The so called Recovery and Resilience fund agreed after much wrangling on Monday night will do practically nothing to help EU economies recover from the pandemic policies. There is no public analysis of the damage done to large sectors of the EU economy by lockdown, no plan for aviation or hotels. It is a very important step on the road to full political union, establishing the important principles that the EU can borrow on the balance sheet of all the member states, and can transfer money from richer to poorer countries following such borrowing.
The grant and loan money in the fund totalling Euro 560bn after haggling will be disbursed over a four year period starting next year. Nothing will be raised and spent in 2020, when the need is greatest, and maybe under 60bn Euro in 2021 according to an EU Commission cash flow forecast. In other words this scheme is not going to rescue the EU economy and is going to make no visible contribution to the recovery for at least the first 18 months after the crash. The other Euro 190 bn will be added to existing EU spending programmes in future years, taking the new borrowing to the promised Euro 750bn.
It is not actually about the virus. It is about the political ambitions of the new Commission, and the need of France and Germany to reaffirm faith in the project of ever closer union at a time of major divisions of opinion on that goal. The UK’s dogged resistance to the project is rightly no more. It is better we leave than continue to oppose the central thrust of the project. Instead the Netherlands led a group of five so called frugal countries who object strongly to a larger budget and to sharing their tax revenues with poorer nations. Two of them have also refused to join the Euro, seeing how that takes you a long way on the road to European integration. Denmark has a legal opt out from Euro membership, whilst Sweden simply declines to meet the Treaty obligation to join.
The Commission has used the Covid 19 damage as a means to lever a bigger budget out of the member states, to be applied to the priorities of the Commission as set out before the pandemic intervened. The overriding priority is to push the Green Revolution. The favoured example of a project suitable for funding is 1 million electric vehicle charger points around the EU. To bring that about individual member states will need to incorporate national roll out of such points in their National Plans and submit them to the EU for money.
Any country wanting a grant or loan will need to send in a Plan and detailed proposals and receive EU approval. Money will only be released where there is target monitoring and performance reporting in place. Payments will be phased with review of progress before further release of cash. This reflects the worries of the states opposing the original scheme.
July 22, 2020
As I have said repeatedly, the EU never wastes a crisis. The Covid fund is all about âever closer unionâ, nothing about recovery.
I am so glad that we have left.
The EU are not negotiating in good faith.
Letâs stop pretending.
End the transition period on 30 September 2020.
July 22, 2020
Waaaahhhh. Itâs not fair. The EU wonât do as we say. Waaaahhhhhh.
July 22, 2020
You demonstrate the problem with those still fighting the Remain battle perfectly, Andy. Instead of arguing from facts, you simply descend into childishness.
July 23, 2020
Jiminyjim
you are right it is not good enough but please do kindly think of your own contributions,when writing to Andy
July 22, 2020
đđitâs Waaaaaah … the UK will not do as we say ….. Theresa ???? Waaaaaah….
July 22, 2020
Make up your mind.
You berate the European Union for not having a central policy and co-ordinated action to fight covid 19, and yet, like most things, health provision and protection are entirely national matters. You would have been enraged by any attempt to centralise these whilst the UK was a member too.
They have been as good as their word, and the treaties, to the letter, in their attempts to deal with this country, which has never clearly stated even what it wants.
This is your desperately-craved brexit, it is rubbish, and it will only get worse.
You won.
Get over it.
You can’t Leave again – your bolt is shot.
July 22, 2020
“like most things, health provision and protection are entirely national matters.” Like many propagandist europhiles, you present its laws and treaties as mere benevolent bagatelles. Not so. As the EU itself declares [Areas of EU Action, published by the EU] the list of competencies reserved for the EU’s national governments is now reduced to:
public health
industry
culture
tourism
education and training, youth and sport
civil protection
….
Areas governed by the EU are:
customs union
competition rules for the single market
monetary policy for the eurozone countries
trade and international agreements (under certain circumstances)
marine plants and animals regulated by the common fisheries policy
While EU law has absolute primacy over
the single market
employment and social affairs
economic, social and territorial cohesion
agriculture
fisheries
environment
consumer protection
transport
trans-European networks
energy
security and justice
public health
research and space
development cooperation and humanitarian aid
coordination of economic and employment policies
definition and implementation of the Common Foreign and Security Policy
And finally the catch-all âflexibility clauseâ, whereby the EU can intervene outside its normal areas of responsibility.
Very strange, so many fans of the EU who refuse to read its laws.
July 22, 2020
+1
Sums it up nicely!
July 23, 2020
They are sub-sections under the Treaty remit. And countries such as the UK had opt-outs for those too.
This so-called seventy-five percent of UK law that is supposedly made in Brussels does not include family and divorce, nor Town and Country Planning. Nor does it cover crime and sentencing. Heath, education and professional standards are outside its remit, as are land, property and inheritance, along with most tax bar VAT. Defence and security are not covered, and nor are electoral matters nor media regulation. Driving and parking rules and penalties appear to be for us too, along with employment and trade union matters, except for health and safety. Notably, there is no European Union law on immigration from outside countries either. It seems to be getting rather hard to find. Surely the Leave campaigns would not have misled anyone though?
July 23, 2020
Nor do you mention directives, regulations and new rules made under powers created by treaties
July 24, 2020
All nations can make rules under their national Acts.
The UK has countless of these Statutory Instruments too.
July 24, 2020
No
You miss the point.
These are EU directives regulations and rules which pass automatically into UK law under Treaty provisions.
July 22, 2020
you and the Boy Wonder are getting up early to stamp your feet!
July 22, 2020
I am over it. Just a shame we haven’t really left. You should be over the moon.
July 22, 2020
We have yet yo leave Martin-in-Tiger Bay.
July 22, 2020
1962 Hudson Rev. 15 587 Already there is hardly room on the Continent of Europe for all the..nations, and now that they have begun to roll themselves into one enormous nation,..the feeling in England is that if we don’t get in and co-operate we shall simply be buried. There are Little Englanders..who want to keep out.
July 22, 2020
Unlike 160 other nations who value and often have fought for their independence.
July 23, 2020
From the British, most often.
July 23, 2020
Wrong as usual.
July 22, 2020
You do get to wonder why any energy is expended in creating any sort of trade arrangement. The overriding EU position is it is their rules, their laws, their courts and its justice for any trade deal.
No mutual respect, no mutual trade, just perpetuation of protectionism to keep its rulers in power. China on our doorstep.
July 22, 2020
JR, most of us do not care, what we care about is how much are we English taxpayers on the hook for?
It was reported last week this servitude transition is costing us ÂŁ180 billion! Is this correct and will we be periodically kept informed exactly how much traitor May has made us liable for? It is our money not Govt’s.
July 22, 2020
Where âwas it reportedâ?
July 22, 2020
We always knew that there would be no ‘good faith’. The decision to pay a ‘divorce bill’ looks increasingly bad.
July 22, 2020
I am so glad the UK has left too.
Can you imagine any agreement being reached if David Cameron was still the PM and Boris Johnson was sitting in the wings ready to rekindle his eurosceptic credentials after his narrow loss (just as intended) in the EU referendumn of 2016 ?
Obstructionism does not even come close to describing the whole EU getting dragged in the Conservative infighting and jockeying for the position of next PM.
Who would have thought that it would actually be the EU who would be the first to draw a Brexit dividend ?
July 22, 2020
GilesB
Please do share with us about bad faith, as I cannot find teh informaiton you are sharing with us?
thank you
July 23, 2020
Bill B, What about Verhofstadt’s staffers gloating that they had finally made us their colony? Is that not bad faith?
And when is Denmark going to adopt the Euro? Now that you don’t have the UK to hide behind, that is.
July 23, 2020
NickC
you are showoing your ignorance again. The Danish kriner is proetected by a tratey with the EU and does not need , due to its internal economic stregth to hide behind a weak pound
or an economy which does not have any trade dels with teh two most powerful markets in the World.
July 24, 2020
Do you have problem with you keyboard bill?
July 22, 2020
Thank god we left in January or else we would have been footing the majority of the fund, someone should tell the bbc that after listening to the Russia report yesterday they were only interested in the lack of evidence or information from number 10 to the 2016 referendum, I think along with a lot of remoaners the bbc seem to think that the 2016 referendum could be overturned, nice try muppets you lost were out so get over it
July 22, 2020
Firstly we have not, ever, footed the majority of anything in the EU.
Secondly the report did not say there was no evidence that Mr Putin had bought your Brexit. It said nobody in the Tory government had even bothered to see if he had.
And the biggest losers out of Brexit will largely be those of you who voted for it because, four years on, you have still not figured out what it means for you.
July 22, 2020
A couple of blokes with dodgy accents offered me ÂŁ500 to vote for Brexit. I said ‘I’m going to vote for Brexit anyway’. They said ‘you better!’ and gave me the money. Now I don’t know if Vlad the Impaler was behind it – but one of the blokes called the other one Igor.
July 22, 2020
đ
July 22, 2020
So you expect the government to go looking for evidence that no crime was committed? It’s for those making the allegations to present some credible evidence. They haven’t.
July 22, 2020
We were among the few who footed the bill for everything in the EU, the rest are supplicants.
Poor old Andy. Didn’t you get your cheque from Mr. Putin? Nor did the 17 plus million who voted for Brexit. Anyway, you say the UK is so small and insignificant, why would Russia bother with us? Has he bothered with the EU?
July 22, 2020
Graham 1946
Putin tries all ha can do to undermine the EU. (soure EIU and Economist).
Just ask if you do not know?
July 23, 2020
bill brown
Remainer’s latest hissy fit….Russia could have done it; the 2016 Referendum was possibly fixed by them…should we consider a re-run?
“Seriously desperate Remainers clinging to anything that can still thwart Brexit”
……….how amusing!
July 23, 2020
Bill, if the UK is so small and insignificant to the UK, unimportant in the project and will suffer as you suggest how does that undermine the EU in any way?
