Pound stays higher against the Euro than lows in 2013-14 and well above old all time low

All post vote attention has been focused on the fall in the pound against the dollar rather than the surge in UK government bond prices or the good performance of the FTSE 100 since February. It is true that the pound hit a  ten year low against the dollar of $1.36 on Friday, compared to $1.38 in January 2009 (when we were firmly in the EU). Over the years we have been in the EU the pound has been up and down against the dollar in a very wide range of $1 to $2.  Much of the recent slide of the pound against the dollar has been part of a general strengthening of the dollar and a weakening of the Euro, yen and pound as well. The more immediate moves can be put down to market responses to the vote.

The pound against the Euro gives us a different picture, and arguably a more relevant one on Brexit. The big plunge in the pound occurred during the banking crash. The pound fell from a high of Euro 1.51 in January 2007, to just Euro 1.03 in December 2008, a fall of one third. From Euro 1.14 in July 2013 the pound rose to Euro 1.43 in July 2015, before gently declining as the Euro started to strengthen more broadly. On 23 June before the referendum result the pound stood at Euro 1.31. Yesterday it closed at Euro 1.23, still almost 20% above its previous low.

A modestly lower pound will be welcomed by many exporters. I will keep people posted next week to see how it settles down.

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77 Comments

  1. ian
    Posted June 25, 2016 at 1:13 pm | Permalink

    Petition for a new ref has already past 0ne million, so it will be debated in parliament and the ins have over 500 hundred seats to the outs under 150 seats, so it not over yet.

    • Horatio
      Posted June 25, 2016 at 5:33 pm | Permalink

      My friends in financial services got in at 5 and made more in 5hrs than in the last 3 months. Shorting, was obviously going to happen. As A Neil pointed out on twitter earlier:

      FTSE fell but finished on weekly high. £ plummeted but closed @ Feb levels. U.K. Gilt yields fell. What G Soros meant by Black Friday?

    • ian wragg
      Posted June 25, 2016 at 5:50 pm | Permalink

      The petition is about the rules of the petition and was intended for last Thursday.
      The fact the petitioners can’t read excludes them from any debate.

    • Richard1
      Posted June 25, 2016 at 8:45 pm | Permalink

      This petition calls for a quorum of 75% for a Leave or Remain vote on the EU, also for a 60% super-majority of for any change. So presumably its authors would be happy for 74.9% of the country to vote 100% for Leave and yet be ignored.

      I hear the various EU presidents are calling for a rapid EU deal. If they really are concerned to do such a deal – and let’s see because it might just be initial piqued reaction – maybe we should check whether a proper deal is on offer. Supposing we could get a Switzerland type deal whilst remaining nominally ‘in’ – that could then reasonably be put to the people for a second referendum. Wouldn’t that be a reasonable result? Let’s not let the perfect be the enemy of the good.

    • Anonymous
      Posted June 25, 2016 at 11:01 pm | Permalink

      Doesn’t this sound familiar in the EU ?

      Keep having referenda until the ‘right’ result is achieved.

      An extra two days were given so that the kids could get their act together. They still lost. Now they are being used as a battering ram to get another result.

      I don’t know what we can do but another referendum must not be allowed to happen.

    • Mark
      Posted June 26, 2016 at 2:00 am | Permalink

      The petitioners are perhaps not voters. The Frankfurter Algemeine Zeitung carry a report that their staff were happily able to add their votes to the petition

      http://www.faz.net/aktuell/politik/brexit/kampagne-gegen-eu-ausstieg-mehr-als-zwei-millionen-stimmen-fuer-ein-zweites-brexit-referendum-14307887.html

      – but the way in which the votes were apparently coming in suggested that they were being done by a computer programme with mailing lists and a list of email addresses. For example, nearly 5,000 votes have been made between 1:50 a.m. and 2:50 a.m. in the constituency of Westminster and the City, taking the total there to 25,000 votes – more than the 19,570 votes taken by Mr Field to win the constituency. It appears that the petitions website has been effectively hacked, with the voting procedure no longer adequate to ensure reasonable security. MPs are quite used to getting computer generated campaign emails – and doubtless routing it to spam folders with autoreply. Perhaps they need to ask for a formal review of the petitions site – its use to subvert normal democracy should be stamped on.

