In recent days and weeks, the British political class (aided and abetted by the Westminster media bubble) has shown an amazing ability to continue stubbornly ignoring the implications of key messages from the mainland.
Next week is the UK’s “Budget”. Will that be the opportunity to tackle economic problems as vigorously as the euro area has done? With an election in 14 months – the answer is obvious!
Eventually, financial markets will wake up to Britain’s economic weakness flowing from the double deficits in the government’s finances and foreign trade – exacerbated by political marginalisation in Europe.
The British political class seems determined to avoid recognising that the euro area is set to expand further in the next few years – cementing the range of common interests and thus political integration. The arithmetic of voting weights will shift the balance of power to the euro area and away from Britain – amounting to a de facto shift in power even if it is not de jure. At some stage, the political class will have to explain to the people of 'Great’ Britain how they became comprehensively marginalised - without a popular vote but with massive consequences.
More for Graham Bishop clients: link
Rolling Blog
Graham Bishop - Consultant on EU Integration - Political, Financial, Economic, Budgetary
© Graham Bishop
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article