So we will have friends after all

I was pleased to see that President Obama does wish to have a strong relationship between the USA and an independent Britain. I was not surprised to read that Mrs Merkel wants to protect the trade and friendship between Germany and The UK. Nor did it come as a shock to hear from various big businesses that they can manage the change of Brexit and see opportunities in the new landscape.

Brexit supporters need to be magnanimous in victory. We should welcome the overtures of overseas countries and companies. I always thought the world’s fifth largest economy and member of the Security Council would still be worth a visit and be part of the normal diplomatic exchanges amongst the leaders of the world. We need to make early moves to regain our seats, votes and voices on major international bodies, which will mean more countries wanting to discuss matters with us, more ambassadors seeking UK support for their causes in world bodies.

The financial markets are still behaving in a strange way. The early mark downs on the first day after the vote were often extreme, with little evidence of much volume taking place at some of the sillier prices. Investors need to think through what if anything so far has changed in the UK economic outlook? The main overseas investors are committed to their current factories and commercial premises, like their work forces and want easy local access to our market. None of this alters thanks to Brexit.

There are always some companies that think they have found a better place to go for their next investment. In the EU a number have been bid or tempted away. There will also be others that now think about coming here, given the recent downwards movement in the value of the pound making us more competitive.

Those who wanted us to stay can be reminded that we are leaving the EU, not leaving Europe. There will still be plenty of student exchanges, cultural events, sporting contests, trade, investment and research collaboration. It will also be easier to be friends with our neighbours if we are not under constant pressure to  agree our laws and taxes with 27 other countries.

 

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94 Comments

  1. jo
    Posted June 25, 2016 at 5:13 am | Permalink

    Can you please do an article on the next step and invoking article 50? Is this really the only credible ‘out’ option like the EU wants us to believe? And how can we do this quickly if Cameron does not step down util October? Surely he is procrastinating the issue and leaving the country in unstable circumstances.

    • SumSense
      Posted June 25, 2016 at 8:52 am | Permalink

      He will surely “de facto” handover before then. Has Osborne been put down? We seem to be missing a statement, apology, anything???

      • Hope
        Posted June 25, 2016 at 11:51 am | Permalink

        Junker says it will not be a an amicable divorce. Why is he so nasty and why would he not want an amicable divorce? That does not sound very diplomatic. Might it be that he wants this to act as a deterrent to other countries who might wish to have self democratic government? Either way if this is how the Unelected EU elite behave good riddance. Come all he free nations speak up, free the shackles from the unelected and join a free trade club with the U.K.

        JR, we need our politicians, and diplomats to rise up, to respond in a firm polite way to the countries of Europe countries not the unelected EU elite. No more bullying from Junker, Shultz with their communistic ways.

    • DaveM
      Posted June 25, 2016 at 9:49 am | Permalink

      I don’t think he is. I think he’s actually showing the decency and conscienciousness which he was appointed on but which has deserted him fir whatever reason over the past few years.

    • Know-dice
      Posted June 25, 2016 at 10:01 am | Permalink

      Has far as I understand it Article 50 only deals with withdrawal from the EU, not any trading relationship.
      So, ideally, we (the UK) need to make a move on securing trade before invoking Article 50 – That’s my understanding.
      Also, we are the only ones that can trigger Article 50 so the timing of this is solely down to us the UK.
      Certainly Cameron’s timing is not helpful in anyway 🙁

      Junker is really not being helpful acting more like a “tin pot dictator” rather than a Statesman, his aggressive stand will do him no favours. Germany (not just Merkel) are making the right noises, may be with a bit of help from say France we could begin to secure something good.

    • acorn
      Posted June 25, 2016 at 11:04 am | Permalink

      “The procedure is laid out in Article 218 of the Lisbon Treaty and requires participation of all the EU players – the Council (representing a qualified majority of the remaining 27 Member States), the EU Commission and the EU Parliament, as well as the UK on the other side. Given the political climate in the EU, this may not be a smooth ride.” (Shepherd and Wedderburn: Brexit Advisors)

    • magnus kwaszenko
      Posted June 25, 2016 at 3:59 pm | Permalink

      There is a really interesting article by Richard North on “Flexit” on you tube which provides an insightful scenario for a measured departure.

  2. Lifelogic
    Posted June 25, 2016 at 5:31 am | Permalink

    Indeed we have nothing to fear but fear itself. The fundamentals are far sounder post Brexit and that is what counts. We need a new and even better Lady Thatcher with 3 plus terms of sound, lower taxes, efficient and democratic government. Freedom is wonderful.

    With far less red tape and sound government we will do very well indeed.

    I do however find it very disturbing that the intelligentsia, universities, the BBC and many professions thought we should all remain shackled to the dysfunctional, corrupt and anti democratic EU.

    Were they just considering where their next EU or government grant is coming from, or perhaps their next human rights legal aid fees were coming from? We have just the same with the fake green renewable agenda and indeed the magic money tree agenda.

    The BBC “Guardian/Toynbee think”and Lovies set need to be sorted out. For the sake of democracy. They nearly managed to drown UK democracy in EU serfdom.

    This 21st century Peasants revolt, against EU serfdom is a sweet victory indeed.

  3. Lifelogic
    Posted June 25, 2016 at 5:48 am | Permalink

    Indeed the fundamentals are better now than before and that is what will prevail. Freedom is a sweet, sweet thing. This peasants revolt of the 21st century is hugely uplifting.

    I do however find it very disturbing that the intelligentsia, universities, Obama the BBC, big business and many professions thought we should all remain shackled to the dysfunctional, corrupt, anti democratic EU.

    What were they thinking about? Just the money they receive in their next EU and UK government grants I assume?

    They very nearly managed to bury the UK in EU serfdom. The Polly Toynbee/Guardian think BBC need to be tackled. It is institutionallay wrong headed and Libdim on almost every single issue.

  4. Mark B
    Posted June 25, 2016 at 6:01 am | Permalink

    Good morning.