    • Mark
      Posted June 26, 2016 at 9:37 am | Permalink

      The petition vote for Westminster and the City stands at 43,786 as at 10:36 this morning. That is more than the total turnout for the general election in this constituency (36,185). The petitions website now reminds me of the comment by Justice Mawrey comparing the UK electoral system to a banana republic.

      Incidentally, we still need to sort out our defective system for real votes and campaigns.

  2. Lifelogic
    Posted June 25, 2016 at 1:53 pm | Permalink

    Indeed so why are the BBC constantly building up the doom agenda? Is it perhaps that have pushed the benefits of the EU & vote remain so relentlessly for so many years that they just cannot accept they got so badly wrong. Just as Cameron, Osborne the establishment and the rest of them did.

    Or is it just they they are all institutionally “Guardian Think”, Libdim, second rate art graduates who have “thought” processes drummed into them as a religion and just never bother to think for themselves at all?

    As I have said before, the real vote (given a level pitch with perhaps at least one major party recommending leave and a balance BBC and state sector) would have be nearly two to one.

    • John C.
      Posted June 25, 2016 at 5:42 pm | Permalink

      Even surer had Cameron been honest, admitted that he had been basically rejected by the E.U. in his renegotiations, and had therefore come down on the side of Leave. This is what he said he would do.
      He would now be a national hero, assured of a famous place in history, instead of representing a striking example of the maxim that all political careers end in failure.

      • Lifelogic
        Posted June 25, 2016 at 9:21 pm | Permalink

        Indeed remain certainly did not play with a straight bat. In debates they just seemed simply to have to coherent arguments beyond.

        50% of our trade and only 15% of theirs
        They will beat us up if we leave.
        Austria has a points system yet they accept more per head.
        We do control our borders through Schengen
        Stay in “a reformed EU”
        More likely to be treated by an eastern European than meet on in front of you in the queue.
        Oh and you are all racist, little Englanders who are reponsible for the death of Jo Cox.

        These were all duff arguments or lies as anyone who thinks could see.

        • Lifelogic
          Posted June 25, 2016 at 9:22 pm | Permalink

          “no coherent arguments”

    • Anonymous
      Posted June 25, 2016 at 11:02 pm | Permalink

      The BBC must be told to stop it.

      The country has decided to take another direction and we must ALL get behind it.

      • Lifelogic
        Posted June 26, 2016 at 10:32 am | Permalink

        Indeed the BBC is still stuck in moronic LibDem/Guardian non think mode even now.

  3. Denis Cooper
    Posted June 25, 2016 at 1:53 pm | Permalink

    I recall here that certain people made a fortune out of Waterloo because they had had the resources and the enterprise to set up a fast private communications chain from Brussels to London, so they knew the true outcome and could act upon that information in the markets before even the British government knew what had happened.

    • forthurst
      Posted June 25, 2016 at 6:33 pm | Permalink

      Denis, did certain people not hope to profit from an exit poll? I could not see how that would have been accurate because when every vote counted, the numbers emerging from each polling station as a proportion of those on the register was significant and that could not have been deduced and, of course, many older people used postal votes.

    • zorro
      Posted June 25, 2016 at 7:36 pm | Permalink

      And those same people have been trying to do the same ever since….

      If they do not accept or act upon the express wishes of the UK population as a whole (as they supposedly faithfully promised), what are they trying to provoke?

      The EU is already trying to bounce an independent country into doing what they want.

      Cameron faithfully promised to lead the country whatever the result of the referendum. He has not kept that promise.

      I see that Lord Hill has flounced off in a petulant manner too. It is difficult to underestimate the venom within these people. I can only pity them.

      Parliament will discuss and come up with a negotiating strategy, and must strike a united front in the negotiations to ensure a sensible solution.

      zorro

      zorro

      • Stephen Berry
        Posted June 26, 2016 at 9:52 am | Permalink

        Zorro, there were two ways that Mr Cameron could have run his pro-EU membership campaign.

