We’ve sold off our nation’s family silver
As Brexit draws near, Prime Minister Johnson’s Government has revealed plans for substantial fiscal stimulus to aid the economy.
At one level, the news is welcome, yet sometimes one has to stand back from the fray and marvel at the absurdity of our economic situation.
Previous Conservative governments sold the ‘family silver’ by privatising essential public utilities and many of them are now in foreign ownership. These companies, which have dependable income streams, are profitable, make some contribution to corporation tax and pay handsome dividends to their owners.
Under foreign ownership, the dividend income they pay leaves our country, and, in some cases, aids foreign governments in providing public services, along with other benefits to their citizens.
I believe that the new fiscal stimulus will be funded by increased borrowing, but nevertheless some interest must be paid and this will come directly from tax receipts.
A proportion of the new borrowing will be lent to us by foreign entities and the interest paid will leave our shores into the hands of overseas lenders.
One cannot escape the conclusion that the British Establishment has managed to give us the very worst of all worlds – we are paying both dividend income and interest.
Worryingly, much of the money now leaving the country soon returns to purchase yet more property, infrastructure and companies.
The plain fact is this: The United Kingdom is For Sale – we’re being asset-stripped and the process is cumulative and accelerating. That is the stark reality of existing economic policy.
Why are leading national politicians, who claim to be patriots, allowing this to happen? And why are leading local politicians not sounding the alarm?
It is little short of economic madness, and a day of reckoning is on the cards. The madness marks yet another milestone on our pathway towards becoming a banana republic.
Strategy is very questionable
With now no parliamentary majority and a further 22 Tory MPs set to be ejected from the party, the appointment of the controversial Dominic Cummings, previously found in contempt of parliament, with a history of simmering feuds with other Brexiteers, to a key position, increasingly looks extremely reckless and perverse of Boris Johnson.
Johnson thought it appropriate that Cummings, a great fan of Russia, should be installed in the heart of government. This, despite Cummings’ refusal to testify before the parliamentary committee investigating foreign influence and voter manipulation of the Brexit vote.
But it is the divisive Cummings’ feuds with fellow Brexiteers which will alienate the prime minister’s key parliamentary supporters.
He has called the Euro-sceptic pressure group of Tory MPs, the European Research Group, “a narcissist-delusional subset... spouting gibberish about trade and law” and described the former Brexit Secretary, David Davies as being as “thick as mince, lazy as a toad. He has declared “some Eurosceptic MPs were tumours who should be excised” [surgically removed] from UK politics.
Beyond Parliament he has stated the overwhelming majority of economists and ‘trade experts’ who brand themselves pro-Brexit, live in parallel universes and..spin fantasies”
Nigel Farage, leader of the Brexit Party says Cummings thinks, “We’re all cretins and members of the lower orders”.
Farage has said “the appointment of Cummings makes any prospect of co-operation seem very difficult.”
That looks to severely hamper any likely general election scenario.
Boris Johnson’s mandate was already questionable.
65.8 million of the U.K. had no say in him becoming prime minister. He even refused to engage with much of the electoral processes in the Tory leader elections.
It seems his judgement and strategy are also very questionable.
Overruling the vote of the people
The fact that the Remainer MPs appear happy to take a “no deal” solution off the table proves two things.
One - that they have no business acumen. That is something you just don’t do!
And second - despite that most of them voted for Article 50 - the Withdrawal Agreement - are now reneging on their very own actions, which makes them totally duplicitous.
Whilst they continue to complain about a lack of parliamentary democracy, they totally ignore the will of the majority of the people who voted to leave the EU.
It is just another example of the Establishment’s wish to overrule the people’s vote !