July 23, 2020
insignificant to the EU (sorry)
July 23, 2020
There’s not much can thwart what’s already happened, Den.
July 23, 2020
Indeed.
The voters gave the party that promised to get Brexit done a huge 80 seat majority.
Whilst Labour had their worst result since the 1930s and remain obsessed parties like the Lib Dems and Greens did terribly.
July 22, 2020
Cannot wait for the total collapse of the corrupt EU political project, the sooner the better. I would rathjer take a chance knowing we are in control of our destiny as opposed to some unelected corrupt body. The peoples have to rise up against the EU tyranny.
July 22, 2020
Alas. Youâll be long dead by then.
July 23, 2020
Alas, you will never grow up either!
July 22, 2020
Fantastic that you think Putin, with a few schillings, managed what the EU who spent billions trying to influence the Brexit vote could not! The EU had all British political parties paid off, the BBC, the Electoral Commission, the US President Obama, Governor of the BOE, all the Corporations: Nissan , Toyota etc etc, the CBI – they even silenced lifelong Brexiteer Corbyn! … who did Putin have paid off and why do you think he was pro-Brexit anyway, why does a strong independent UK help Russia?
July 24, 2020
The European Union publishes its accounts, and they are vetted by the authorities of not one, but of twenty-seven countries, jointly and severally.
Can you please link to the part which shows these disbursements, to which you freely and repeatedly refer?
Thanks.
July 22, 2020
Indeed thang goodness we voted to leave the EU and have âalmost anywayâ left. Thank goodness the appalling disingenuous âleave means remainâ, 9% support Theresa May and the many traitors who voted for the Benn Surender Act failed. A great shame they wasted years and billions in the process. A shame we still have to listen to them endlessly on the BBC.
Thanks goodness Boris rescuers us from 9% support May and a Corbyn/SNP disaster.
All we need now is for him to morph into a proper, small government, low tax, cheap energy, pro (real) jobs Conservative. Alas he has not even cancelled HS2 as yet.
July 22, 2020
Hear hear Lifelogic.
July 22, 2020
A small government is still a government.
The party in power appear not to understand what a proper one – by modern enlightened standards – of any size might be.
July 23, 2020
The UK government isn’t small.
It is creeping up past 40% of the total spending of the UK.
Taxes are also creeping up.
Neither high enough for you I expect Martin.
July 24, 2020
I didn’t claim that it was. Just that it isn’t anything like a good government, whatever its size or budget.
July 25, 2020
It is just because you dont like the Conservatives.
It is your unconscious bias showing.
You should go on a course.
July 22, 2020
We have not left, we are in servitude! What do you think negotiations are about? ECJ applying over N. Ireland foe years despite lies it no longer applies. Border down the Irish Sea when Johnson promised otherwise.
Fake Tories have a lot to answer. Do not accept their lies.
They even have a forest of magic money trees! The one they ridiculed Corbyn about, except theirs is much larger!
July 22, 2020
Hope, there is only one Pound Sterling magic money tree and it lives in the Treasury’s National Loans Fund Office; from where the currency is created and eventually extinguished by taxation.
The Treasury has just issued the Whole of Government Accounts (WGA) for fiscal 2018/19. (Why it takes 15 months to produce is not clear.) In it you will see proof that the magic money tree exists.
The Statement of Financial Position (page 76) tells us that the UK is insolvent with net liabilities of ÂŁ2,455.8 billion in private sector international accounting terms. It’s been like that for decades; but, it is still in business. No creditors have taken it to Court to wind it up.
That’s the difference between a currency ISSUING government Treasury and a currency USING non-government private sector of households and firms. The Treasury will never run out of Pounds Sterling to create and issue. It can also wait forever to get the Pounds it created back in taxation. And, it never has to borrow its own unique monopoly currency from anyone; let alone pay interest on it.
Remember that the government’s, so called, national debt, is the non-government sector’s national savings; to the penny.
July 23, 2020
Acorn, You apparently don’t understand your own Magic Money Tree theory. Even the MMT cult doesn’t claim the state can never run out of its own money – in MMT the amount of printed money is limited by inflation.
MMT only appears plausible to the gullible because China has injected deflation into the global economy for 20 years. The CPI is the Chinese Prices Index. When that stops, MMT will fall over. Because government finances are simply the aggregate of household finances.
July 22, 2020
I think the BBC is skating in very thin ice, because if we were to take really serious action in response to Russia’s influence, they would be either closed down or privatised immediately.
July 22, 2020
“on thin ice” sorry.
July 22, 2020
You do understand that Putin is a right-wing populist, and that the Left are the downtrodden opposition in Russia? Didn’t think so.
Also the BBC is already privatised. It has virtually nothing left to sell off, from transmitters to tea ladies.
It fell over itself to be the very image of the Tufton Street-proclaimed model.
July 23, 2020
Martin, No, Putin is a left wing dictator.
July 23, 2020
Interesting claim, Nick.
United Russia – Putin’s Party describes itself as Russian Conservative.
Conservatism in Russia is a broad system of political beliefs in Russia that is characterised by support for Christian values, Russian imperialism, statism, anti-communism, economic intervention, advocacy for the historical Russian sphere of influence and a rejection of Western culture, economic liberalism and modernism.
The communists and liberals are the main opposition.
July 22, 2020
âwe would have been footing the majority of the fundâ: really? How do you know that?
July 22, 2020
Because they pencilled in âŹ80 billion against the U.K. – some German politicians have congratulated us for ducking that one.
July 23, 2020
Who?
July 23, 2020
Hefner, Because the UK has been a massive net contributor to the EU’s coffers for decades. What evidence have you got that would change now? We’re not known as “Treasure Island” for nothing.
July 23, 2020
Well, it is also known as Treasure Island for other reasons, unfortunately.
July 22, 2020
I note there seems to have been no discussion of the very evident interference in energy related matters by the Russians. Extensive support for anti-frackers, not only in their English language media, but also with direct financial support according to reports elsewhere. Gazprom negotiated a large gas swap with BG some years ago that gave them access to North Sea gas landed in the UK in exchange for availability ex Nordstream. This they now claim as exports to the UK, which is perhaps a warning of how they view it. We should remember that Chinese interests have acquired significant holdings in the UKCS.
These are much more important issues than claims about what at best would have been ineffective flim flam in putting forward a Russian perspective on elections.
July 22, 2020
Mark, THAT is very interesting at a time when I am knocking my head against the proverbial brick wall with my energy supplier. Longish story and I didn’t till now, really think the lights flickering was anything to do with the disputed bill but I wonder.
July 22, 2020
Good analysis, Sir John. And R5 reported this morning that there is no sign that the EU and the UK will be concluding an FTA anytime soon, which should have been the Commission’s priority rather than dispensing free money and loans to the poorer EU states (such as grasping Poland, which has hardly been affected by COVID). WTO beckons and I, for one, will be happy with that outcome. Now let’s keep our fish! All of ’em!
July 22, 2020
“no sign that the EU and the UK will be concluding an FTA anytime soon, which should have been the Commissionâs priority” Heh. Priority. Why should that been?
Taking care of their own citizens just had to be their first priority. But interesting that you care what EU does. FTA with a soon to be third country just does not seem to be a very urgent priority for EU contra what many on this island claim.
July 22, 2020
Itâs important for German car makers and France vineyards. They are on the ceiling!
July 23, 2020
But Lynn
Remainers would have us believe the European businesses do not give two hoots about the UK market. According to them it is unimportant. However, they are in for a rude awakening?
Four+ years of listening to Remoaners with their childish sophistry and ludicrous sciolism gives one an insight into their irrational fear of leaving? They are shamefully ignorant of the inner workings of Brussels and their sinister objectives?
Thank goodness our freedom ship is plotting a new course, away from these demented siren’s EU rocks?
July 23, 2020
Like everything else you reduce others’ views to silly binary, absolutist caricatures.
No one claimed that our Continental suppliers “didn’t care two hoots” about losing some of their market.
Simply, however, they would be far less affected than would UK exporters to Europe, who stood to lose a far, far greater market.
We’re not all like you.
July 23, 2020
You make the big error of considering the effect on all 27 as a whole.
The main importers to the UK are just four or five trading nations.
Hundreds of billions and hundreds of thousands of jobs are at risk in these nations.
July 25, 2020
Martin in Cardiff
No, mostly your inane viewpoints.
The clear lack of international business experience/senior management acumen and in-depth details, with regards to European industry economics, is the Remainers greatest weakness, hence its defensiveness.
You have yet to deliver any worthwhile insights into your anti-Brexit assertions, just merely trotting out the same old borish debunked Remainer sciolistic sophistry.
July 23, 2020
Billy, The EU “Taking care of their own citizens”?? When did this happen?
July 22, 2020
âDelaysâ ?
How long are Frost, Barnier and co going to continue with the Brexit talks?
Nothing seems to be happening, yet they plod on regardless.
The worry is that this is all so much theatre until a fudge is announced at the very last minute.
July 22, 2020
don’t know about theatre, but it out-farce’s Brian Rix.
July 22, 2020
“Grasping Poland”?
Having spent 50 years under the yoke of the two most extreme regimes of the 20th century with little help from their “allies”or what happened to their capital city at the hands of the Germans compared to Paris, the reduction of their population by 25% & the massacre of 22,000 of their inteligencia for which the perpetrators have never been brought to justice. What they have received is small compensation for what they have suffered for the past 50 years.
July 23, 2020
czerwonadupa
Britain paid a high price for supporting Poland in WW2. Britain came into the war because it had a defence treaty with Poland to support them in times of need against Germany. Britain loyally stood by Poland…..and of course Britain thanks the Polish people for its help against the Nazis during WW2.
However, I do believe Russia and Germany should be providing Poland with war reparations, for those 50 years of aggression/political suppression, not western European countries?