        He could have said that the UK could prosper economically both in and out of the EU, though he thought on balance that in the EU was better. He could then have campaigned in a restrained manner for Remain. This would at least have had some elements of the truth in it. As I recall, this was the sort of line that Harold Wilson took in 1975.

        Or he could have campaigned vigorously for continued EU membership threatening all sorts of fire and brimstone nonsense if the UK left.

        The first option would have made it relatively easy for Mr Cameron to continue. Strangely he chose the second option, so I don’t really see how he could stay on.

        • zorro
          Posted June 26, 2016 at 1:35 pm | Permalink

          I’m afraid that he does not deserve respect. He was unequivocal that no matter what the result, he would be there to set the direction, but he has choked or shown himself a ‘quitter’…..

          He could have chosen option 1, but chose option 2 with him solemnly declaring that he would carry on.

          I would have respected him if he had gone for option 2 in all honour and state that he would resign immediately. That would have been the honourable thing to do. He didn’t do it because he knew that there would have been an even larger majority for Brexit!

          zorro

  4. Lifelogic
    Posted June 25, 2016 at 1:58 pm | Permalink

    The more I think about it the more I think that a small remain result (on the appallingly sloped pitch) would have be dreadful for the country and even for Cameron and the Tories.

  5. CHRISTOPHER HOUSTON
    Posted June 25, 2016 at 2:17 pm | Permalink

    Off Topic:
    “The UK’s European Commissioner Lord Hill ” resigns.

    Never heard of him. Never seen him before. Never heard his voice. Never knew his specific job title. What he has accomplished. How much he is paid. Who pays it. What the significance and consequence.
    So long EU. See U around.

    • rose
      Posted June 25, 2016 at 7:15 pm | Permalink

      This resignation is disgraceful. Like the PM he should be putting the national interest before his own puffed up pride. When countries go to war the ambassadors are the last ones to pull out, not the first. We are not at war with the EU. His job was to safeguard our interests and those of the City. Who is going to do that now? If another commissioner is appointed he will be put in charge of nothing and he won’t have the knowledge this one must have. When he spoke of “consequences” he was in effect having a fit of pique. He was there to represent us, whatever happened. But he presumably treated the job as a sinecure in very pleasant conditions, and when they looked as if they might become less congenial for dining in, he threw in the sponge.

      • Richard1
        Posted June 25, 2016 at 10:33 pm | Permalink

        I agree this is very poor. I heard Lord Hill give an interview in which he said something along the lines of ‘people must realise actions have consequences’, He is teaching the voters a lesson clearly for voting Leave. He should be told he is a servant of the Queen and whilst the UK is in the EU we have the right to have a commissioner. Perhaps Nigel Farage should be nominated for the remaining period of our membership.

        • Denis Cooper
          Posted June 26, 2016 at 12:14 pm | Permalink

          With the Queen’s permission he is, was, a servant of the EU. If Nigel Farage was nominated as a replacement then he too would have to take the oath of office that he would serve the EU as a whole.

          • rose
            Posted June 26, 2016 at 10:33 pm | Permalink

            Mme Lagarde is supposed to be a servant of the IMF and yet she seemed to represent the interests of France when she interfered in our referendum. Isn’t it the same with the continental commissioners?

      • Mark B
        Posted June 26, 2016 at 5:06 am | Permalink

        The Commissioners job is not to look after the interests of the country he comes from, it is to look after the interests of the EU.

        ALL Commissioners refer to their native countries as; “The country I know best”

      • Denis Cooper
        Posted June 26, 2016 at 9:43 am | Permalink

        But he wasn’t our ambassador, as a Commissioner he was a sworn servant of the EU as a whole not our representative.

        We do have a kind of ambassador to the EU, but it was not him.

        https://www.gov.uk/government/world/organisations/uk-representation-to-the-eu

        “The United Kingdom Permanent Representation to the European Union (UKRep) represents the UK in negotiations that take place in the EU

        UKRep is one of the UK’s busiest posts, with a team sourced from over 20 UK government departments working to ensure that UK policies are explained to other EU member states, the European Commission and members of the European Parliament.

        The structure of UKRep varies from other embassies because of the unique working nature of the EU, where Member States meet to discuss issues in 3 distinct formations.