    It was good to hear, PM David Cameron come out and mention that Article 50 is the route by which the UK can, and SHALL leave the EU. No mention of repealing the ECA 1972 and just walking out. Thank God !

    It was always thus. Of course countries wish to trade with the UK, form political alliances, work together and be friends. We are not North Korea you know ! :/

    One thing that keeps a smile on my face, is the thought that, at long last, we will have OUR fishing grounds back 🙂 I suppose if there is one thing in all this, and it does not affect me in any way, it is this one. I have seen the damage the EU’s CFP has done to the UK’s fishing towns and communities. Grimsby, Fleetwood and so on. And these are some of the nicest people I have ever met. It’s sad really. These were the forgotten people. Forgotten even by the Labour Party that has become remote and so out of tune with its ordinary voters.

    Ted Heath’s legacy is dead. 🙂 I’d doubt history will be kind to him.

    Lady Thatcher did not live to see this glorious day. Many good people I know that wanted our nation to break its chains with the cursed EU did not live to see this day. But there are going to be many people up and down the land and future generations that shall, and they shall reap the rewards of what we have done.

    Those on the Remain side are feeling very low at the moment. I know, because I know many that are Remain voters. I am in a very small minority. Very small. In fact, where I live and work, only Gibraltar and a few others came out more for Remain than Leave.

    I sincerely, just like many here I am sure, hope that our kind host is offered a position in government. There can be no better or just reward. We need a firm, gentle and wise hand at the Treasury.

    It is a shame that Micheal Gove MP is bowing out. A real loss. Thank Mr. Gove for all you have done. A truly great intellect, gentleman and Great Britain (Scotsman).

    As that wonderful poster from the Second World War said;

    Keep calm, and carry on

    Thanks.

    • M Davis
      Posted June 25, 2016 at 12:39 pm | Permalink

      Obviously coming from the Remainers, there is a Petition going for a 2nd EU Referendum, with over a million signed already.

      They just cannot accept that they lost what they desperately wanted – typical commie-Socialist, envy types, rather get you in the hole that they are in, than come up any higher.

      • anon
        Posted June 25, 2016 at 4:06 pm | Permalink

        Many can still take advantage of the delay and still have the real option to leave the UK and can continue to be part of the EU?

        They should be reminded that Brexiters would not have such an easy choices or options to flee an undemocratic putative superstate the EU?

        They need to choose, if it so upsets their disposition.

        We have alerted our friends in Europe and the US to the dangers of remote undemocratic institutions.

        Cry Freedom and best wishes to our friends in the World.

  5. Anonymous
    Posted June 25, 2016 at 6:03 am | Permalink

    “Those who wanted us to stay can be reminded that we are leaving the EU, not leaving Europe.”

    Yes but you wouldn’t think so from the Remain side.

    They are deliberately fomenting the youth into Poll Tax riot mode. Creating a generational rift in Britain.

    Unlike the Poll Tax rioting this must not be allowed to succeed.

    • Cliff. Wokingham.
      Posted June 25, 2016 at 9:46 am | Permalink

      Indeed, I noticed from watching the state’s broadcaster yesterday, they still appear to be fighting the remain’s campaign. The wheeled out sour grapes remainers, one after another.

      I think the EU’s president is starting to show his and his organisation’s true colours. I wonder how long it will be before he stamps his little foot and throws his dummy out of his mouth.

      The EU still doesn’t get it though; people are sick and tired of their arrogance and high handedness. I am pleased that we took our country back.

    • formula57
      Posted June 25, 2016 at 12:10 pm | Permalink

      We have no need to be concerned about Millenials: they need their “safe spaces” and have developed few skills, being educated in Blair’s “bog standard” comprehensives. Bark at them and they fold.

  6. Jerry
    Posted June 25, 2016 at 6:07 am | Permalink

    I get the impression that some are desperate to do impressions of Stalks in the sand -no, no, no, it is not happening, what was warned is not happening, if only we keep our heads down here the financial vultures won’t see us- so OK the the FX and stock markets are ‘fluid’ (a reported $2tn wiped off the markets, amid a rush for gold?) and ‘uncertain’ but there are also a lot of people whop are looking to take advantage, just like they did during the ERM crisis and will exploit this at ever turn. Now over night and perhaps since your wrote the above article the UK’s credit rating seems to have been cut from stable to negative by at least one ratings agency. The BoE ‘stands by to do what ever it takes’ as it has to, and what do the politicos do, nothing, not even Parliament recalled, before the Monday morning market openings, to perhaps put in place emergency measures, is even our now lame-duck cabinet going to meet over the weekend?

  7. Lifelogic
    Posted June 25, 2016 at 6:17 am | Permalink

    I think thanks are due to the Telegraph, Sunday Telegraph and Spectator for their honourable line in this referendum.

    Another excellent piece by Charles Moore today. Also sterling work by the excellent Allister Heath. Let us hope a new chancellor takes a similar line.

    http://www.telegraph.co.uk/news/2016/06/24/the-european-elite-forgot-that-democracy-is-the-one-thing-britai/

    http://www.telegraph.co.uk/business/2016/06/24/there-will-be-some-short-term-pain-but–brexit-will-make-us-rich/

    An excellent resignation speech by David Cameron, such a great shame he foolishly backed the wrong horse and slopped the pitch so unfairly. He gave us the referendum and also his “renegotiation” gave us so little that it was clear we had to escape. Without him we would still be entombed.

    • Lifelogic
      Posted June 25, 2016 at 6:19 am | Permalink

      sloped

      • Know-dice
        Posted June 25, 2016 at 10:28 am | Permalink

        I thought “slopped” was quite apt 👿

        Slop – spill or flow over the edge of a container, typically as a result of careless handling.

    • Mark B
      Posted June 25, 2016 at 10:36 am | Permalink

      His greatest single act was to prove his final undoing.

    • Mitchel
      Posted June 25, 2016 at 1:51 pm | Permalink

      The Daily Mail,too,has been magnificent in it’s efforts throughout this campaign.

      Their”Will no-one stand up for England?”headline just before Boris and Michael Gove stepped out was a great catalyst in my opinion.

