Brexit Built on Lies...

5fish

5fish

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Here a an article reviewing the lies the Brexiteers used to leave the EU...
www.standard.co.uk

Six years on, the greatest legacy of Brexit is the lies that will outlast Johnson

We do not talk about Brexit anymore. So it is easy to forget about the origins of this damaging trend of lying and denial in politics. They in fact go further back than the premiership of Boris Johnson, to which they are often ascribed, to a vote in 2016, and to the cynical falsehoods told by...
www.standard.co.uk www.standard.co.uk
 
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It seems Brexit is causing inflation to be worse on the British isles...

www.theguardian.com

Brexit is making cost of living crisis worse, new study claims

EU withdrawal fuelling higher import costs and costing British workers nearly £500 a year, says Resolution Foundation
www.theguardian.com www.theguardian.com


Britain’s cost of living crisis is being made worse by Brexit dragging down the country’s growth potential and costing workers hundreds of pounds a year in lost pay, according to new research.

The Resolution Foundation thinktank and academics from the London School of Economics said the average worker in Britain was now on course to suffer more than £470 in lost pay each year by 2030 after rising living costs are taken into account, compared with what would have followed a remain vote in 2016.


In a report six years on from the referendum, the researchers said Brexit was damaging the competitiveness of UK exports on the world stage just as companies are forced to deal with the fallout from the coronavirus pandemic and Russia’s war in Ukraine pushing inflation to historic levels.

“A less open Britain is expected to be poorer and less productive,” it said.

Official figures on Wednesday showed a fresh rise in the inflation rate from 9% in April to 9.1% last month, as surging petrol prices and the rising cost of a weekly shop ramp up the pressure on struggling families. The Bank of England has warned that inflation could reach 11% by October.
 
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It seems buyers remorse is setting in, in British isles... 52 percent have regrets...

www.statista.com

Brexit poll 2024 | Statista

The share of people who regret Brexit has increased since the UK left the EU. Recent polls show a growing majority think it was the wrong decision.
www.statista.com www.statista.com

As of July 2022, 52 percent of people in Great Britain thought that it was wrong to leave the European Union, compared with 36 percent who thought it was the right decision. During this time period, the share of people who regret Brexit has been slightly higher than those who support it, except for some polls in Spring 2021, which showed higher levels of support for Brexit. The share of people who don’t know whether Brexit was the right or wrong decision has generally been consistent and usually ranged between 11 and 14 percent.
 
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Brexit is causing research funding being pulled form British universities...

www.nature.com

Lost funding, unwelcome moves: UK researchers speak out on ERC ‘disaster’

Four international scientists explain how a grant debacle stemming from Brexit has affected their research and career plans.
www.nature.com www.nature.com

UK science suffered a significant setback in June, when the European Research Council (ERC) confirmed that 143 UK-based researchers would forfeit their prestigious ERC grants unless they relocated to a country in the European Union. The researchers were first told in April that their grants were in jeopardy, forcing them to confront a dilemma that once seemed unimaginable: either move their laboratories overseas or put their funding at risk. This predicament was a direct consequence of the United Kingdom’s failure to ratify an agreement with Horizon Europe, the EU’s research-funding programme, which has committed €95.5 billion (US$97 billion) for research funding between 2021 and 2027. The ERC’s grant budget is part of Horizon Europe.
 
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Britain new leader putting in price controls on energy without a way of paying for it... So they are going to borrow to pay for it but you can not borrow into prosperity like they have been doing... ask the Greeks and Porte Rico...

https://www.cnbc.com/2022/09/08/uks...ions-of-pounds-to-help-with-energy-bills.html

The exact details of the package have yet to be revealed. Initial projections suggested it may be around £100 billion worth of support, but the latest estimates from Deutsche Bank said it could be closer to £200 billion.

The figure is almost half as much as was spent on providing financial support during the Covid-19 pandemic and just over 8% of gross domestic product, according to Deutsche Bank. It estimates the freeze will be in place from October.

The new energy package will likely be funded through additional government borrowing but the aftermath of the financial support could be felt for decades to come, according to Christopher Dembik, head of macro analysis at Saxo Bank.
 
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Here article about near future for the British... the pound is at a 40 year low maybe a 200 year low... inflation may hit 22%... Truss has a listing ship... no EU for support...

www.fnlondon.com

UK economic crisis could see sterling plunge to 200-year low

Investors see increased odds that the pound will tumble below parity with the dollar, something that hasn’t happened in their more than 200-year trading history
www.fnlondon.com www.fnlondon.com

The pound fell 0.3% on 5 September in early trading in Asia to $1.1475, according to FactSet. That is the lowest since 1985. Sterling’s descent is in part a side effect of the relentless US dollar rally, which has driven both the euro and Japanese yen to multi-decade lows in recent days.

“The economic challenges facing the UK economy are probably of a magnitude as great as anything we’ve seen in living memory,” said Mark Dowding, chief investment officer of BlueBay Asset Management.
 
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This guy has his moments... And Britain maybe a dumpster...

 
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The British Prime Minister is taking a page from Reagan playbook but UK is not United States... Their borrowing in already at 100 percent of GDP. They are a small economy so if their debt gets to high the markets will punish the British...

www.wsj.com

U.K. Leader Liz Truss’s Plan for Tax Cuts and New Spending Takes a Page From Reaganomics

The new British prime minister has tried to shape her political image in the mold of Margaret Thatcher, but the mix of tax cuts and new spending she is pursuing to boost the U.K. economy has more in common with Ronald Reagan.
www.wsj.com www.wsj.com
 
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The Brits maybe heading to the IMF with hat in hand like in the late 1970's...

MSN

www.msn.com

Adam Hoyes, market economist at Capital Economics, said: “This is a pattern more often associated with emerging markets, and looks like a signal that investors are becoming more concerned about the new UK government’s approach, with fiscal and monetary policy increasingly working in opposite directions.”
 
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The slide into destitution for England... The Bank of England enters the bond market...

https://www.theguardian.com/busines...vention-in-markets-after-kwarteng-mini-budget

The Bank of England has taken emergency action to calm turmoil in financial markets amid the collapse in the pound and the increase in government borrowing costs triggered by Kwasi Kwarteng’s mini-budget. Threadneedle Street said it was taking urgent steps to buy long-dated UK government bonds, beginning immediately in an attempt to stabilize the market.
 
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Truss makes a U-turn on one part of her tax cut plan for the wealthy but keeps the rest still means big cuts in the budget... The Troy's are trying to be 1980's Republican party...

www.theguardian.com

Tax U-turn wins Truss some time but damage to credibility remains

PM said she was prepared to make unpopular decisions – but then buckled, so now she will be seen as both unpopular and wrong
www.theguardian.com www.theguardian.com

So it turns out the lady was for turning, after all. Just hours after Liz Truss declared on national television that she would stand by her controversial plan to scrap the 45p top tax rate, she dumped it.
 
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5fish

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Here is a video about how the Brexit decision is causing the Brits to be poorer...

 
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