        Ivan Rogers, the UK’s Permanent Representative to the EU, has overall responsibility for the work of the mission and represents the UK at weekly Committee of Permanent Representatives (Coreper II) meetings in the Council of the European Union. Coreper II deals largely with political, financial, justice, policing and foreign policy issues.

        Shan Morgan is the UK’s Deputy Permanent Representative to the EU and represents the UK on the Committee of Deputy Representatives (Coreper I) in the Council of the European Union. Coreper I covers social, environmental and economic issues.

        A third grouping bring together ambassadorial level representatives from each Member State to discuss Common Foreign and Security policy issues. Angus Lapsley represents the UK’s interests on this Political and Security Committee (PSC).

        The wider UKRep team is broadly structured around these three formations, covering policy issues such home affairs or taxation or working on cross-cutting areas such as providing legal advice or arranging ministerial visits. More information on who leads these teams can be found on the Our Governance page below.”

    • Mark B
      Posted June 26, 2016 at 5:04 am | Permalink

      I had to Google him 🙁

      I can only answer one of you many good questions. It is we, the British people who pays his wages.

    • SumSense
      Posted June 26, 2016 at 9:14 am | Permalink

      Neither had I but Wiki says

      MA History
      PR Consultant /
      Clarke’s assistant, Cameron appointee

    • stred
      Posted June 26, 2016 at 9:16 am | Permalink

      He’s probably counting his enormous pension right now. The good news is we won’t be paying for it.

  6. Amanda
    Posted June 25, 2016 at 2:18 pm | Permalink

    Thank you John. I see from Lord Ashcroft’s reserach that one of the key reasons people voted Remain was the fear of the economic fallout. It is in all our interests to try and convince friends and family that the fear has little foundation – if you keep up the information we can keep spreading the news.

    • Mark B
      Posted June 26, 2016 at 5:07 am | Permalink

      And that is why I do not think there will be a second referendum. The economic case for the Remain has just been shown to be a busted flush.

  7. Nigel
    Posted June 25, 2016 at 2:24 pm | Permalink

    JR: what input are senior Brexit people having in the exit negotiation? Are you confident that Messrs Letwin and Hancock are the right people to be leading this?

  8. Martyn G
    Posted June 25, 2016 at 2:42 pm | Permalink

    I see that the on-line ‘hold a second referendum’ petition has now gained over 1 million signatures and climbing. Mr C totally ignored the 600,000 anti-gay marriage petition signatories but I am in no doubt that he will try his utmost to use this latest petition to reverse the results of 23rd of June.
    The remainian wolves are gathering again around the Brexit campsite and I am fearful that the 23rd of June decision to leave will, like other referenda (e.g. Ireland), be somehow overturned. We will then be told to do it again until we get the answer demanded by the unelected, corrupt and anti-democratic EU commissioners. And what then, one wonders?

    • Al
      Posted June 25, 2016 at 7:58 pm | Permalink

      I am getting very concerned about the drive to another referendum. In the time since the result, I’ve heard plenty from bloggers and activists online, but the entire mainstream are focusing on Remainers. There seems to have been very little leadership or coverage of the Leave campaign, and in fact the 17million who voted out appear to be being completely ignored. If this goes on without an answer from the Leave campaign, or something to organise round, I suspect we’re going to be pushed into another referendum.

      • Anonymous
        Posted June 25, 2016 at 11:07 pm | Permalink

        Well.

        Such ways civil wars are made.

        I don’t think anyone in the EU is prepared to have one. Which is why the ‘right’ result is achieved every time.

      • Anonymous
        Posted June 26, 2016 at 12:54 am | Permalink

        I agree Al.

        Personally I don’t think we’ll be leaving the EU. I’m just glad (and astonished) to have got this far.

    • NickC
      Posted June 26, 2016 at 5:20 pm | Permalink

      Martyn, The petition for a re-run (presumably ad-infinitum) has been scammed. I know because I have signed with a fake id to test it. If you click on the signatories stats link at around noon on Sunday there were about 24k signatures from N Korea and 42k from the Vatican (pop c800). These figures have since been ‘corrected’ to 25 and 40, at the time of writing. It is now being reported as a fraud even by the BBC, though the BBC ran with it for 2 days as legitimate. But that’s the BBC for you.