  8. Leslie Singleton
    Posted June 25, 2016 at 6:30 am | Permalink

    Magnanimity in victory does not for me extend to Cameron who abused his personal position, ordered biased reports from entities that should have remained neutral and to cap it all lied at the drop of a hat. What he said on Turkey was especially disgraceful. BTW I thought he said he would not resign. For all his mellifluous rhetoric, words seem to have no meaning with him. Possibly, though, we should thank him for running such a misconceived menacing campaign. For once I agree with Juncker. Why should he or the EU be made to wait for the convenience of the Tory Party? The timing of their Party conference is supremely irrelevant. Cameron and Osborne can go yesterday so far as I am concerned.

    • Mark B
      Posted June 25, 2016 at 10:39 am | Permalink

      We / the government are not ready. They did not plan for the possibilty that they might actually lose and deliver on their promise of a BREXIT.

      Ooops !

      I say we best use the time wisely and seek to heal wounds in our society. We clearly are a divided nation and it will take someone with real talent to put it back together again.

  9. eeyore
    Posted June 25, 2016 at 6:33 am | Permalink

    “Brexit supporters need to be magnanimous in victory.” The brute vote that did the business for us in the Midlands and the North must have not just magnanimity but redress of their grievances. Their interests and attitudes, even their manners and morals, may not always be ours, but they are no less valid. By such rough hands is history made.

    There is a political gain here too. Labour has failed them, as in Scotland. As in Scotland they have fallen out of love with it, and love once dead is not to be revived. They will give their loyalty to the party who takes them seriously. It will be well worth having.

    I hope no further attempt will be made to buy them off with pathetic trinkets like art galleries or Cities of Culture badges, let alone toys like high speed train sets. Their complaints have merit. Their redress must be assured.

  10. Mick
    Posted June 25, 2016 at 6:39 am | Permalink

    Thank you for all your tireless efforts in getting us out of the dreaded eu Mr Redwood I knew the British people wouldn’t let the country down.
    I have question for anyone please, my wife asked me apart from still being part of Great Britain why should we want Scotland to stay part of it, because truthfully I couldn’t give her a answer

  11. Margaret
    Posted June 25, 2016 at 6:39 am | Permalink

    Can you imagine how we can prosper. We have so many links with people all over the world. Without being used as a corridor for all and sundry there can be a more settled growth. We will have representatives of all these countries, without embassy’s , yet it will be GB who welcomes and is at the centre of the new age. Like the EU template, all can join the British in our great future if they want to, without actually living here.

  12. Antisthenes
    Posted June 25, 2016 at 6:43 am | Permalink

    David Cameron maybe playing for time by postponing Brexit until after he has gone. A team of Brexiteers should should be set up now to start the process. The sooner we are out the better. We have a lot of damage to undo.

    • formula57
      Posted June 25, 2016 at 9:19 am | Permalink

      Indeed – recall it is costing us c. £200 million net a week to stay in.

    • forthurst
      Posted June 25, 2016 at 9:27 am | Permalink

      The last thing we would have wanted is CMD invoking Article 50 and then creating a dream team of negotiators led by Oliver Letwin.

      We do not need to invoke Article 50 at all; that is the EU’s blueprint not ours and ours will apply as soon as we revoke the Treaty of Acccession. Leaders in Germany and the Brussels regime have indicated that they do not wish an extended period of uncertainty, damaging confidence, so they may in practice be more than happy to avoid the official rigmarole for our mutual benefits by entering informal negotiations followed by a formal agreement; Germany can largely disctate terms in the EU because they hold the purse strings.

  13. Al
    Posted June 25, 2016 at 7:00 am | Permalink

    Th early silly prices seem to be down to hedge funds betting on Remain unraveling their positions. Once that was over things recovered very quickly.

    What we need now is some leadership, someone to lay out a plan and roadmap publicly, since the longer we go without one the more Remain are going to use that to call for a second referendum.

    • M Davis
      Posted June 25, 2016 at 12:47 pm | Permalink

      … the more Remain are going to use that to call for a second referendum. …

      They already have!

  14. Ian Wragg
    Posted June 25, 2016 at 7:03 am | Permalink

    Forgive me for not trusting Westminster. Already we have father Quislings talking of frustrating the will of the people .
    The BBC must be dealt with, they don’t seem to be able to come to terms with the peoples decision.
    At least this morning they had Labour to discuss.
    Brussels wants us out quickly so lets not use this as an excuse to get a lousy deal.

  15. Pete
    Posted June 25, 2016 at 7:05 am | Permalink

    The markets are behaving strangely because the central bankers are planning their attack on the UK. A vote for freedom cannot be allowed to succeed or their whole system could fail. If Britain does not quickly move to secure this exit and get determined and courageous leadership in place we will see it fail.
    Boris is greatly mistaken saying that there is no hurry. Look what happened to Greece when they voted to end the savage cuts in their services. Their government was threatened or bribed into submission. That can happen here if we do not move straight away. Get rid of Cameron, form a Brexit government and prepare for economic attacks now.

  16. formula57
    Posted June 25, 2016 at 7:09 am | Permalink

    Indeed, but there can be no magnaminity so far as voting through the Chancellor’s pre-announced punitive budget – although I expect whilst he clings to office Mr Osborne has been warned to drop that silly notion and will do so.

    Whilst I make an effort to disguise it from Remainers, I am so happy about yesterday’s outcome. Thank you again for all your very considerable contribution to bring it about.

  17. Old Albion
    Posted June 25, 2016 at 7:29 am | Permalink

    After my euphoria yesterday, today I feel concerned. I sense the delay in enacting ‘article 50’ and the whining from the ‘remain’ side is building an undemocratic movement to have this referendum result ignored.
    There are calls for another referendum (usual EU practice of keep voting until you get it right) The ‘remainers’ seem to be claiming the winning margin was too small for such a change (though had they won by 3.8% they would have rejoiced)
    Parliament needs to get ‘article 50’ underway forthwith, before disappearing for it’s mammoth summer holiday.