July 22, 2020
This recovery fund and MMF was always meant NOT to be an immediate rescue fund, for which already other money is available: the ESM, the 500bn package agreed with the eurogroup in April/May, the ECB’s QE and all the national relief packages.
The ECB has long argued that it was time for EU politicians to step up to the plate, and that has now happened. I assume also this German court will be satisfied and no new case will be brought there.
July 22, 2020
I don’t think that the German court will be very pleased. As for the green initiative I don’t see that as a starter particularly in the poorer regions.
July 22, 2020
Ian, if you had followed (and possibly understood) what the German Federal Constitutional Court in Karlsruhe had said before (ânot enough political oversightâ), you might have found that the so-called Next Generation EU fund includes (thanks to the pressure of the âfrugal fourâ (+1, Finland) a governance mechanism (oversight mechanism) to ensure that the individual capitals enact the reforms that they have to promise doing before getting access to the money. Furthermore, as part of the deal, any of the 27 countries will be able to object if it considers that the promise is not being fulfilled by another country.
Five days to agree on a ÂŁ750 bn rescue package, plus an awful lot of work being done on the 2021-2027 budget, that looks pretty fast to me.
July 23, 2020
Hefner, In other words it’s a slush fund. The sub-states will get a dollop of money provided they obey the EU Commission.
July 23, 2020
A slush fund would not be expected to reimburse the money used for the loans/grants. Depending which sources you check, it is expected the âbondsâ behind this EUâs injection of money will have a lifetime ending in 2045, 2050, or 2058. One has just to hope they will be different from the (in)famous Tsarist Russian Loans.
July 23, 2020
If you want to play golf, then you follow the club rules.
Doesn’t seem that sensational or shocking.
July 23, 2020
In a golf club you all have a vote and you all pay subscriptions annually.
In the EU there are 27 members but only 9 pay in.
The rest just take out.
July 24, 2020
In the US, thirteen states pay in to the federal budget net, and thirty-seven take out, as of 2017.
Your point is?
July 25, 2020
Switching it to the USA is a poor response when the topic raised was the EU.
You raised the golf club metaphor.
July 22, 2020
Ian Wragg,
You are guessing again and does not really ahve a clue, a third of teh money is planned for ecological projects, before the money is disbursed
July 22, 2020
JR, what is the UK on the hook for with the ECB, the truth please.
July 22, 2020
Is your own country âsatisfiedâ Pieter? Or will they be voting for Gert en masse?
July 22, 2020
Well, it is to be seen whether the rebate that each of the frugal four got on their individual contributions will satisfy them.
And funnily enough I would think Rutte is far cleverer than Geert Wilders.
But some people here are so keen on politicians past their sell-by date.
July 22, 2020
You thought Theresa May was cleverer than the British people đđ
July 23, 2020
Arenât you one of Sir Johnâs groupies?
July 22, 2020
Thought his name was Geert Wilders.
July 22, 2020
Please see my reaction to Sea Warrior below.
July 22, 2020
Lynnn Atkinson
It just again shows how little you understand about continential politics
July 22, 2020
Oh, first name terms eh?
Pops round for Sunday lunch, does he?
July 22, 2020
In a recent meeting Napoleon told the Dutch PM that he was behaving like a British PM, meaning being difficult and not in the spirit of Eunity. What a cheek coming from the president of a country that swiped the face masks for hospitals in England and Spain as they passed through.
July 22, 2020
Are you Dutch, Peter? If so, would you care to offer some thoughts on what yesterday’s agreements mean for Dutch support for the EU. What’s the mood in the Dutch Press?
July 22, 2020
I imagine the BBC provided courses?
July 22, 2020
Sea Warrior
“Whatâs the mood in the Dutch Press?”
Theirs is probably as biased as ours.
July 22, 2020
The Dutch rebate going from âŹ1.5m to âŹ1.92m and the fraction of the plan given as grants decreasing from âŹ500bn to âŹ390bn and that of loans increasing from the original âŹ250bn to âŹ360bn appears to have clinched the deal. Obviously the far-right groups (PVV in the NL, RN in France, AfD in Germany, Liga in Italy, and similar in other EU countries) plus the usual contributors here are not happy. Oh dear, too bad.
July 22, 2020
You view all things as left v right Hefner.
Sad really because the decisions made by the EU will affect every single country in Europe.
I’m all for the transfer of money from wealthy EU nations to poorer members.
It will reveal if social democratic nations really can stay in power as they take money which might be spent nationally and give it away to others.
July 23, 2020
Thatâs one of your best comments Edward2. Who recently were you calling Marxist?
July 23, 2020
I cant remember.
Do tell me.
It wasnt you was it?
July 22, 2020
@Sea Warrior: as a caveat, I am biased. Politically I feel much closer to Frans Timmermans, the current Dutch responsible for the EU’s Green Deal, than to Mark Rutte, even though our prime-minister did a very good job as communicator during the pandemic and his party is doing well in the polls. Most Dutch support the outcome, I would have liked a less nationalistic attitude. People like Geert Wilders, who already lost all his seats at the EU elections would have a hard time at the 2021 elections against a right wing but popular Rutte.
July 22, 2020
I’m biased too, Peter, but I appreciate your having responded to my question. I now wonder whether the Irish will begin to question their EU membership; you make me think that the Dutch won’t be.
July 22, 2020
As a caveat, I am unbiased. But my cousin has 6 churches in Holland. I think you are wrong and suffering self-delusion.
July 22, 2020
@Lynn Atkinson:
One man – 6 churches – that doesn’t sound like a statistically ensured random sample to me Lynn. Of course many opinions can be found in the Netherlands (the new official brand name for what you still call Holland).
July 22, 2020
The notion of the EU ‘rescuing’ others with a lead lifebelt creates an unsatisfactory sinking feeling.
July 22, 2020
PvL, Are you happy that Dutch taxpayers will now be subsidising Italy? More to the point, will Dutch taxpayers be happy about it? It won’t stop here either; now the precedent is established you are onto the next stage of EU empire building.
More than the money, Ambrose Evans-Pritchard (DT 21 July) asks about the EU Commission: “Where else in the world does a single unelected body have the âright of initiativeâ on legislation, and the executive powers of a proto-government, and the spending prerogatives of a parliament, all wrapped in one?” And the answer is – only in dictatorships.
However much you subscribe emotionally to the idea of a band of European brothers, the EU is headed in a dangerous direction. Hard though it may be, the time to get out is now: it will only get harder.
July 22, 2020
Even an economic commentator of 30 years like AE-P could still learn a few things, in particular to realise that the main aim of the plan might not be so much economic but political. But this type of arguments appears to fly a thousand miles above the head of this âdistinguishedâ economist, oops, journalist.
July 22, 2020
@NickC: A proper discussion about these points is not really possible within the limits of this blog. I’m not surprised about the quotation in the DT, a rather anti EU paper. I see it very differently from Ambrose and know how the various EU institutions work and how democratic it actually is already.
Yesterday I visited Westerbork, where over 100000 Dutch Jews were gathered and sent on to extermination camps in Germany and Poland. A tiny notice read: Hier begint Europe”. We Dutch should humbly learn not to see Europe in just transactional terms.
July 22, 2020
NickC
there is an average of 70 % support for teh idea of th EU across the EU, with Italy having teh lowest of 53% of teh population. (Ecnomist) stick with the facts , instead of your weak guesses and lack of factual evidence
July 22, 2020
Peter, there is a fundamental difference in how Euro area currency issuing works compared to the UK or USA as sovereign currency issuers. The UK issues Gilts, savings certificates, and pretends that it is “borrowing” its own currency from the private sector. Known as the “full funding” scam.
Euro area states Treasury issue Bonds to get Euro cash from the market, to operate their economies. They are using a foreign currency they have no control over. A currency that is created and issued by the ECB. Bonds that are subject to market interest rates.
It would be difficult to design a more ludicrous currency system than that used by the EU.
July 23, 2020
acorn
gilts are also subject to market interest rates
July 22, 2020
“Step up to the plate”? They don’t play the game & the concept of “fair play” is an alien concept from a country no long a member of the club & who will therefore be unable to ensure there is “fair play” towards the smaller & weaker members of that club.
July 22, 2020
Sorry to go off topic but the bloody BBC at it again.
A section on how racist Winston Churchill was. Five minutes devoted to it without having anything to do with the news that day. A history lesson in the middle of the BBC News at Ten.
Then footage of the recent defacement of his statues… as though to try and stoke up BLM rioting again.
The BBC is trying to create the news rather than report it and is trying its best to make this country ungovernable.
July 22, 2020
I would encourage you and everyone to ditch their TV and go online instead, thereby cutting the BBCâs revenues and viewership. I and many others have done it. Save yourself the ÂŁ150 a year licence fee. There are some great video podcasts and alternative news channels out there and, of course, you can still listen to the BBC radio if you really feel you must (myself Iâ found better radio stations online).
July 22, 2020
BeebTax,
We are having this discussion in our household right now. The basic sticking point is that I watch Bloomberg TV ‘live’ and for some obscure reason that means the BBC has to be paid.
July 22, 2020
You are right that the BBC bias shows in what they deem to be newsworthy. Another example is their blanket coverage of Trump and the USA over the past few years alongside minimal coverage of ethnic cleansing in China and very sparse coverage of EU countries. It is a peculiarity of the middle-class left that they profess love of the EU but are really only interested in USA when it comes to political coverage.
July 22, 2020
The BBC is the “COW” = Church of Woke in our household. With Emily Matilis their High Priestess.
July 22, 2020
Indeed I complained to the BBC that they were dangerously fanning the flames of rioting in various programmes and inciting criminality. This just before the toppling of the Statue. Their reply was totally pathetic waffle. It failed totally to address the issue at all. Just meaningless flannel, one wonders if they even bothered to read the complaint or just gave the same flannel to everyone.