  9. Anthony Makara
    Posted June 25, 2016 at 3:05 pm | Permalink

    We all know that Sterling will be around long after the fabled Euro is nothing more than a historical curiosity. Looking back to those madcap days of Major and Black Wednesday it now seems ludicrous and naive that we even considered giving up the Pound in favour of the Euro. The damage done on that day taught us all a lesson, not only in the power of currency speculation but also in the fallibility and gullibility of our political leaders. As Kenneth Clark stated, the government of the day was trying to track the progress of the Pound and respond by following news updates on a transistor radio. As the hipster might say, John Major lost a lot of ‘Cred’ on that day. Of course today a weaker Pound will help exports but will drive up the cost of imports, hitting those on low and fixed incomes. So until we develop Import Substitutes through building up our Internal Market, we need to put consumers ahead of exporters and support Sterling if it goes into a serious decline. Everything is about balance, that’s how the market works, only hours before the Referendum result Gold was being dumped, 24 hours later it became a temporary safe option for many. We can expect the economic confidence pendulum to swing until the dust settles and investors realise that a Brexit economy is safe place to be.

    • Lifelogic
      Posted June 25, 2016 at 5:50 pm | Permalink

      Not only did Major loose credibility with the predictable disaster of the ERM and his desire to adopt the Euro, but he leant nothing from the experience, and never even apologised to the many who lost their homes, businesses, marriages and even lives. He buried the Tories for 3+ terms and yet the BBC still think he is a wise guru. Reading the FT today (in Malta spending my substantial brexit winning), I am struck by how many of their writers have learned nothing too.

      Martin Wolf types. Nick Clegg says – as a democrat he respects the result but he blames Cameron and Osborne for actually giving one to the voters. You ain’t no democrat bruv, nor a liberal really. Just another BBC “thinker”, pro EU, pro climate alarmism & green crap, establishment knows best, higher taxes, bigger government, open door migration to all from the EU and an endless red tape man.

      The voters showed exactly what they thought of your policies at the last election Clegg.

      • Anthony Makara
        Posted June 25, 2016 at 8:41 pm | Permalink

        Newsreaders and pundits really ought to be on at the Garrick given the emotions and mannerisms they add to their already loaded comments. As for Nicola Sturgeon and those online re-referendum petitioners, they have demonstrated that they do not believe in democracy and should be called out on that. BBC-Bias is a meme that everyone understands.

      • Mark B
        Posted June 26, 2016 at 5:15 am | Permalink

        LL That has to be one of your best posts 🙂

        The ERM did indeed hurt a lot of people – me being one of them. And for very long time after.

        Enjoy your holiday.

        • Lifelogic
          Posted June 26, 2016 at 10:37 am | Permalink

          Thanks, I am doing. Lovely views of Valleta and the bay from the terraces.

  10. Gringe
    Posted June 25, 2016 at 3:10 pm | Permalink

    Now what happens when the City exodus starts ?

    • zorro
      Posted June 25, 2016 at 7:46 pm | Permalink

      Which exodus?

      zorro

    • Richard1
      Posted June 25, 2016 at 10:42 pm | Permalink

      Relax I don’t think anyone is in any hurry to move to Frankfurt or Paris. But it may be that JR when he becomes Chancellor in the coming months should consider a cut in the top rate of tax to 35% and CGT & Corp tax to 15% in order to ensure no one of any quality or seniority wants to live anywhere other than London.

    • Lifelogic
      Posted June 26, 2016 at 3:36 am | Permalink

      What exodus indeed.

      We should make the UK the best place in the world for the rich, hard working and successful to life. Start by getting rid of the appalling Osborne and by abolishing inheritance tax. The man, with his ratting, wage controls, and emergency budget threats is absolutely appalling.

      In terms of running the economy well, his compass is 180 degrees out.

      His nation minimum wage, IHT ratting, fake budget threats, landlord muggings, pension grabs, non dom attacks, high rates of tax and high tax complexity show what a total economic illiterate he it.