    • Mark B
      Posted June 25, 2016 at 11:04 am | Permalink

      When you take away the Irish, who were allowed to vote in a referendum that they should not have voted in. The lies told. The forecasts of doom and gloom. The effects of a terrible personal and national tragedy. I think that if the people were asked once again to vote, I think the margin for Leave would be significantly higher.

      I was never given a vote on any of the Treaties the UK signed in our name. They may have the assent of Parliament, but not we the people.

      I voted Leave because of Maastricht and the ERM. I was never asked if I wanted to become and citizen of the EU or, whether I wanted the Sterling pegged against the Deutschmark causing economic hardship for many, including me.

      This was my chance to reject all before and all that was to come. Despite any personal cost to me, I would make the same decision.

    • M Davis
      Posted June 25, 2016 at 1:35 pm | Permalink

      … There are calls for another referendum (usual EU practice of keep voting until you get it right) …

      Yes, a Petition with over a million signatures already. Are Camerons’ fingers all over this, I wonder? I do not put anything past that man any more.

  18. Richard1
    Posted June 25, 2016 at 7:36 am | Permalink

    What is the process & who is involved in figuring out how we should sort out trading arrangements, are you part of it? The only thing that’s really important is to get it agreed as soon as possible that trading arrangements with the EU, including such non-tariff measures as financial passporting, are agreed as soon as possible. The point being that companies are bound to position for what they think is likely to happen not wait for a formal deal. That said, we should not be bounced into a bad agreement. Did I hear correctly that M Juncker has said – absurdly – that the EU does not want an amicable divorce? If so it would be best to focus on speaking to the main governments such as Germany, who are responsible to electorates, and not waste time with posturing officials at the Commission.

    • Mark B
      Posted June 25, 2016 at 11:16 am | Permalink

      I would like us to wait a bit. There are US Presidential elections and elections in France and Germany, plus the EU. The UK and any trade agreement is going to figure strongly in all those elections and if we play our cards right we could get a really good deal.

      Make in haste, repent at leisure.

  19. They Work for Us?
    Posted June 25, 2016 at 7:36 am | Permalink

    We do seem to be under a constant drip of doom promulgated by the BBC and featuring the economic bodies that warned against leaving. This in my opinion amounts to talking the country down at a time when we don’t need it. A breath of fresh air was Ruth Lee the Economist on Radio 4 who presented sensible clear balance. We continue to get the Experts stating that extrication from the EU will be so difficult and take so long.
    The BBC is also peddling what seems to be the official line of disgruntled “remainers” which is that “you will remember and regret the day yoy voted for out” and peddling more doom.

    Our Govt must have leaders and an Executive that is not timorous in dealing with trade and the EU. We must not be pushed by Jean Claude Junker into any quick and weak deals. As the process for a new Conservative leader progresses choosing someone like Theresa May must be out of the question. We need also Brexit big hitters in all departments to ensure hard deals in our favour and to keep civil servants working along those lines.

    • Mark B
      Posted June 25, 2016 at 11:18 am | Permalink

      Micheal Gove

  20. Richard1
    Posted June 25, 2016 at 7:42 am | Permalink

    If there really are threats to move several thousand financial jobs as indicated by certain banks such as JP Morgan and Morgan Stanley, a quick solution would be tax cuts – cut the top rate to 35%, Corp tax and CGT to 15%. Not easy politically perhaps but would ensure that there are few volunteers to move to Paris where the top rate is well over 50% and there is a > 1% wealth tax.

    • formula57
      Posted June 25, 2016 at 9:13 am | Permalink

      No, if moving some financial jobs offshore (to the rump EU or New York or Singapore etc.) makes sense for the providers, skewing the economics artificially can only be temporary and expensive. Better would be to offer reasons to locate new financial jobs in London. The rump EU may help considerably in that latter regard with its plans for a Tobin tax and doubtless other destructive measures.

      • Richard1
        Posted June 25, 2016 at 10:54 am | Permalink

        Yes I agree with that the rump EU is not financial market friendly. But we need to make sure London remains the centre for European capital markets. The way to ensure it is to create conditions in which key people insist on staying in London. The incentive to create tax and regualtory competitiveness could be a positive outcome from Brexit.

  21. DaveM
    Posted June 25, 2016 at 7:46 am | Permalink

    We will indeed continue to have plenty of friends who sympathise with the motivation of people in the provinces to leave.

    Juncker is showing his true colours. One of my main objections to the EU was a common security policy – can you imagine if Juncker had an army at his disposal? I imagine he would want to use it against dissidents in the EU more than he would to protect its citizens.

  22. Nig l
    Posted June 25, 2016 at 7:47 am | Permalink

    Congratulations your calm informed approach I am certain contributed greatly to the final decision. Now you have to ensure no back sliding. There is talk of a Norway like solution. Speaking to a Norwegian yesterday he said that the reality is that they are separated in name only. Anything the EC ‘runs up the flagpole’ Norway salutes. We must avoid that.

  23. fedupsoutherner
    Posted June 25, 2016 at 7:50 am | Permalink

    How good to see a positive post John. I think that while many are glad we achieved Brexit, they are also worried or concerned about the future with the negative vibes coming from the bankers, the BBC and some politicians.

    We need a period of reflection but a positive message must be sent to the nation and perhaps a change in leadership would be better sooner than later so we all know what is happening. The last thing we want is a general election.

    Brussels is already showing signs of wanting us to hurry up but we must not be rushed into doing what we don’t want to do. We have to get it right first time. It is about us, not them. In the meantime, I hope others in the EU get a chance to have a referendum because there is a lot of unrest and dissatisfaction out there.

    We must ensure we get the right people in power to lead us into the future and I for one would be happy if the government repealed the climate change act quickly so this country can get stability over its energy policy. There are so many ministers that could do a better job than Amber Rudd. David davies, Owen Patterson to name a couple.

    It will be a busy time for you now John and I sincerely hope you will be part of the new team and perhaps our new chancellor. Best of luck.