They seem to have given up on impartiality but then again many top police officers have too it seems. The only (not left wing interviewer they had) the fairly middle of the road. but a fair and competent one, Andrew Neil seem to have gone from the BBC too. The are just a socialists, climate alarmists, anti-brexit, anti Trump propaganda outfit. With Dominic Grieve types endlessly given airtime.
July 22, 2020
Anonymous – Quite right! About time the BBC was stopped for displaying their bias and blatant opinions. The BBC seem to be driven to pressing their self destruct button by their disregard of their main function of accurately reporting news. This won’t help their efforts to achieve an increase of funding.
Lets have an answer to the question as to who is responsible for this continuing and unwelcome broadcasting.
July 22, 2020
… Lets have an answer to the question as to who is responsible for this continuing and unwelcome broadcasting. …
Maybe you should ask the Government, maybe they could point us in the right direction. Maybe Sir John could give us a clue? The answer is blowing in the wind! OR, maybe if people stopped paying, the BBC might just get the message!
July 22, 2020
I totally agree the BBC are a bloody disgrace. They spent all day yesterday trying to get various people to confirm evidence of Russian interference in the Brexit referendum when there isnât any. Itâs time to defund the anti British BBC, and get rid of the licence fee.
Regarding todayâs blog – very well put Sir John, thank God we are out.
July 22, 2020
Sky News are desperately flogging the dead horse of ‘Russian involvement in the 2016 referendum’ at the moment. What the dim-witted Remoaners have forgotten is that since the referendum we have had two national and one EU elections in which the Remoaners have been spanked.
July 22, 2020
Clive Myrie said on the BBC’s Media Show , that it was the duty of news presenters to keep in people’s minds the connection between George Floyd’s death and the slave trade. So from their own mouths they say the news should accompany a political message.
I too saw the hatchet job the BBC did on Churchill , there was no attempt at balance, they glibly said food should have been diverted to India, though didn’t say what should have been cut from British people’s weekly food rations which was 113g bacon and ham (about 4 thin slices), one shilling and ten pence worth of meat (about 227g minced beef), 57g butter, 57g cheese, 113g margarine, 113g cooking fat, 3 pints of milk, 227g sugar, 57g tea and 1 egg.
July 22, 2020
@Iain Moore; “So from their own mouths they say the news should accompany a political message.”
Most people would call that placing an issue into context…
July 22, 2020
To all of the above. It wasn’t like it was current news and the item just appeared from nowhere.
July 22, 2020
Good morning.
Personally, once fully out of the EU I could not care a jot what they did or did not do. All I care about is that we are not affected by it and, that we are not expected to contribute to coffers, they have had more than enough from us.
It is good to see that PvL’s country is taking up the UK mantle of ‘foot dragger’. He now gets to personally fund his beloved EU. I am very happy for him đ
If the whole of the EU was to go electric, where is our energy going to come from now that we are importing more and more of it ? I know we covered this recently but, we did not look at the possibilities that our EU suppliers might want to keep their energy for themselves. We have seen what they are like to both us and each other over PPE, and see no reason why they would not act in the same way over electricity. Another reason to be energy independent.
July 22, 2020
Quite, though I think we need to keep a wary eye on what they are doing since they could undermine our interests, as per your point about electricity.
Regarding energy we need to drop the greenwash and be ready to frack.
July 22, 2020
Agreed, BeebTax.
July 22, 2020
@ Mark B “I am very happy for him đ” – we all are!
The Dutch enjoy a longer working life so earlier-retiring Italians can be kept in clover. To witness a country providing to its neighbours goodies that it denies itself illustrates that altruism still thrives in this selfish age. It is heart-warming.
(I suppose it is a bit easier for the Dutch for unlike us with Scotland, they do not have the accompaniment of tiresome, constant whinging from the Italians.)
July 22, 2020
Mark B
“We have seen what they are like to both us and each other over PPE,..”
And what exactly have we offered the world, especially those smaller countries who lack our resources? As opposed to EU members who not only helped with supplies but took in sick patients from other countries?
July 22, 2020
MH
Dont kid yourself. The EU will only ever do what is in it’s interest.
July 22, 2020
Erm… we’re taking in poor people all the time. We may well be first to the vaccine ???
July 22, 2020
@MarkB: The average Dutch taxpayer has ALWAYS contributed more to the funding of the EU than the British one. (In our own self interest mind you)
July 22, 2020
Clever use of statistics by dividing our two populations by money paid in, but the UK has been a net payer for every year since it joined, bar one year.
Many billions each year in membership fees
And a ÂŁ90 billion a year trade deficit.
July 22, 2020
… and becoming the financial center of Europe with a GDP equivalent to Belgium all tucked in in a square mile.
July 22, 2020
Hollsnd?
Becoming the centre of financial services in Europe ?
Hilarious
July 22, 2020
Edward 2
this does not exclude the cler facts presened by Peter
July 22, 2020
Well bill I think it does.
Present some facts and I might read and reconsider my views.
July 22, 2020
@Edward2: Not so much clever as the only way to compare populations and their willingness to contribute.
You wouldn’t want Malta to contribute as much as say Germany, would you?
July 23, 2020
Edwaard 2
asking for facts, coming from you, very funny
July 23, 2020
Do Dutch citizens actually pay a seperate tax to the EU or is it just paid out by their government from generalised funds?
Like in the UK there is no proper connection between the individual and the cost of the EU to them.
After the UK stop paying in many billions each year your countrymen will find themselves paying in considerably more.
July 23, 2020
At least I can spell words like “the” bill.
Most of your short posts are unreadable due to your poor typing.
July 23, 2020
And since when did you present facts and cogent arguments, Bill? You specialise in personal finger-wagging from the sidelines.
July 22, 2020
Good points. Strategic resilience is one of those subjects that our politicians are giving too little attention to. Energy and Medical supply resilience are important – and one would hope that, somewhere in Whitehall, a senior civil servant will be updating the Energy ‘Estimate’. And we should always be able to grow enough food so that we never have to face starvation.
July 22, 2020
Importing more and more electricity??
Have a look at http://www.gridwatch.com to see the full picture on imports via the inter connectors. Itâs negligible.
July 22, 2020
The Commission has used the Covid 19 damage as a means to lever a bigger budget out of the member states
>
Yet no one is going to tell the public the entire thing was pre-planned?
July 22, 2020
Yes..BUT.. by far the largest contributor will be Germany, so why is Mrs Merkel so happy? When the German finance minister, and high court, does the arithmetic I think we’ll see a minor eruption in Berlin. Mrs Merkel knows this, so what has she got in return for German generosity to quiet their concerns.
July 22, 2020
The UK Gov have a ÂŁ350 grant to install charge points (ÂŁ550) in homes. 100,000 have been installed. So ÂŁ350 for charge points but ÂŁ800m spent so far on electric car charging. The dept of Transport has just announced all new homes to have charge points.
So 1 million new charge points at ÂŁ500 a pop is half a ÂŁbillion on EU charge points. Which I think a lot of EU countries were going to spend anyway. So it hasnât really helped apart from putting EU flags on them all and pretending the EU has helped.
Beside which the purpose of the charge points is to sell German and French cars to the poorer EU states which will only increase the fiscal imbalances.
July 22, 2020
UK Government spending the taxpayers money (not their money they don’t have any) on supporting those that can already afford to have the facility, at the expense of those that that can’t.
On top of the situation that these people already received taxpayer funding for their cars. It just illustrates this Government is playing to the Woke fraternity, the MsM, the chattering classes at the expense of the country as a whole. At the expense of those that are desperate to get of the hole they find themselves in, the ones that will move this country forward – Nuts
July 22, 2020
Ian@Barkham
Exactly. I have thought for years that when the Government hand out all this money left right and centre there should be bill boards like the EU used to put up as this project is funded by the them. Our billboards should read FUNDED BY THE UK TAX PAYERS.
Alas it seems we still have large numbers within the population that do not quite get it, that government has no money only what the taxpayers give it. In conversation with a member of the Inland Revenue I tried to explain to her that I was in reality her employer as I paid income tax which pays her wages. The reply very short and sweet was “I am paid solely by the government”. Its enough to make you weep
July 22, 2020
All those charge points gives work to the electricians – but what about the factories, the car and white goods workers watching demand ebb away?
July 22, 2020
With the majority of batteries made in China and the control most of the rare minerals how is that going to work then?
I bet than when needed HMG will remarkably find that the need to go Green outweighs HK democracy etc meaning this trade will continue if the Chinese allow it.
July 22, 2020
Nig1
If I was a betting man I’d say they’ve got their eyes on Afghanistan Lithium.
July 23, 2020
… based on Trumpâs eyeing in 2017 the Afghan potential mining resources, relying on Soviet geological surveys dating from the â80s?
If one is interested in Li, one would better look at Chile, Australia, China, Argentina, Canada.
July 22, 2020
It is mad to be pushing electric cars in this way anything until the technology is competitive and sufficiently flexible for most people’s needed. Electric cars are likely to be the Betamax, eight track or Squarial (British Satellite Broadcasting) or Kodak – for those who remember. R&D fine roll out with tax payer grants idiotic!
July 22, 2020
No fan of electric cars myself – because we do not have the generating capacity for us all to go electric – but they are sufficiently flexible for most people’s needs. For someone who works reasonably locally, takes the kids to football in the evenings, goes to the shops at the weekend etc. – an electric car is fine. However, for long distance driving they are obviously useless. It would be nice if:
a) they weren’t ridiculously expensive
b) electricity was not ridiculously expensive
c) a scheme existed where you swap your electric care for a petrol car with a decent range when you needed one
July 22, 2020
might have all been very different if we had planned and built a few nuclear power stations years ago on appropriate coastal areas.
July 22, 2020
These latest measures fall into the category marked “Never let a crisis go to waste”. This is a favourite technique of all political classes, namely to use a current issue to advance an unrelated cause.
