilts weren't invented then!)
77% of Con supporters back May Brexit approach
56% of Lab supporters back Corbyn Brexit approach
https://mobile.twitter.com/jamesmb/status/969567276017029120
May still has Leavers on her side while making a few concessions to Remainers today
' Mortgage interest rates have barely shifted despite the rate rise, with the average new secured loan costing 1.96pc. That compares with a rate of 2.02pc in December, 1.92pc in October and 2pc in August, while two years ago the average new mortgage came with an interest rate of 2.47pc. '
https://www.telegraph.co.uk/business/2018/03/01/housing-market-bounces-back-mortgage-rates-stay-low-despite/
' House price growth would be hit by at least ten per cent and as much as 18 per cent, making homeowners poorer. There wouldn’t be good news for young people trying to get on the housing ladder, though, because mortgages would be harder to get and more expensive. '
https://www.telegraph.co.uk/news/2016/05/22/david-cameron-and-george-osborne-brexit-would-put-our-economy-in/
He had been joining Skinner and co in the anti EU lobby for 30 years - all that changed was he became Leader so couldn't carry on taking that view.
I.e., it's OK to disenfranchise 100 regular voters to prevent one fraudulent one?
Because, really, this whole discussion should be about what the right ratio is.
Yet.
Or am I confusing that with something else?
Still no single market, still no free movement, still no customs union
It is to be hoped that our severing of formal ties with the EU does not lead to the break up of the UK, the mass outbreak of disease, foreign invasions and twelve centuries of warfare.
Edit - if you're asking me to recommend a century, both the tenth and fifteenth centuries rock. They saw huge changes come in and the second one is more full of sex maniacs than a Peter Stringfellow party.
If you want a good laugh, look up Sir Thomas Malory - writer of most of the Arthurian legends.
Her position as PM and the Conservative Party in Government are what guides her.
The GE last year was a dreadful mistake, but with a little finangling with Arlene Foster and the DUP....
Overall only 59% of working age Italians are in employment compared with 79% in the UK.
If Brandon Lewis is any good, he should be developing a long term planned take down of Corbyn, with revelations and the narrative lines already worked out.
Milne and co have to date done a great job making it all sound irrelevant and ancient history, which is very clever given they present Corbyn as authentic as he's never changed his views.
Evening all, for anyone interested here are the links for Italy, but please don't ask me to explain the new voting system
http://www.interno.gov.it/it/speciali/2018-elections
http://www.raiplay.it/dirette/rainews24?channel=RaiNews
https://en.wikipedia.org/wiki/Italian_general_election,_2018
https://en.wikipedia.org/wiki/Italian_general_election,_2018#New_electoral_system
Sadly Italy has the latest poll closing time anywhere I think, but I'll be trying to watch some of the results and coverage - votes will be counted first for the Senate and then the Chamber of Deputies.
Sunday also sees the result of the SPD membership ballot on whether to renew the coalition with the CDU/CSU.
Finally, the next two elections will be the rather more predictable Russia Presidential (Sun 25 March) and Hungary (Sun 8 April).
Thanks and best to all,
DC
@JonathanD
“Events dear boy events”.
To use my Irish analogy, though I’m sure Collins and De Valera from about 1920 wouldn’t be happy about the 26/6 split continuing a century on, the developments and position of the 26 would probably amaze them, in a positive way. At least politically and economically ( no idea how the relative fall of Catholicism would play - but that’s a sideshow to this).
The point is they (the Irish) gained the power to act when they could, if they wanted. It might take us 40/50 years to unwind matters fully. If we want. The point is it will be our choice.
(This is 15+, so it will have (a) absolutely lower levels, and (b) a downward bias due to ageing societies.)
What's remarkable is how small the changes have been in the past 18 years:
I have today been simultaneously in text conversations with California and Australia without leaving my sofa. In a few weeks I will immensely enjoy the IPL live from India. The language unifies all of that across time zones instantly now, even before Elon Musk or whoever can get us to the Barrier Reef for a quick winter break in a couple of hours in the future.
And non of that stops me going to France next week!
Makes you wonder what all the 'spare' people do.
Not only that but its an absurd example to use when it is now already possible to get from the UK to Australia non-stop in under 16 hours. It used to take over 4 days and 7 stops which shows how much progress has been made.
So if it was the UK, I think your FPTP vote for say UKIP would also be a PR vote for UKIP, and vice versa. But you couldn't say vote Con FPTP and then UKIP PR.
So in that respect it's different from eg Germany/Scotland/Wales.
Italy is always complex to follow
Hope that helps!
Did SFA for his family life.
Think of it this way: Do you think someone from Portugal has more in common with a Spaniard or a Brazilian? I think most people would say a Spaniard. Why do you think the answer is different for us?
Although I don't think she's Californian.