    • Mark B
      Posted June 26, 2016 at 5:17 am | Permalink

      Where too ?

      Switzerland ? There not in the EU. Liechtenstein ? Nope, not them either. Germany ? Perhaps ? But when the EU start taxing the hell out of them, they will come running back.

  11. agricola
    Posted June 25, 2016 at 4:04 pm | Permalink

    Follow currency on http://www.x-rates.com and give Sterling time to move from a gambling subject to a reflection of reality.

    I see the remainers are beginning to sound off about the Conservative leadership. As I see it they have blown their chance of control and should return to their box. I hope Conservatives in the country at large hold the ultimate power.

    We need a negotiating team of very firm leavers, and that puts into question many of the partial civil servants who made their voices felt during the campaign. The country has spoken, the remainers lost the argument so they need to disappear from the scene. The alternative is a general election to clear out the negative element.

    My last prediction is that the Scots are too canny to be seduced by the siren Nicola Sturgeon. They best understand the Scottish economy and it’s dependency on English hand outs. The EU will be in no position to offer them an equally generous deal.

    I will be interested to read how you interpret the entrails over the coming weeks.

    • Anthony Makara
      Posted June 25, 2016 at 6:07 pm | Permalink

      Imagine an independent Scotland as a member of the EU (after painstaking many years queued to join as a new independent nation) with crushing Scandinavian rates of taxation because nations with small populations have fewer people to spread the burden of taxation. A compliant Scotland only to grateful to let the EU have its fingers in every aspect of national life. Plus all those unskilled migrant workers who were once destined for the market towns of England now pouring en masse into wee Scottish villages. Small populations can quickly be overwhelmed by migration. Be careful what you wish for Scotland, you dreams might just come true!

      • rose
        Posted June 25, 2016 at 10:24 pm | Permalink

        Edinburgh could truly become The Athens of The North. Not a fate we would wish for it.

        • Denis Cooper
          Posted June 26, 2016 at 12:20 pm | Permalink

          🙂 Very good.

      • Mark B
        Posted June 26, 2016 at 5:20 am | Permalink

        What do you mean; “Scotland’s dreams ?” They are mine too !

        😉

  12. Mick
    Posted June 25, 2016 at 4:21 pm | Permalink

    Abit worried about this petition for a 2nd referendum which seems to be getting a lot of support from the London area there’s a surprise, I want to know if it can be taken seriously and it force another vote of the eu because I would be totally against another vote

    • John C.
      Posted June 25, 2016 at 5:47 pm | Permalink

      I suppose it would be theoretically possible for Parliament, which was opposed to Brexit, to reject the results of the referendum, which I believe are not legally binding.
      It’s not likely, as the resultant crisis of democracy would be very dangerous indeed.

      • Mark B
        Posted June 26, 2016 at 5:23 am | Permalink

        Labour will be finished if they try and get their voters to vote again.

        The result is final and binding on ALL parties. It is now time for us all to respect the result, come together, and work on leaving the EU.

        Those that are unable or unwilling can immigrate too the continent to live and work. I hear Spain, Italy and Greece are nice this time of year.

    • Denis Cooper
      Posted June 25, 2016 at 6:36 pm | Permalink

      No it can’t, and anyway it seems that a lot of the signatories are abroad or are false; no doubt the Backbench Committee will insist that they be checked.

      • Anonymous
        Posted June 26, 2016 at 12:57 am | Permalink

        Denis – Any excuse for another referendum. We have a political, civil service, media and EU class against this.

        The celebrities should keep well out of it. They did more for Brexit than Brexit’s side did. Eddie Izzard in particular.

  13. ian wragg
    Posted June 25, 2016 at 4:24 pm | Permalink

    Jonathan Hill resigned from EU Commission. Wow, another unelected placeman who has never had a proper job.
    It’s a job you could fulfil admirably John or our Nige.
    He never had Britain interests at heart as he signed a pledge to support the Commission. Unlike France and Germany, they put their countries first.
    If he tried to bat for Britain he would lose his pension.
    Btw. when we’ve left who will be responsible for filling Mandleson and the Kinnocks gravy bowls.
    I certainly hope it won’t be the UK taxpayer.