July 22, 2020
One of the EUs least needs is 1 million charging points unless of course they intend to set up the factories to produce them in Spain or Greece to help solve both countries horrendous unemployment.
What the EU does will be judged by the market place and is no longer the UKs concern except that they are a customer for some of our exports. I believe that social and economic unrest will lead to some counties leaving the EU. I do not wish it on them but see it as inevitable. Until the essential building blocks of thriving economies within a common market is achieved there is no basis for monetary or political union. If the latter is to be achieved it must be with the democratic agreement of the people within each nation state. As popular democracy is not on the agenda of the EU it is likely that their route to a united states of europe will lead to political unrest or worse. We the UK may be in for a bumpy ride while recovering from Covid19 and adjusting to our new found sovereignty, I fear the EU are heading for a political and economic roller coaster.
July 22, 2020
No other country will leave the EU. At least not willingly. I guess Hungary and/or Poland may be kicked out for human rights failings. But the rest have seen the total and utter mess that you have all made of Brexit and there is precisely nobody who is going to follow anytime soon.
They do not look at the UK in envy. They look at the UK in bemusement. Bemusement that any country – let alone one which was previously solid and sensible – could be so monumentally stupid.
The key question for the EU will be how it responds when the UK asks to rejoin – which we will in due course. Will they recognise that the nastiness and obtuseness of the Brexiteers was just the nastiness of the Tories? Or will they associate it with all of us?
I donât doubt that the EU will demand electoral reform as a price for rejoining. It is well past time for the UK to become a grown up and properly representative democracy m. Never again can we be in a situation in this country where a government elected by a minority of mostly old people to remove rights from the majority.
July 22, 2020
Your beloved Macron said recently that he believed the French people would vote to leave – if given the chance. He won’t of course give them that chance because pro EU politicians do not believe in democracy. Bit like you and other boring remainiacs.
July 22, 2020
Polls in France do not support your interpretation of Macron’s words in a second language.
July 22, 2020
My INTERPRETATION of his words!!!! Boy, you really do grasp at straws to justify your slavish devotion to the EU.
He said it on the Andrew Marr show.
https://www.theguardian.com/world/2018/jan/21/emmanuel-macron-uk-yes-no-brexit-vote-mistake
It was reported in all the papers.
July 23, 2020
I watched and heard him say it.
I am not satisfied that he translated the French “pourraient” – could – correctly.
Normally the Conditional mood is translated by using the English verb “would” and the infinitive, but that gets confusing where that verb is also one of mood.
I think that it is quite likely that he meant “would be able to vote Leave”, “could vote Leave”.
But it matters little.
As I say, polls show an increase in French support for the European Union as the UK’s shambles becomes ever more apparent.
July 22, 2020
Electoral reform like in Ireland where there was 5 months of wrangling after their election and they now have a cobbled together government with many policies different to the ones people thought they had voted for.
July 22, 2020
Edward 2
Some of teh most sucessful countreis in Europe have calition government, Nordics, Germany , Iceland, , Switzerland and so on, so stop your lack of factual resaons
July 22, 2020
I spoke about Ireland
My facts were correct.
Your typing is awful.
July 23, 2020
Bill B, They also have referendums which go against the EU, but which are ignored.
July 23, 2020
Andy, “properly representative democracy” as in the Netherlands, Eire and France, which all voted against the EU constitution, but still had it imposed via Lisbon? That sort of representative democracy?
July 23, 2020
They didn’t have it imposed.
They voted for the Lisbon Treaty, freely.
What do you think happened? They were marched to the polls at gunpoint and made to vote for it?
July 22, 2020
We are still passive members of the EU, paying in and following its rules, including the Common Fisheries Policy. There is plenty of time still for Boris to bottle it and sign an ‘extension’ that effectively traps us forever, or a BRINO deal that leaves us under EU control. ‘It ain’t over until the fat lady sings’.
July 22, 2020
It will be over for Johnson and the Tory party if he thinks he can sell us BRINO.
July 22, 2020
Amusing. A Brexiteer moaning about a lack of public analysis. Extremely ironic.
The EU came together and compromised. Nobody got it all. Everybody got something. Everybody have a bit of ground. There were no losers – only winners. What a great way to work.
Via this agreement every EU country can now borrow money to pay off Coronavirus debts at the best possible interest rate because the EU has the best possible credit rating from all the main credit ratings agencies. Unlike Brexit Britain.
I suspect EU leaders were quite thankful that the cancerous UK Conservative Party was not in the room. As these posh toddlers have been undermining cooperation for decades.
July 22, 2020
Andy
Put quite simply,especially for you :
You wouldn’t even exist were it not for the people you obsessively berate.
July 22, 2020
Steve,
We might have ideas about some of Andy’s contributions, but I think you should explain yourself
July 22, 2020
And, AGAIN, you talk complete and utter bolleaux. The latest sale of government debt was sold at a negative yield. Get a grip.
July 22, 2020
In the light of “establishing the important principles that the EU can borrow on the balance sheet of all the member states, and can transfer money from richer to poorer countries following such borrowing” should we not have a mass clap for the German taxpayer?
Mr. Rutte’s tantrum proved pointless although he can blind his voters with the news that he obtained a Thatcheresque rebate. The Commission enjoyed a huge victory with proposals for taxes on plastics, digital and perhaps too financial transactions to fund it wicked antics directly.
July 22, 2020
Citizens of sovereign countries who have worked to earn what they own will be alarmed at some other body grasping authority to shovel large chunks of their money into donations for less capable others.
Collective effort on efficient projects to enable economies of scale helps if shared fairly. Individual voluntary donations as ad hoc assistance for others could also be sensible.
In contrast, sovereign nations submitting requests to the EU for permission is tantamount to begging to receive each previous monthâs salary.
July 22, 2020
In a rational world the controls the EUC place on spending would seem to be reasonable — but the EU has never been about people, it has always been about power.
The EUC simply do not seem to care what problems they foist on ordinary people – Let’s face it, they and the other EU organisations – especially the most undemocratic parliament, continually impoverish those that pay for their own lavish lifestyles.
If ever there was needed an argument FOR nationalism, then the EU is it.
July 22, 2020
Please excuse an extra post
It seems the government is intending to totally remove free speech on the back of the Russian report. Talk about 1984 plus plus!
The woolly thinking from those proposing that there be only one version of the facts is without doubt the most treacherous thing they could do to destroy any faith we have left in government.
Why do alternative views appear on social media – Because we frequently do not believe the official versions!!!
July 22, 2020
Spot on Bryan Harris
July 23, 2020
What a load of Postmodernist nonsense.
Facts are what they are. The different “versions” are all false.
The acceleration due to gravity is 9.81 m/s/s, not 2.32 0r 11.78.
Covid 19 will behave according to its properties, not to a load of bluster from any politician.
July 24, 2020
Don’t worry Martin – it’s all a bit too much to understand for you I can see … It will eventually become clear when it’s too late
July 24, 2020
Nobody could distrust this Government more than me, Bryan.
But if you think that a number of mutually exclusive propositions can all be true, then you really do have problems.
July 22, 2020
It is an important moment in the creation of a federal Europe. Borrowing on the balance sheet of the whole EU (for the purpose of saving the euro project – letâs be in no doubt about that) is something Remain and pro-EU voices before the referendum told us would never happen. But itâs logical it should. What would the UKâs share of the âŹ750bn have been and what would our net ÂŁ12bn pa have become? It would be reasonable to assume weâd have been on the hook for ÂŁ20bn pa at least had we stayed.
July 22, 2020
The EU doesn’t want recovery, it wants control over people and the scamdemic is working well for that. They’re pushing the green lies for the same reason. Got to roll out those electric vehicle chargers and get people into vehicles that are far inferior to the ones they have now but can be tracked and controlled much better.
In fact they’re pretty much identical to the gang we have here. Keep pushing the eco BS whilst continuing the virus fear mongering. The estimates are 200,000 deaths due to lockdown and NHS failure whilst death figures for the virus have been grossly inflated and is actually far below the usual deaths from respiratory disease.
Even minimal research into the numbers and facts reveal what’s going on, it’s just a shame that state education has produced a population so brain numbed they can’t se it.
July 22, 2020
Agreed Gordon. Due to the pandemic scam Britons are now living in the Communist State of U.K.
July 22, 2020
âThis EU summit fiasco is the final proof that we need a clean Brexit
Britain must break free from EU faux-federalism to rescue its economy from this crippling lockdownâ
Liam Halligan in the Telegraph today is surely right.
July 22, 2020
Todays MsM headlines ‘Britain close to abandoning hope of Brexit trade deal’
Why did we waste our time. The EU summed it up in the WA talks ‘The UK is our colony now’ That is the only agenda the EU have had, which is why their redlines have been their rules, their laws, their courts.
UK territory, fishing, had to accept this agenda. How companies traded within the UK had to accept this agenda.
The aim was to stop the UK becoming free, in the hope one day it would relent and be absorbed completely, as the rest of continental Europe is now being, all under the control of a run-away Commission.
July 22, 2020
From the MsM, “However, neither side is backing down on fishing rights, so-called level playing field guarantees, governance of the deal and the role of the European Court of Justice.”
The UK is expected to back down and give the EU Control of all the things they would never reciprocate on.
So the UK doesn’t get to control the fishing in EU waters, the UK doesn’t get to decide on what the level playing field is in the EU and the UK courts are not arbiter of the EU. Put that way round and you see how nutty the EU colonial control ambitions are. The EU never wanted any form of trade or relationship with the UK – just control .
July 22, 2020
Sure. The UK is in a really weak position, it has been since it decided to be isolated instead of having 27 countries at its side. You were warned
July 22, 2020
Equivalent tariffs on goods will really hit us bad with that ÂŁ90bn p.a. EU trade deficit and no EU membership fee. D’oh!
July 22, 2020
Standing alone and thriving (we get our territorial waters back so can sell our fish to the desperate EU who have already destroyed African waters, is strong dear.