    • Gary
      Posted June 25, 2016 at 10:30 am | Permalink

      the climate change act was designed right here in the UK! Don’t you remember the University of East Anglia emails?

      Really, when it dawns on people the implications of what has actually happened, we may get some mass regret.

      There was a political union and that was bad, but the trade union was relatively very good, and leaving that, in our precarious debt(highest TOTAL debt to gdp in the G20)and export/balance of payments position, may yet sink us without trace.

      Be extremely careful what you wished for. Money is not sentimental nor patriotic, it goes to where it can get a return. So does labour, and especially top people will not accept being paid in a weak currency if they have a choice.

      Let’s hope that yesterday was just a knee jerk reaction in the markets.

      • Mark B
        Posted June 25, 2016 at 11:23 am | Permalink

        What mistakes we make are own and we can and will correct them. Not so the poor nations of the Eurozone.

  24. Lifelogic
    Posted June 25, 2016 at 7:56 am | Permalink

    If UK bond prices have risen why on earth is the BBC still propagating endless doom about the UK’s credit rating?

    The market is sensible we are a better risk not a worse one.

    • graham1946
      Posted June 25, 2016 at 9:46 am | Permalink

      Because silly people like the rating agencies are desperate to try to show they were right. Just ignore it all. Just like the pollsters, in time they will have run their course and no-one will pay them for their advice.

      • Mark B
        Posted June 25, 2016 at 11:23 am | Permalink

        Hear hear.

    • Gary
      Posted June 25, 2016 at 10:33 am | Permalink

      rates have fallen precisely because the BoE injected £250bn into the economy. They said so. The pound confirms that it was not because all of a sudden the rest of the world fell in love with gilts.

      and despite the ra-ra , that’s not good.

  25. Caterpillar
    Posted June 25, 2016 at 8:00 am | Permalink

    It is though depressing to read, following Junker’s call for speed, that Martin Schulz is investigating the possibility of speeding up the triggering of article 50. A typical European response to democracy. One would have hoped for all European players to hear Mr Cameron’s speech for a short period of stability whilst the UK political parties sort themselves out, and then for negotiations to begin. The wish of the ‘elite’ to scare other countries will continue to spread disaffection in the EU27.

    The U.K. now has the opportunity to be more open for business with the whole of the world. Whatever country people come from they can be treated equally when bring skills to the UK, or coming to learn. The possibility for postgrad students to develop their skills and then employ them in the UK, interacting with their parent countries through new free trade arrangements is an inspiring opportunity. So much opportunity for Europe and the world. The EU can set an example and trade freely with the U.K., and the U.K. Can open up further, whilst national strategies are transparently discussed in the governments of all principalities.

    BTW can the Conservatives agree one candidate as they did with Michael Howard, or will there be an irrelevant, protracted leadership battle? Also how will a cross party team to lead the UK into the future be formed, and finally will the new PM ask Mr Cameron to be Foreign Secretary?

    • Richard1
      Posted June 25, 2016 at 10:58 am | Permalink

      Good idea. mr Cameron has come in for a lot of flak in comments here but he is absolutely first rate and by and large has been an excellent PM. I fear he got bounced into this quick referendum on the back of an unsatisfactory renegotiation either by Osborne or by the civil service. Our county needs the best people at the top at this critical time. I hope Cameron could become foreign secretary. The position was not beneath Lord Home, a former PM, in Heaths govt.

      • Mitchel
        Posted June 25, 2016 at 2:03 pm | Permalink

        I most certainly hope Cameron does not become FS.I rather hope getting out of the EU will mean an independent foreign policy in future – no more tagging on to neo-con adventures in the Middle East and N Africa;no more supporting a Europe expanding to the Urals and provoking Russia.

        Good relations with all the world’s power centres but obliged/obligated to none.

  26. brian
    Posted June 25, 2016 at 8:03 am | Permalink

    Of course we will continue to have friends. Nobody , except possibly some French, said otherwise.

    • formula57
      Posted June 25, 2016 at 12:28 pm | Permalink

      And the Bremainers, who represented we would be pariahs.

  27. SumSense
    Posted June 25, 2016 at 8:19 am | Permalink

    Yes as a sign of magnanimity let’s use the first tranch of the rebate for educational and cultural exchanges.
    We need to make a huge effort now to be the “Mr Happy” of Europe rather than the “Mr Grumpy” which can otherwise come across to others. Let’s put the spiteful attitude of the Ummunas and Millibands of this world behind us – we are happy, free and self-governing!

    • Gary
      Posted June 25, 2016 at 10:37 am | Permalink

      another thing that we apparently cannot understand us that the rebate is absolutely insignificant when measured against the flows in the currency and credit markets. To save a penny we may have sacrificed the pound. let’s hope not.

      • formula57
        Posted June 25, 2016 at 12:30 pm | Permalink

        The rebate (as won by Margaret and surrendered in part by Blair (shortly to feature in the long-awaited Chilcot report) is well over £4 billion: there is a lot I could do with £4 billion, I can assure you.

  28. David
    Posted June 25, 2016 at 8:33 am | Permalink

    I want to thank you for your work in campaigning for Brexit.
    One thing that I haven’t heard mentioned yet, but I think is important, is that we should likely start negotiating free trade deals with other countries outside the EU as soon as possible. I understand that in the EU we “aren’t free to do this”, but I suspect that in practice our EU membership prevents the signing of trade deals with other countries, as opposed to the negotiation in principle of such deals. It would be nice if we could agree, if not sign, deals such that once our Brexit is complete, these deals could be signed in rapid succession, meaning that we would transition quickly from the end of being in the EU to being in our new “global outlook”. The alternative, for clarity, would be to leave the EU and then negotiate new deals, potentially meaning that we would have a period after leaving the EU, possibly lasting over a year, where we had completed Brexit, but not released any significant economic benefits from our new ex-EU status.

  29. Excalibur
    Posted June 25, 2016 at 8:36 am | Permalink

    Magnanimous in victory. Certainly, JR. However we need to be aware of the malevolent left and the poisonous press who will seek to undermine this victory wherever they can. We need cool heads such as yours to ensure Brexit does not become a watered down half measure.The luvvies are quite unforgiving when they are thwarted.

