The Brexit-supporting press has mounted a vicious assault on the three high court judges who ruled in the article 50 case and it has undermined our constitution in the process. The government appears to be fuelling this attack. Sajid Javid, the local government secretary, described the judges as seeking to “thwart the will of the people”.
The judiciary is a pillar of our constitution. Allow faith in the judges to be eroded and that pillar is eroded at a huge cost to our freedoms.
In these conditions of uncertainty, the exchange rate has collapsed. But the scale of the decline has been greater than anyone had predicted. Sterling has fallen sharply against the US$ to a level not seen since the 1980s and there have been similarly sharp falls against the euro. In these cases there are now predictions that the rates may fall to parity within the next few months. The overall effect of depreciation on this scale is to reduce real national income and overall living standards – the cost of imports is increased and export prices are lowered.
For many years the UK has been running a deficit on its current account. In the second quarter of 2016 this was no less than 5.9% of GDP and deficits on this scale have been common for many years. Of course, a country can only continue to run a large current account deficit if it either has large foreign exchange reserves – the UK doesn’t – or else it borrows extensively overseas. Social Europe
We’ll ride Brexit with extra spending, says Philip Hammond.
With more Corporate Welfare, yes Socialism, from the peoples meager pockets. Tax cuts for the rich too I bet.
Deficit Spending? YES, Deficit Spending! The Independent
Tory MPs who followed the former Prime Minister fear his successor is pulling the party to the right and are preparing for a fight. Ms May is under pressure from the right wing of the Conservatives to maintain a strong position on leaving the European Union. The Independent
Tory infighting is never a bad thing.