July 23, 2020
All this “we”, “us” and “our” is really quite funny.
Seventy percent of the land area of England still belongs to only 0.6% of the population, and most of that to only a few hundred inheritors by primogeniture.
It dates back to 1067, when William the First took every single cottage, ditch, field, copse and hedgerow from our ancestors, to be his personal, private property. The 1086 Domesday Book details how he shared it out among his clan.
Many people managed to get some back as common land after the Plague, but were deprived of that again by the landowners’ puppet governments’ Inclosure Acts in the C18th and C19th.
You can ask for it back if you like, but they have not been in a giving mood for nine hundred and fifty-two years, and I do not see them changing now.
July 23, 2020
Yet every person has the right to own freehold land.
You live in the past
July 24, 2020
Wrong again, Ed.
People under eighteen years do not have that right.
Yes, you can buy back, at a very high price, a tiny bit of what was taken by force from your forebears, and be humbly grateful.
Oh dear. How truly submissive you are.
July 24, 2020
Pedantic.
If you cannot own freehold land then you are slave to the State.
Just like socialist dictatorships in the 20th century that killed 100 million of their own citizens.
July 22, 2020
PS to JR
Why this constant obsession with the EU and its supposed short comings seeing we have left and they don’t apply to us any longer?
Seeing that we are heading towards 51st American state status why don’t you examine the shortcomings and even dangerous events unfolding there?
Reply Why are pro EU people so against analysis of what it is doing? They are our neighbours and it is important to discuss what they are doing. Ever closer Union is a unique and bold experiment and the U.K. has just made it easier for them by leaving.
July 22, 2020
Once again we see this diary criticising the EU when itâs general approach is not hugely different to UK or US policy except it shows a group of countries working together for their greater good. Meanwhile we are isolating ourselves from Europe, to our cost, and from Russia and China, no bad thing but we are left in hock to the USA. As the WTO has indicated: we are leaving the first division to join the third division!
July 22, 2020
Is it the greater good of the ruling elite – the Commission, or does it serve the People.
Just because the Guardian Newspaper says that is a WTO quote it doesn’t make it true.
July 22, 2020
Yes, it has been wonderful being in the Single Market with the massive balance of trade deficit we have enjoyed with the EU. Truly uplifting and hugely beneficial to this country.
July 22, 2020
OT: relevant to UK taxpayers’ finances. JR, could you inform us of the expected ÂŁ32 billion loss from RBS and the taxpayers continuing 62% stake in a poorly run bank that will change its name today and appoint a climate change advisor!
When can we expect U.K. Govt get its act together after ten years in office?
July 22, 2020
Should have been broken up, back into its original components from the outset
July 22, 2020
And let Scotland bail it out.
July 22, 2020
When the Tory Party finds a decent leader. We have now had 3 lame ducks in a row. Cameron was bad, May was unbelievable, Boris is proving to be utterly unfit for the job. It’s enough to make a bloke vote Labour.
July 22, 2020
Well, I’m having trouble scanning the horizon for an Ă©minence grise, – no Dominic Cummings might be gone after a couple more cock-ups.
July 23, 2020
Well, A couple of months ago Labour began to look electable under Starmer, instead of Agent Cob. But since his rise to wokery and becoming Sir Kneel Smarmer, he has lost a lot of ground.
July 22, 2020
Listening on Talk Radio at the moment, a minister is wittering on about net zero carbon AGAIN!
What is the obsession with electric cars etc , they arenât even green!
To achieve what ministers seem to want to achieve is not possible without pushing us back to pre-industrial times… I can understand Extinction Rebellion wanting that, because thatâs their raison dâetre. But as with the BLM activists why canât ministers see the plan?
July 22, 2020
Sharon Jagger
“What is the obsession with electric cars etc , they arenât even green!”
No they are not green, but they are crap. They give bigger profit to manufacturers, and permit greater control by the manufacturers such as non – user serviceability, designed lifespan etc.
Unfortunately we live in a world where manufacturers tell us what we can have. The way to beat that is simply not to buy.
July 22, 2020
There is nothing wrong with NET zero carbon. Is there? It is just the way our current politicians are trying to get there.
July 22, 2020
Well all the plants die, they live on carbon. They create oxygen on which we live. Is this the real crisis âwhere billions of people dieâ?
July 22, 2020
You obviously have a bit of trouble with understanding basic science. Net zero means carbon balance. It does not mean no carbon. Get a grip.
July 22, 2020
Only if you want to reduce us to living in grinding poverty.
July 22, 2020
One can only assume that certain MPs have been paid off – there just isn’t any other rational explaination
July 22, 2020
Going green is going to be harder now that railways and bus companies are going to go bust.
July 22, 2020
‘The Commission has used the Covid 19 damage as a means to lever a bigger budget out of the member states.’
I think you mean ‘the lockdown damage’, Sir John. A virus doesn’t take government decisions.
July 22, 2020
Bill B
“A virus doesnât take government decisions.”
Even a virus could make better decisions, I rather suspect.
July 22, 2020
And this must be a particularly naughty little virus, crafty too.
Look how it has forced them to destroy the economy.
It runs circles round the ministers. Of late it has been taunting them about the havoc it is going to cause this winter. ( Unlike most viruses it can talk..thatâs how they always know things like when we will suddenly need masks!)
And there wonât be a thing they can do about it…cos they have to follow its orders precisely!
Masks,goggles,hazmat suits, galoshes and probably forced entry to make sure we are all â social bl**dy distancingâ.
July 22, 2020
Meanwhile the U.K. and U.S. have abandoned efforts to reach a free trade deal by the end of the year. Perhaps you could tell us whatâs that really about?
You canât spend forever writing about the internal politics of a body we no longer belong to. Time to accept that you won – get over it and get on with delivering the benefits.
July 22, 2020
How anyone ever believed we could negotiate with an intransigent EU political construct that routinely fails to keep to its own rule of law is beyond me. Their arrogance is breathtaking, their self-belief unshakeable and their shame, non-existent. I despair for the peoples of Europe.
July 22, 2020
If only the Peoples of Europe lived in a proper democracy the whole world would benefit
July 22, 2020
Ian@Barkham
According to teh EIU, most of the northerrn European countries have more democracy then we do.
What is your comment to that?
July 22, 2020
Who are the EIU?
July 23, 2020
Economist Intalligence Unit
July 22, 2020
not many on here ever thought we could negotiate. It was either ‘walk away’ or ‘what will we give them?’
July 22, 2020
BJC, please list all the occurrences these last four years when the intransigent EU27 and the EU Commission/Parliament have routinely failed to keep their own rule of law. Thanks in advance.
July 22, 2020
They are legally bound to negotiate a full relationship agreement post Article 50, but then demanded negotiation of UK obligations first.
I canât list them all, but that is a critical one which is going to leave them paying ÂŁ13 billion net pa for access to the UK market.
EU says they canât subsidise member states. They do.
EU law says they cannot unilaterally recognize a country – Germany recognised Croatia and the EU fell in.
There is plenty more of course.
July 24, 2020
Indeed, they are legally bound to negotiate a full relationship with the leaving country. Unfortunately neither Art.50 of the TEU nor Art.218 of the Treaty on the Functioning of the European Union say anything about whether one or the other party can/should/would demand negotiation of the obligations first. It was demanded at the very start of the EU-UK negotiations by the EU and accepted by the UK Government of the day.
I would think both the EU and the UK share some responsibility in the present situation.
July 22, 2020
BJC
There are also a lt of EU citizens who despair for the UK citizens, including me as a Uk citizen
July 22, 2020
As far as I’m concerned, by accepting that the UK should not be included in the Covid package, either as payers or beneficiaries (ha, ha), the EU has de facto acknowledged that we no longer owe them any money, so there should be no divorce bill whatsoever.
Then, as far as a trade deal with them is concerned, I think we should just leave the offer of free trade open with them and set a good example by giving them easy and cheap access to any British-invented Covid vaccine when it comes into production.
July 22, 2020
All I keep wondering is ….
What on earth would Mrs Thatcher have said?
Especially with her being incredibly intelligent and knowing a great deal about science!
As far as I can see, she was much opposed to ramping up fear and alarm at illness and thought that public health warnings should stay in the Drâs surgery.
Not exploited for political reasons!
July 22, 2020
Another grand over-bloated Ponzi scheme.
July 22, 2020
Yet more debt. The ECB will have to print more money to lend to banks so they can lend it to the EU with interest.
Loans or grants, what does it matter? It’s still debt that has to be serviced.
July 22, 2020
Dave Andrews,
Just like the BoE
July 22, 2020
Interesting, to be compared to todayâs FT âDespite historic EU deal, deep rifts remainâ & âInvestors hail Brussels as a new force in bond marketsâ.
And as a dessert, âUK abandons hope of US trade deal by end of yearâ.
July 22, 2020
You are reading to much into Free Trade Deal’s the UK is the largest foreign investor in the US. The UK gets to trade with the US comfortably without the petty controlling back biting we get from the EU Rulers.
July 22, 2020
The euro-fanatical FT is unlikely to print the headline ‘EU in Deepest Doo-Doo’ – even though it would better reflect the truth.
July 22, 2020
I agree, the same way the Telegraph will not write anything going against the biases of its Tory readers. Of all of the papers this morning the DT was the only one not addressing on its cover page the Russian dossier.
One should simply know what one is reading and allow for the potential bias. Are you doing that?
July 23, 2020
Hefner, You mean the Russia dossier, influenced by the discredited Christopher Steele, that provides no evidence other than – shock! horror! – Russia looks after its own interests? Perhaps we should look at external influence on the 2016 Referendum – but that should be all the external influence, including PotUS Obama and the IMF, for example.
July 23, 2020
Yes, I mean the 47 page document available on docs.google.com as 20200721_HC632_CCS001_CCS1019402408-001_ISC_Russia_Report
I will let you judge how much of it is Christopher Steele related.