  30. Beecee
    Posted June 25, 2016 at 8:47 am | Permalink

    A petition to Parliament to hold another referendum is gathering hundreds of thousands of signatures.

    The HoC MP majority for Remain will vote it through.

    So much for Democracy

    • Know-dice
      Posted June 25, 2016 at 10:34 am | Permalink

      Over a million apparently.

      Completely the wrong time to show weakness…

      Junker and Tusk will buckle with a bit of a push from the Germans

  31. ferdinand
    Posted June 25, 2016 at 8:47 am | Permalink

    One thing we can do now is repeal the Climate Change Act without having EU pressure. there is no need to rush it through but we can now treat our energy needs on a British basis.

  32. Ian B
    Posted June 25, 2016 at 8:49 am | Permalink

    I am alarmed that everyone wants to delay Article 50 and “start the clock ticking”. Mr Cameron previously said it would start ticking yesterday morning; until he lost the referendum, and now we have to wait at least three months. Project Fear are going to continue trying to reverse the Referendum result. We may find ourselves suddenly in a General Election which will be taken as nullifying the vote, for all we know.

    Even many Leavers such as Dan Hannan seem to want to slowly saunter towards the Brexit rather than making a run for it now the door is open. It is very important to get things moving as fast as possible. As Vernon Bogdanor said on the BBC coverage in response to Hannan, the British people have issued a clear instruction to Parliament and are expecting to see results as fast as possible, in general and on specific matters like ending our EU contributions, borders and immigration, and so on. He is absolutely right in this.

    We should be officially and entirely out of the EU within two years. The Parliament is elected by the people not to rule us, but as an administration. We have given you our instructions, and expect you now to perform the necessary administrative actions to carry them out. There is simply no reason to keep us all hanging around waiting.

    Please get on with it and leave the EU.

    • Know-dice
      Posted June 25, 2016 at 10:36 am | Permalink

      “There is simply no reason to keep us all hanging around waiting.”

      Take a deep breath and “get your ducks in place first”, then go for the door.

  33. Tedgo
    Posted June 25, 2016 at 8:50 am | Permalink

    I think that Mr Cameron hanging around to October and having a Conservative leadership contest then has muddied the waters, we really need to get on with the renegotiation now otherwise impetus will be lost.

    Equally Johnson and co are acting as though they alone won this referendum, whereas in reality UKIP and Farage played a big part.

    I think the Conservatives are still in denial about the part played by UKIP at the last general election, UKIP captured a massive slice of disillusioned labour voters, denying a Labour SNP victory. I think the same dynamics played its part in the leave win.

    Johnson and co should stop being churlish towards Farage UKIP, and find a way to accommodate him in the negotiations, else we will still lose this referendum, particularly if an early general election is called as rumoured in some of the foreign press.

    I voted for a UKIP leave.

    • Mark B
      Posted June 25, 2016 at 11:50 am | Permalink

      They headed to ‘Official’ Leave campaign. They deserve the credit. But, Nigel Farage and UKIP deserve a lot of credit. Many people have publicly credited them with pressuring the Government into giving the UK a referendum. They may have thought it might park the EU matter once and for all. What it did was unleash a tide of feeling that has been building up since we had the last referendum.

      When we last voted, a clear majority voted to remain in the then EEC. Since then the EEC has become what its founding fathers more hoped it would become and the British people wanted none of it.

      But as the famous British General, Sir Arthur Wellesley once said after one of more famous battles;

      “A damn close run thing”

    • formula57
      Posted June 25, 2016 at 12:35 pm | Permalink

      Is the Conservative Party really content to cost the taxpayer c. £2.4 billion in ongoing EU contributions whilst it indulges in the luxury of what once would have been a due process of consultation to replace the discredited Cameron?

    • Tedgo
      Posted June 25, 2016 at 1:01 pm | Permalink

      Another danger is that the labour party has only, as of today, realised it does not represent its true core supporter, the “white” blue collar worker. This group have suffered much with foreign workers taking their jobs, housing etc, and voted leave.

      If Corbyn or a new labour leader re-engages with them and offers their version of leave then we could end up labour SNP government.

      https://www.theguardian.com/commentisfree/2016/jun/25/britain-rainy-fascist-island-progrexit-brexit

  34. Posted June 25, 2016 at 8:52 am | Permalink

    We will now be able to get rid of of the high EU tariffs on many products from the third world. The ability for them to sell us their goods on fair terms will do more for many of them than all the foreign aid.

  35. Helen
    Posted June 25, 2016 at 8:53 am | Permalink

    The immediate aftermath has been tough on the leavers. Rather than a euphoria of independence, many of us have been met with shock and anger from the remain side. They woke not just to see a result that they never wanted nor expected. On top of this it seemed the doomsday prophecies were is coming true with the fall of sterling and the markets.

    I believe the leavers were ready for some instability, but the remainers were not. Many believe that overnight we have put at risk their jobs, mortgaged and future.

    Leaving was without doubt the right thing for our country, but now we need to act VERY quickly to unite our country and reassure 48% of the people that it will be OK.

    We need a cross party crack team who can not only negotiate on behalf of the UK, but who can visibly talk up our country and explain its vision!

  36. jeffery
    Posted June 25, 2016 at 9:03 am | Permalink

    This business about the UK as 5th largest economy really needs knocking on the head. One, it is wrong in any real sense, as yesterday shows. Market value GDP fell 8% yesterday with the fall in the pound. Does anyone think this had anything to do with the real economy of Britain? But more importantly, the UK has turned its back on (domestic) scale in its economic activity. Actually, that ship had pretty well sailed with staying out of the euro. The new economic order of the 21st century is about scale – China, India, Indonesia etc. To thrive, the UK as a whole is going to have to display the mercantile nimbleness displayed by the City of London over the last 60 odd years. As it happens, this is not much different from the reality before June 23, but made sharper.

