Seen on the Reuters ticker outside the Canary Wharf tube station yesterday. Picture by me.
I believe the people in the REMAIN camp must take us for fools.
As you know, with respect to the #Brexit question, I am most firmly of the opinion that Britain should leave the EU. There’s really no sense in it, and I’ve examined it in other posts, but it comes down to the fact that Britan pays in way more than we get back (to the tune of £35M per day) and that we don’t need to be following the dictates of Brussels. There are plenty of examples of cooperation among states both at the periphery of the EU (Norway, Iceland) and even outside it. Britain has healthy relationships with the US and China, and reasonable ones with most other countries, so there’s nothing to prevent us from “going on our own” as we mostly do anyway.
The Reuters ticker shown above though, says two things:
“Brexit would damage UK economy, may push BoE to cut rates – Reuters poll”
“Job prospects not welfare draw migrants to UK”
Let’s take each of these in turn.
For the first one, um, so what? There’s no doubting that the British economy will at least suffer a little bit when we exit the European Union. We’ll have a buffer of £35M per day that we no longer have to pay into the EU, so we can cushion it a bit. But there’s no getting around the speed bumps that would initially come up. The thing is though that the REMAIN campaign would have us believe the earth will start spinning the other way, and for a really long time. This country is resilient and has the world’s fifth largest economy, and we’d be just fine leaving the EU.
What if the BoE has to cut rates? Well, right now, we have some of the highest rates of the industrialised world. The US sits at 0.25%, Sweden has negative rates, and the UK currently sits at 0.50%. While I think the whole interest rate thing cutting is a bit nonsensical, as I don’t believe Keynesian economics works – at all – since we live in a Keynesian world, cutting rates might make sense to the BoE. If so, what of it? If we go to 0.25%, then we go to 0.25%. It’s little difference at this point, and if it’s been good enough for the US for a while, then it can’t be all that bad for everyone else – presuming you are fixed on using Keynesian economics. (I think the entire notion of Central Banks setting interest rates is ridiculous, but as that’s how this and most other nations currently operate, we have to take what we’re given.)
Finally, who did Reuters poll for this? Certainly it wasn’t the man on the street. They probably polled…. bankers. Financial data types – all the people who would be in the REMAIN camp already anyway. How silly.
Looking to the second point – of all the studies to come out just months before the referendum to leave the EU, suddenly, after literally years (even for me) of being told that migrants come here for welfare benefits, there’s a “study” that suddenly says just the opposite. Note that the ticker doesn’t say by whom the study was done or why we should trust it! Even if it’s the case that new data has come to light and Britain is suddenly the paragon of employment for everyone who would come here, that hardly seems a reason to stay in the EU – I should even think it another reason to leave! If we’re so popular with others — supposedly now coming here for fantastic jobs — wouldn’t it be better if we had more control over that? We have a fair amount now — but only because we don’t have to follow the open borders plan to the same extent that the rest of Europe does, and because we’re not part of Schengen.
I’m all for hiring the right talent – and allowing people to move and follow opportunities. I don’t see that changing here in Britain if we’re part of the EU, and I don’t see it changing if we leave, and nor should it. But with sudden “studies” popping up making us the migrant attraction capital of the world, people must think us daft if we don’t notice how the people most likely to want to influence people to remain in the EU suddenly have these “studies” plastered on their tickers.