July 24, 2020
NickC, I hope you are an intelligent person, will read the 47 pages of the ISC report made available to the public and make your own mind.
July 22, 2020
Closer to home
The government website says itâs the ââlawââ from Friday 24th July to wear a mask (face covering) in shops etc âŠ..can some point me to the actual legislation
With the confusion surrounding the last round of law making by media is this new law, an actual statute law, inclusion to Statutory Instrument, a regulation or guidance ?
July 22, 2020
PotUS is now wearing one in public: isnât that enough for you?
July 22, 2020
Only to visit a hospital!
July 22, 2020
election looming!
July 22, 2020
Thanks hefner but I was actually looking for a link or direct reference to a new UK law
July 22, 2020
So the government is telling us its mandatory but no one can point to the LAWâŠ.didnât this happen in 1939 â weâre suppose to have a parliament to keep our government in check.
July 22, 2020
Sainsbury had stated it will not demand masks. I will be shopping in Sainsbury for the first time in decades.
July 22, 2020
You should not be bitter that the EU did not explode as I suspect you had hoped for.
Your biggest export market is putting in place a stimulus package that should help it fight the upcoming recession. This is actually good news for the British economy.
As of the level of details, you know very well that this is not discussed at the level of head of states. For comparison purposes, I doubt Boris Johnson had much input in the package put together by the Chancellor and the Treasury.
July 22, 2020
Implode… itâs not over yet…
July 22, 2020
EU IS NOT OUR BIGGEST EXPORT MARKET. Get your head into gear.
July 23, 2020
Tabulazero, Yet you keep telling us the EU is not a single political/economic entity (an empire of numerous states) but simply individual states which occasionally co-operate. On that basis, our single biggest export market is the USA (Germany is second).
July 22, 2020
Sir JR,
Good and interesting analysis.
The reason why most of the money will be dispensed later,is because most the countries are supporting thir own economies till the end of the year and there is therefore a reason , why most of the momeny will be spent in later years. These are sturcutural funds and not short term aid-packages, that are meant to assist in i strucutural changes in countreis like, Spain Italy and Greece.
July 22, 2020
Do any of the politicians in the 27 EU member countries ever stop and ask themselves – ‘what is the EU for?’ Particularly the countries that are net contributors. Fiscal union means one government. It is hard enough to govern one country. It is impossible to govern 27 countries. The EU should only ever have been about trade. The second they started on the road to a single currency was the moment they sowed the seeds of its eventual demise.
July 22, 2020
The EU has never only been about trade. You really need to learn some history.
July 22, 2020
No it is also an expression of enlightened Western Values and a determination that the Nationalist horrors of the 20th century should not return .
It is about cooperation standards and an attempt to capture the benefits of the Free market within a civilised society . The decision of the UK to become a parochial back water droning on about its lost Empire will impoverish us spiritually and intellectually as well as in the more obvious sense.
July 22, 2020
No, thatâs what the UN and NATO was for.
July 23, 2020
Newmania, It was the very lack of respect for the nationalism of other nations that caused the horrors. The EU is duplicating that mistake.
July 22, 2020
Very true, we all know Edward Heath lied to the electorate when he said the âCommon marketâ is just about trade. If he had told the real truth then about the future EUâs objectives LEAVE would have walked the 1975 referendum.
July 22, 2020
true – the Germans want to economically walk all over Europe, while the French are happy to pal up, like never before.
July 22, 2020
Of course not.
It is a moral project.
July 22, 2020
Moral as in socialism.
July 23, 2020
EDWARD 2
you still have not found out what socialism is
July 23, 2020
100 million deaths in the 20th century is all I need to know where socialism ends.
It starts with the best of intentions and ends with you having to eat your pets to stay alive
July 23, 2020
European Union rules on state subsidy were claimed by the Leave campaigns to make socialism illegal.
Make up what passes for your minds, do.
July 23, 2020
That’s new one.
Socialism illegal…what a wonderful law.
July 22, 2020
I wrote âSHOULD only ever have been about tradeâ. You need to learn to understand plain English.
July 22, 2020
Interested to know why the ‘foot draggers’, as our friends like Denmark and Holland are called, didn’t veto this…could they have and if not what was offered to stop them John?
Reply Yes they could have vetoed. They accepted reductions in grant sums and conditionality/performance review
July 22, 2020
More importantly, they also got an increase in the rebate on their contribution.
July 22, 2020
Oh – thatâs âimportantâ. From a Remainer đđ â or are you a Thatcherite?
July 23, 2020
Lynn Atkinson
What about raisingteh quality of your pooor contributions?
July 23, 2020
Bill, please work on your spelling etc. Write in a product with a spell checker, and then cut/paste into here.
July 23, 2020
Bill B, What about raising the quality of your contributions?
July 24, 2020
Pot. Kettle. Black.
July 23, 2020
What is a Thatcherite?
New term Ive not heard
July 24, 2020
OK. Another one to add to my list
July 22, 2020
Anon. Yes, my thoughts exactly when I was watching it. The whole thing is farcical now but the BBC drive much of the drivel stirring up racial hatred as they go.
July 22, 2020
Well John, looking at the contributions yesterday I would say you certainly have your answer. Only the usual suspects who always disagree with the majority want Scotland to stay.
July 22, 2020
I chuckled when I noticed that Charles Michel had indeed managed to get his idea adopted of making any future vote on the continuation of the scheme (i.e. as to whether the ‘reforming’ countries really are’reforming’) subject to qualified majority voting, i.e. removing the veto.
The Frugals agreed to this, but I think they have miscalculated. Cunningly re-defining the rules and weighting of the qualified majority system is something Brussels is expert at, and a bit of creative maths will enable the debt union to proceed apace, even when the Frugals have realized they’ve been done.
Germany’s absence from the Frugal side scarcely needs explanation. Its mercantilist dependency on solvent customers means it will gladly agree to lending them money, particularly if its somebody else’s money.
July 23, 2020
Mancunius, Exactly right. German mercantilism wins again.
July 22, 2020
The Dutch have taken over Britain’s EU common sense concerns (perceived role of troublemaker by France and Germany at al) and hate it !
They all now realise how much they relied on UK ÂŁÂŁÂŁÂŁÂŁs just when they needed to prove le grand project’s relevance…
July 22, 2020
ukretired
Holland has been a good friend to the UK for a long time, I’d like to think we would remember this when the EU disintegrates.
July 22, 2020
The Dutch have reason to be friendly to the British – here we go again, remember WW2.
July 24, 2020
Steve
True. But Holland and others, especially Germany, always used the UK as a means to slow integration to their liking whist maintaining the facade of PRO-EU. Germany will always act in her own best interest.
July 22, 2020
O/T – A law should be enacted to prevent the press from printing inaccurate fearmongering ‘news’ about the financial markets: the Telegraph trumpets ‘The FTSE loses ground on Brexit trade deal gloom – London market in the red’. The FTSE 100 is precisely 0.78% down – a drop in the ocean. The DAX is also down, and the Italian FTSE MIB is down by 0.80%.
There is no ‘trade deal gloom’, merely quiet rejoicing that – so far – the UK government has not stupidly given way on at least some of the basics of national sovereignty.
The government should formally announce the end of negotiations in view of the clear breach of good faith and ‘best endeavours’ by the EU, rendering the WA null and avoid. The NI protocol should also be abrogated. There is nothing in the GFA that prevents customs e-registration on each side, remote from the border.
July 22, 2020
Need to be done without delay.
July 22, 2020
Do you realise that your comment â0.78% downâ doesnât mean a thing if it ainât got the reference date to which to compare. Sloppy, sloppy.
If I take as a reference 16 March FTSE100 @ 5190, todayâs value (6202) is up by 16.3%.
July 23, 2020
0.78% on the previous day’s closing price of course. When a daily paper reports a ‘drop in the markets’ or ‘in the red’ as a news item, it refers to the change since yesterday. That seems far too obvious to need explanation.
July 23, 2020
Then who in their right mind would be bothered to comment on such a small drop when in the past much bigger drops (June 2016, March 2020) have first occurred then the market recovered over a few days or at most weeks.
Might just show the journalist did not know what to write about?
July 22, 2020
It’s interesting to note how the projected net contributions and benefits shape up across the EU on a per head of population basis:
https://datawrapper.dwcdn.net/byVC4/1/
Luxembourg has been asked to disgorge some of its tax haven profits, and perhaps that is why Ireland is in second place as a per head contributor. Some countries seem to have been punished with lower than might be expected benefits because they do not conform to the EU’s ideals. France seems to get away with a low real contribution – and Germany’s is really not that much better.
July 22, 2020
Of course if as seemed likely the EU had been too divided to agree this sort of extraordinary united action John Redwood would have been telling us how useless it was in a crisis .
Instead as temporary measure but for the first time, the EU will be able to run a federal deficit raising commonly-issued debt and channel a large part of it in grants to countries most in need .
It falls well short of fiscal union but allows the enlightened self interest of t emergency fiscal transfers. They will help counter strains in the single market by allowing all governments to support workers and businesses through the recovery. In terms of market perceptions it has already caused a surge of confidence and John Redwoods stab in the dark about the timing of dispersal is made up as far as I can tell
The UK government has abandoned all restraint both in borrowing levels and high risk Covid 19 strategy . For a small economic unit like the UK the future is fraught with danger
Europe has risen to the challenge.
The UK has failed
July 23, 2020
Newmania, It was always obvious that the EU would cobble together a “plan”. They are experts at horse-trading.
July 23, 2020
Indeed, what do you expect when 27 different countries have to agree on something, specially money matters. If it had not been the case, what would you have told us?
Is the UK (England?) so much better when very soon it will able to adopt Sinn Feinâs motto âWe ourselvesâ?
July 22, 2020
I think Britain has its own very serious financial problems and economic crisis with daily increasing unemployment to be writing about what the EU is doing.
At least the EU has a plan, here there is no plan.