  14. Andrew Jackson
    Posted June 25, 2016 at 5:17 pm | Permalink

    I would be interested to know your views about the future of the UK after the Brexit vote. Can we hold together as a United Kingdom given the regional variations in the vote?

    • Anonymous
      Posted June 26, 2016 at 1:02 am | Permalink

      The regional variations in vote were a concoction of the BBC.

      55% of Scots did not vote to Remain in the EU. Many of those (nationally) who voted to Remain in the EU disliked the EU and voted for it out of fear.

      It should not matter in the regional context:

      – Scotland voted to remain British

      then

      – Britain voted to leave the EU

      Sturgeon should have called a halt on this BEFORE it happened if the result was going to be such an issue to her country. And why am I saying to ‘her country’ ? They voted that they were British only a short while ago.

      • Anonymous
        Posted June 26, 2016 at 1:05 am | Permalink

        The referendum was a one-man-one-vote issue. Really. What has region to do with it ?

        And why is the BBC so keen to foment discontent between age groups ? Is it because they want rioting ?

        By now they should be getting behind our newly orientated country (orientated by democratic vote) and helping to make it work. Not talking it down.

        Someone needs to pull them up about this.

  15. Horatio
    Posted June 25, 2016 at 5:23 pm | Permalink

    Just watched last night’s newsnight. No chance of a democratically inspired pivot by the bbc in recognition that the majority of the electorate voted out. Ken Clarke wheeled out to gabble incoherently and bitterly and an excellent Dan Hannan spoken over. Starkey told he was a privileged white man as justification for not answering a pertinent question he put. The question tabled, never answered. Nothing like consensus.

    The Bbc need not worry about recession or economic instability whilst continuing to dine, as it does, in a trough of English taxes and European subsidy (more English taxes).

  16. John
    Posted June 25, 2016 at 5:41 pm | Permalink

    John redwood should be the next Chancellor of the exchequer or at least a prime negatiator in the up coming talks.
    John Redwood did not write this and I hope he will not be too modest to post it. By the way, I am a UKIP supporter so I do not have an axe to grind but he understands finance far better than our current student of history.

    • Anonymous
      Posted June 26, 2016 at 1:07 am | Permalink

      John. I second that.

    • Ian George
      Posted June 26, 2016 at 8:40 am | Permalink

      I agree.

      I am both impressed and heartened by what I have read in JR’s posts and in the comments here.

      Right, I’m off to learn the Welsh National Anthem and support them all the way to the final against England, while watching the pound soar to new highs on the back of our glorious successes in Europe.

      • Denis Cooper
        Posted June 26, 2016 at 12:16 pm | Permalink

        You might be a bit shocked by the words of “Land of My Fathers”.

        • Mark
          Posted June 26, 2016 at 3:34 pm | Permalink

          The Marsellaise is even more shocking.

    • stred
      Posted June 26, 2016 at 9:33 am | Permalink

      Agree 100%

  17. Glenn Vaughan
    Posted June 25, 2016 at 8:35 pm | Permalink

    Regarding this infamous petition signed by the disgruntled which I’ve read about: is there a “Respect the democratic will of the British people” petition that we can sign to counteract such nonsense?

  18. CHRISTOPHER HOUSTON
    Posted June 25, 2016 at 9:06 pm | Permalink

    How long must we as a nation after voting decisively for Brexit be teased by the likes of Mr Lammy MP and previously by Mr Kinnock MP that Parliament may, could, should, overrule our democratic decision?

  19. Spinflight
    Posted June 25, 2016 at 10:05 pm | Permalink

    First of all an apology to our host.

    I seem to recall being somewhat rude about his toeing the party line in order to secure the referendum.

    Secondly we should all be rather rude about Mr Cameron. Denying the use of the civil service, and indeed denying the civil service from seemingly discussing brexit, has left us without a real plan.

    Worse he abandoned his posts as first Lord of the treasury and Minister for the Civil Service. Talking down the economy of the UK if a deliberately unplanned for will of the people be shown was dereliction of duty.