    • Gary
      Posted June 25, 2016 at 10:40 am | Permalink

      absolutely! more than ever markets are all about scale, and that is exactly what we have voted to reject!

    • Mark B
      Posted June 25, 2016 at 11:54 am | Permalink

      True. But the EU was not about markets. It was about building a Supranational government.

      And we said: “No !”

  37. acorn
    Posted June 25, 2016 at 9:05 am | Permalink

    Credit rating agencies; the guys that gave “triple A” ratings, to all those sub-prime mortgages; that lit the fuse for the 2008 crash, have branded the UK as “negative”.

    Assigning a credit rating to a nation that ISSUES its own currency, is a nonsense! Credit ratings, only apply to currency USERS like firms and households and Eurozone members. There is no bill, presented in our own sovereign currency, the UK Treasury can’t pay. It has a bottomless pit full of Pounds Sterling.

    If you are a country with its own freely traded currency; that is daft enough to borrow in a foreign currency, including IMF special drawing rights, you only have yourself to blame. Have a thought today for all those daft bugger nations, that always have to borrow in a foreign currency, because they threw away their own currencies to join the Euro. Masochists or what!!!???

    PS. The last time I looked we had a trade deficit with the EU of about £62 billion a year. Just under half of that was with Germany alone. That is a lot of German voters, getting paid for making toys for us to play with. What do you think Mrs Merkel would do if that trade was threatened in anyway by anybody, as her next election approaches? That goes for the rest of that £62 billion deficit we have with the other 26 EU members.

  38. Posted June 25, 2016 at 9:10 am | Permalink

    I posted my congratulations to our kind host, John Redwood at 05:52 on Friday morning, just as soon as the BBC confirmed the result. A wonderful outcome !

    Thanks must also go to all of the regular contributors here who have spent so much time posting here and on many other platforms.

    What comes next, we can only speculate but if there is any justice, our host should be given a very senior role in the Government or in negotiating our way out.

    I had hoped that Cameron would have stayed on, at least until the Spring but with a new cabinet that utilises all of the talent in the Brexit team. He would have had to allow them to conduct the Brexit negotiations.

    There needs to be a new cabinet now. My first choice for Chancellor would naturally be one John Redwood but I somehow suspect that you would not make Cameron’s short list. In that case, it should surely be either Michael Gove or Andrea Leadsom ? She would be an excellent choice to take over as Chancellor or, if considered not experienced enough, as Chief Secretary to Philip Hammond. Hammond is very able and kept just a low enough profile to retain credibility and was not guilty of promulgating the worst lies and half truths.

    I would like to see Michael Gove in a new high profile cabinet role as Chief Negotiator with the FCO led by Boris who would lead our charge back onto the wider world stage. That’s a role he could continue from No 10 in the Autumn.

    There is real strength in depth to form Gove’s powerful new Brexit team. Dan Hannan and Bill Cash immmediately come to mind but is needs to be all party and a very senior role has to go to Gisela Stuart, one of the stars of the campaign. Kate Hoey and Frank Field need to be on board as well. ( For many year I have considered these three as the only Labour MPs I would vote for ).

    We can leave out the SNP as they are obviously not interested.

    Fascinating times !!!

    I’m off out to buy a shiny new Union flag for my flagpole.

  39. James Matthews
    Posted June 25, 2016 at 9:12 am | Permalink

    Magnanimous? Well up to a point lord copper, but not to the extent of allowing free movement to anyone (with the possible exception of Canada, Australia and new Zealand). Daniel Hannan has been trailing this as a possibility. I would not be surprised to find Johnson and Gove quietly echoing this, cynic that I am.

    Those who voted for Brexit did so, in the main, for two reasons, sovereignty and curbing immigration. Whoever handles the transition, both must be delivered, or they will be totally discredited.

    I would endorse some of the comments here about the BBC (and, to be fair, Channel Four). Since Friday morning they have been behaving like Corporal Jones on speed. Some one should tell them that the Referendum has been, held. Time to stop their scaremongering campaign on behalf of Remain.

  40. turboterrier
    Posted June 25, 2016 at 9:20 am | Permalink

    So we have friends?

    Having watched BBC Breakfast this morning I have some doubts about the truth behind your lead comment.

    Nothing has changed negative, negative, negative, and even Digby Jones was not afforded the time that all the other parties have got.

    The way the Fiona Hyslop SNP interviewed prior to going into the cabinet meeting must have died and thought she had gone to heaven so lame was the questioning. Have Scotland really thought out the full implications of possibly breaking away from the UK to join a new liaison with what could rapidly start to change following our decision to leave? The truth is nobody knows what will happen and if some of the other EU members decide to carry out a referendum then the whole European Union could be a totally different club to be a member of in the two years it may take for us to get a decree nisi.
    I can see the majority of Scots are going to be more than a little miffed off if border controls have to be installed.

    Can we really afford to wait until October? This has been bought about because Cameron should never had led the Remain Group and should have stood back, in taking the lead the only option he had when leave won was to resign. Still the BBC are trolling out all these old has beens for their comments all with the flavour of doom and gloom.

    The losers have to be considered and I am sure they will be but at the end of the day the country voted and have to be totally respected. Nobody interviewed ever mentions that the EU funding was our money in the first place. Savings made from being free of the EU must be used to benefit everybody.

    Time is a great healer and only success in the real world markets will prove our side was totally the right decision. Rewriting our laws must go hand in hand with the removal of those laws inflicted on us from the EU that has cost our industries so dear. Energy and Climate Change springs to mind.

    As in all divorces it is only when it happens that you get to know who really are your true friends.

  41. Bert Young
    Posted June 25, 2016 at 9:23 am | Permalink

    It will take a little time for the dust to settle and calm restored . Germany has spoken clearly of its wish to maintain a sensible trading relationship with us and other EU countries have indicated how much reform has to be on the agenda in order to keep it together . Our position is now based on getting the political leadership case sorted out and negotiating firmly with the European Commission (who must be very nervous about containing a revolt ). Obama’s repeat of his statement ” to put us at the end of the queue “will be short lived and replaced by a more sensible regime .