July 22, 2020
I’m pretty confident that unemployment will fall more quickly here than in the EU. Why? Because we attracted so many millions of EU nationals to work here while Club Med couldn’t generate jobs for them.
July 22, 2020
Indeed and it could be far better Still if only we had sensible tax, economic, energy, and (smaller) government policies. Alas we have essentially yet more deluded socialists in charge. Looking to mug people even further with hikes in CGT next it seems. A tax which, at up to 28% without indexation, is already far too high. He already killed the entrepreneursâ relief – slashing the threshold to 1/10 of what it was. All so he can piss money away on HS2, idiotic green crap grants and subsidising Mc Donaldâs and similar on Monday to Wednesday! While other arms of government send a fortune to get people to slim down.
July 22, 2020
What sort of a plan ignores numerous member countries in dire economic peril, while other members object to their financial contribution, all this not even to do anything about the situation for 18 months?
The drowning man is not helped when from the beach a crowd shout ‘we’ll throw you a lifebelt in about 20 minutes’
July 22, 2020
The EU also has 50% youth unemployment without a âcrisisâ and thatâs will many million EU youngsters having moved to the Sterling-zone.
July 23, 2020
Lynn Atkinson
you reallly have to stop this nonsense, yes some of the southern countries have high youth unemployment but most of them do not.
July 23, 2020
WRONG.
July 23, 2020
most of northern and central Europe does notahve high youth unemployment.
thank you
July 23, 2020
Bill B, All of the southern EU states have high unemployment, not just “some”.
July 23, 2020
Indeed. Youth unemployment 2019.
Greece 36.1%, Spain 30.6%, Italy 29.3%, Sweden 20.6%, France 19.9%, Portugal 19.3%, Lux. 18.2%, Romania 17.5%, Finland 17.4%, Slovakia 16.7%, Euro area 15.6%, Croatia 15.5%, EU 14.9% …
July 23, 2020
What a dreadful set of figures.
July 22, 2020
They are just shaking their magic money tree.
It isn’t really a plan.
July 23, 2020
Edward 2
As the whole plan is not yet articulted, your conclusions are tehrefore based on lose assumptins and not worth thepaper it is written on
July 23, 2020
The plan is available on line.
Look it up and read it.
I have.
July 23, 2020
One thing is to read it, but did you understand it? Did you take off your anti-EU glasses first or did you put them on? That is the question.
July 23, 2020
Edward 2
Not how it will be applied in detail and th repayments still to be decided, I ahve r3ead it as well
July 23, 2020
All the money is created by shaking the magic money tree.
Yet more debt.
When voters in the wealthy nations find out their tax money is being spent in other countries they may well be very cross.
July 24, 2020
Interestingly, these bonds (if that what they are in fine) will represent only about 1 to 2% of the EU27 GNP. Furthermore, there already are possible ways to cover at least part of the money borrowed on the money markets: a tax on non-recyclable plastic (âŹ0.80/kg) has already been voted and will be applied from 01/01/’21. Under discussion a tax on GAFA, a carbon tax, a tax on financial transactions are still among possible ways to finance the recently agreed plan.
July 24, 2020
Comparing the bonds to GNP of 27 nations is a ridiculous statistical comparison.
It is always more tax on the productive private sector to pay for an ever increasing sized public sector.
July 22, 2020
The UK rescue plan still in force – news yesterday
Illegal immigration into Britain continues to escalate, with more than 150 people and a dozen boats coming across the Channel on Tuesday
July 22, 2020
The Netherlands led the group of frugal five- yes- but Mark Rutte is facing national elections next year- there’s always a reason
Otherwise it’s great for stability and confidence to see the 27 holding together- it has to be an example to us all of how collegiality works in the best sense – especially now that we see the US falling apart and China on the warpath. Have to say though I am not looking forward to trade deals by WTO. Rules. reminds me too much of the 1950’s 1960′ and delays with large warehouses and with too much officialdom and paperwork- but hey! That’s what the people voted for.
July 22, 2020
That’s all very fine Sir John. I’ve wanted a FULL EXIT FROM E.U. for years. Looks like your government will actually get it BUT…………
Now with the excuse of Covid your government is intent on turning Britain into a POLICE STATE.
And I don’t mean your old tag of ‘party of law and order’ (you can’t even deal with BLM or border control in the channel).
No I mean enforced lockdowns, muzzles, track and trace, all personal details on-line and you are probably going to resort to forced vaccinations next.
Might just as well be living under the CCP.
July 23, 2020
+1
July 22, 2020
Given the fact that this country left the European Union in January, perhaps we don’t need quite such detailed assessments of goings-on in Brussels anymore.
July 23, 2020
You can live next door in a separate detached house and still be interested when you can overhear your neighbours kicking up a noisy hullabaloo about who’s going to pay the credit card instalments, who owes what to whom, and who left the fridge door open – and they then try to kill each other in the middle of the night.
So yes, we do want to keep up with their goings-on, just in case they take it into their heads to burn their house down.
July 23, 2020
Will, Why not? You enjoy ignorance?
July 23, 2020
No, it is not always ignorance, sometimes censorship.
I had produced what I thought was an O/T reasonable time lag of UK and EU developments in hydrogen projects these last two years and indirectly comparing them. Then simply I guess because I had pointed that Daniel Hannan and Tom Tugendhat were apparently behind the curve, Sir John must have thought it was some crime of lese-majeste.
July 23, 2020
time line, sorry.
July 22, 2020
We should’t be too concerned about the
EU – we have already left – we’ll just have to get over this tendency to keep harping back. We didn’t vote for a new FTA with them either. Time to move on
July 22, 2020
Dear Sir John,
Just comparing quality and service of a similar product from China versus UK – on a major international e-commerce site for one particular product I am interested in (miniature vintage objects). The difference is extraordinary! Have other people noticed something like this or is just a one-off? If not a one-off, then this is a hopeful sign for UK industry in this sector at least. We need to find a way to encourage more British to buy British!
Here are the differences between UK and China for this product:
UK – MUCH, MUCH BETTER PRODUCT QUALITY:
UK – materials: metal and glass
China – materials: plastic
UK – FAR, FAR MORE / BETTER REVIEWS:
UK – reviews: 2,160
China – reviews: o
UK – 20% CHEAPER
UK – cost: ÂŁ11:40 + ÂŁ4:40 delivery. Total = ÂŁ15:90
China – cost: ÂŁ15:60 + ÂŁ4:78 delivery. Total = ÂŁ19.93
UK – MUCH, MUCH QUICKER DELIVERY
UK delivered by: earliest 3 days
China delivered by: earliest 5 weeks
July 22, 2020
O/T can you SJR lend some light on a DT article ” This is the final proof HMRC hates Britainâs self-employed” by Janet Daley on a new Digital Tax Returns system mandatory for SMEs please?
July 23, 2020
Yes it looks as though we got out just in time. I wonder how many other countries will follow suit – and even if the Euro can survive the coming shocks.
It would be interesting to see your take on the long-term prospects for the EU and the Euro. Will they survive?
I personally hope not – it seems to be built the wrong way in terms of democracy and accountability, effectively a socialist mega-structure. If they wish to have a European super-State I think they need to build it differently, for example with direct election of those who propose laws.
July 23, 2020
The euro is up to around 91p, and above its five-year average against the USD just now.
It’s fine.
July 23, 2020
That’s odd because when I looked it has now fallen to 86 from 92 in January
July 24, 2020
0.9116 on 24/07 at 08:50
Edward2, do you ever check before commenting?
July 24, 2020
I will be good, give you a little advice and an opportunity to learn how not to look like an old foggy: What about putting a currency exchange app on your phone, … and check it before commenting.
July 24, 2020
Sorry, old fogey …
July 24, 2020
Hefner,
No , he does not I am afraid
July 24, 2020
Yes I looked it up on a currency website.
July 24, 2020
Odd because I’ve just it looked on my phone again.
It says
1 US dollar equals 0.86 Euto
24th July 18.16.
July 28, 2020
I hope that you might finally have figured out that if in January 1$ was equal to âŹ0.92 and in July 1$ is now equal to âŹ0.86 it means either that the $ has depreciated wrt the ⏠or that the ⏠has appreciated wrt the $. Which is exactly the opposite to what you were saying on 23/07 @ o9:40.
There is another conclusion to draw about you, but I’ll restrain myself.
July 28, 2020
Nonsense.
Martin never mentioned the pound
Reread his original post.
You come on here all scientific, very careful about data and words yet when it suits your purpose you ignore the obvious.
Recall what Martin said….
“The Euro is up to around 91p and above its 5 year average against the USD just now”
July 28, 2020
Edward2, I worry about your sanity: how can you say that Martin never mentioned the pound when he quoted ’91p’. Pence only exist with pound, euro and dollar have cents.
Can’t you realise how ridiculous you are denying this simple truth.
July 25, 2020
Hey, Edward2, as you have obviously not realised (because usually you do not read properly) Martinâs original post was âthe EURO is up to around 91pâ. Which shows he was talking about the âŹ/ÂŁ rate, and not the âŹ/$ rate.
If as an âactive exporting businessmanâ you are not able to figure out something as simplistic as an exchange rate, no surprise that the country might have some problems.
July 25, 2020
Hey hef because Martin wrote, and I quote:-
“The Euro is up to around 91p andvabove its five year average against the USD just now”
How does that mean the pound rate against the dollar?
July 25, 2020
Or the pound rate against the euro.
July 25, 2020
I love the hef gang and their faithful supporting group.
Bill who cannot type and Hef whoo needs to tell us how hugely clever he is in every post.
And Martin who lives in Wales where a majority voted to leave and after four years still cannot face that fact.
Hilarious losers.
July 26, 2020
Yeah, man, whatever you say.
July 26, 2020
A decent response would be to just accept you were wrong.
Martin said what he said as I quoted.
You are so keen to attack me you fail to be accurate.