    Some interesting effects of Brexit however… Surely the 138 tory MPs who backed leave will ensure that one of their own is elected as PM? Our next PM, after Cameron selfishly resigned, has to be a true Eurosceptic. Any other eventuality is unthinkable.

    Ukip is now in a pickle having achieved their aim. A large and powerful campaigning force which has the ear of previously unreachable people, they need to find a new campaign to fight. What will this be? They don’t shy away from speaking the unspeakable.

    I suspect given the discrimination shown against them in the past that they may turn their fire on the social services. They would have my full backing should they do.

    Can anyone suggest a better fight? It isn’t as though their ranks are packed with people who might find a use in negotiations or other brexity things.

    Talking of new purposes the rump of our political class are yesterday’s men. I felt rather sorry for Ken Clarke on TV the other night, but his time has gone and he doesn’t quite realise it yet.

    Same with many Labour MPs and most of the Tories. We now need people who will fight for our country outside the EU. I’m sure many will conveniently forget their taste for the EU but also many who will not. The lib dems for instance are utterly finished as a party.

    We need to get our fisheries back as soon as possible, but we also need to be able to police them. The three vessels the Royal Navy currently tasks ( and actually rarely does) are woefully insufficient. Even before our own industry rises we have to be able to deny illegal fishing such that the stocks can recover fully and this means regenerating a part of the Royal Navy and RAF which has been deliberately neglected. Nothing fancy here, small patrol vessels and maritime reconnaissance aircraft – not teeth arms per se.

    There are other defence issues, common European programmes must be quickly rethought. Shame we aren’t in time to claim our contractual late fees for the ridiculous A400m for instance.

    Also who is going to trigger Article 50? I’d like to see David Davis run again, though Liam Fox seems to be the only realistic option at present. Boris was a latecomer to the party and whilst effective I wouldn’t wish to see him in power.

    If our host hasn’t already tapped up support for another position then I’d be surprised, especially with his crowd pleasing Brexit budget that even the Guardian liked.

  20. John B Murphy
    Posted June 25, 2016 at 11:30 pm | Permalink

    Mr Redwood you have done a grand job and I thank with all my heart all those who voted out. On the Scottish position it should not be over looked that the UK margin of victory of 1,269,501 was only achieved because of the 1,018,322 votes from Scotland. I doubt Ms Sturgeon’s approaches to Brussels will be well received if the Commission realise that perhaps if she had done more Remain campaigning in her own back yard Brexit might have bee avoided. JBM, Edinburgh

  21. mike Wilson
    Posted June 26, 2016 at 12:09 am | Permalink

    Agree Mr. Redwood should be Chancellor. What we need now is optimism and determination to make this work. I’m appalled at the bile from remainder.

  22. CHRISTOPHER HOUSTON
    Posted June 26, 2016 at 12:29 am | Permalink

    Benn is sacked according to BBC 4 minutes ago. This is turning out to be a most glorious and splendid week since the Coronation.

  23. Trevor Butler
    Posted June 26, 2016 at 12:32 pm | Permalink

    Some friends and I made a few bob on Friday after the HK$ dropped to it’s lowest level against the Pound in 20 years – So much for a collapsing Pound

  24. brian
    Posted June 26, 2016 at 1:16 pm | Permalink

    So Leavers are saying that things are bad but not as bad as they have been.

  25. McBryde
    Posted June 26, 2016 at 3:38 pm | Permalink

    This labour party rejection of a leader who isn’t a committed ‘in’ person suggests to me [is it obvious?] that the party considers it has a change to reorganise and influence general opinion enough to change its mind about the outcome of the referendum.

    Could that, coupled with orchestrated downward pressure on the pound [& FTSE?], more truckloads of fear and ‘look what you irresponsible people have done’ in the media, turn things around?

  • About John Redwood


    John Redwood won a free place at Kent College, Canterbury, and graduated from Magdalen College Oxford. He is a Distinguished fellow of All Souls, Oxford. A businessman by background, he has set up an investment management business, was both executive and non executive chairman of a quoted industrial PLC, and chaired a manufacturing company with factories in Birmingham, Chicago, India and China. He is the MP for Wokingham, first elected in 1987.

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