    Moodeys have reacted by downgrading our credit rating standard pointing an accusing finger at our mountain of debt ; what they have not done is to re-rate the EU whose economic case is weak and its currency seriously faulted . It is now up to our determination to go forward seeking new markets and relationships for our products and services . There will be checks and balances in the City but ,overall , the size of our market , the skills we have and the value of the developments that will follow , will keep the numbers strong and their activities at an on-going high . The threatened exodus will not happen .

    This country has overcome all sorts of challenges in the past but never knocked out by any of them . We have great skill and experience available to measure up to our new challenge and show to the world that we can be trusted and respected at all the tables of influence .

  42. oldtimer
    Posted June 25, 2016 at 9:28 am | Permalink

    I was out of circulation yesterday so unable to comment but I would like to take this opportunity to add my thanks to you for your informed and clear discussion and exposition of the issues at stake in this referendum. These were and remain very helpful indeed.

    Locally, in South Bucks, I was pleased as well as surprised to see leave win by 50.7% to 49.3% on 78% turnout. Another result that caught my eye was the Solihull vote for leave by 56.2% to 43.8% on 76% turnout. Solihull is interesting because it the home of Range Rovers and Land Rovers, the keystone of Jaguar Land Rover’s profitability, and because the company’ management had been warning their employees of the dire consequences of Brexit. This emphatic result is a measure of the unwillingness of British voters to be told what to think either by their immediate bosses or by establishment figures and “experts” either here or from abroad.

    I am not at all sure that the whingeing and whining about the result we hear on the airwaves from the losers will do them much good – unless the leading Brexiteers allow a vacuum to develop for their hostile narrative to gain traction. Given the time required for the Conservative party leadership election to be completed this is a potentially dangerous time. A negotiating strategy and exit programme needs to be in place asap regardless of who will be the next leader. Is it feasible that those prominent in the Brexit campaign can reach agreement on the key points sooner than later? And to set out that template for the public to see?

  43. graham1946
    Posted June 25, 2016 at 9:59 am | Permalink

    Mr. Juncker says we must start immediate negotiations as he does not wish to delay. Can someone please tell him that as of yesterday we no longer take orders from him and we will do what suits us best.

    Meanwhile, what would be good politically is to reward the nation including the remainers, with some benefit. I suggest we immediately reduce energy bills by zero rating the VAT. Wouldn’t cost too much. The EU might huff and puff, but so what? The people need some reassurance, rather like when you buy something and keep looking at the adverts. We must not let buyer’s regret seep in which it will if the BBC etc get their way and nothing happens for months. Seemed like the BBC were still campaigning this morning and digging out old has beens to rubbish the decision.

    Next, Nigel Farage should be in the negotiating team. It is reported that Johnson and Gove are going to sideline him. Big mistake. He commands at least 4 million votes (probably more now). They must see what showing contempt for voters brings. Just ask CMD.

    • Gary
      Posted June 25, 2016 at 10:47 am | Permalink

      we are in the nightclub and have informed the bouncers that we no longer wish to have anything to do with the place. They start manhandling us towards the door while we complain that we want to leave on our own time?!

      Sometimes “chutzpah” is the only word to describe this.

      • Know-Dice
        Posted June 25, 2016 at 12:09 pm | Permalink

        Gary, to continue your analogy…

        It’s not a nightclub, its an hotel – lets say Hotel California, you know the one…”You can check-out any time you like, But you can never leave!”

        But as you know once you are in, the doors are locked and you have to invoke Rule 50 in order to get out, regardless of how unhappy you are with the service and what’s on offer. Rule 50 also says its up to the “customer” if and when they invoke it.

        There is an option to get somebody out quickly, you offer them free drinks and a meal at a global chain of restaurants. Of course the snag of this is that other customers may also ask for the same inducements…

      • Edward2
        Posted June 25, 2016 at 12:24 pm | Permalink

        What a dreadful opinion you hold Gary, of Europeans and their friendliness towards the people of the UK with you metaphor of violent bouncers.

        Its the EU and its failing political construct we have left, not Europe.
        Two very different things.

      • graham1946
        Posted June 25, 2016 at 1:23 pm | Permalink

        Gary,

        Under the ‘nightclub’ rules we are still members and are paying the over priced entrance fee. I’d like to go tomorrow and stop paying, but they won’t let us out that easily. It will be at least 2 years and by the time the various bureaucrats realise what another lovely gravy train they are on, both sides will string it out unless they are kept under control. When did civil servants ever do anything in a rush or even on time?

  44. Ian George
    Posted June 25, 2016 at 10:44 am | Permalink

    The more I think about it the more I think we should leave quickly. Living as I do in a country slightly outside of the EU but who are currently knocking on the door I have seen how those Eurocrats (and I’m talking largely about the EPP) operate.

    Any delay gives them and their 5th columnists within the UK time to foment discord in the country in an attempt to coerce and bully us into a position where they retain their iron grip over the country.

    Maybe Britain is too big for them to try and collapse our economy as they did in my host country to try to make the government understand who is their boss, but these people are capable of pulling every dirty trick in the book.

    Let’s get out, make new friends, and dictate our own terms to what’s left of their empire.

    • Mark B
      Posted June 25, 2016 at 12:12 pm | Permalink

      If the situation were to arise as you describe, then I expect those agencies of government tasked with protecting Her Majesty’s Realm to act. And act both swiftly and decisively.

      • Ian George
        Posted June 25, 2016 at 4:53 pm | Permalink

        I hope you are right. Already we are seeing talk of trying to overturn the result of the referendum throughout the media. This is how it starts.

  45. ian
    Posted June 25, 2016 at 12:52 pm | Permalink

    Of cause the people could always storm parliament and I think that would be their best action to take because voting will not make sense any more.

  • About John Redwood


    John Redwood won a free place at Kent College, Canterbury, He graduated from Magdalen College Oxford, has a DPhil and is a fellow of All Souls College. A businessman by background, he has been a director of NM Rothschild merchant bank and chairman of a quoted industrial PLC.

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