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Showing posts with label David Cameron. Show all posts
Showing posts with label David Cameron. Show all posts

February 15, 2016

Brexit fears stalk currency markets ahead of EU summit - by David Oakley, Elaine Moore and Roger Blitz

"To be or not to be"
Investors are betting that sterling is heading for another big tumble as currency markets are gripped by Brexit fears.

Net short positions on the pound have increased to the highest level since the summer of 2013, according to data from the US Commodity Futures Trading Commission.High quality global journalism requires investment.

With prime minister David Cameron expected to announce the date for the vote soon, possibly at the EU summit this week, some investors are predicting a rocky ride for sterling in the currency markets in the next few months.

The pound has fallen about 8 per cent since the middle of November on a trade weighted basis, with investors citing the uncertainty surrounding the Brexit vote, which could come as early as June, as one of the main reasons for the weakness in the currency.

“We need to be prepared for a choppy market,” said James Maltin, investment director at wealth manager Rathbones. “The Brexit debate may be about to heat up. It is yet another uncertainty out there that could hit the UK markets.”

Some analysts fear a potential Brexit could spark a recession, with Nomura, the Japanese bank, warning that the pound could fall 10 per cent to 15 per cent if overseas investors prove unwilling to finance Britain’s current account deficit.

Mark Carney, governor of the Bank of England, warned in January that concerns about Britain’s exit from the EU could test “the kindness of strangers” that the country relies on to fund its hefty current account deficit with the rest of the world.

Britain has a relatively large current account deficit of 3.7 per cent of gross domestic product. The worry is that overseas investors, which hold £427bn in UK government bonds, or a quarter of the market, might start to sell, putting further pressure on the pound.

Read more: Brexit fears stalk currency markets ahead of EU summit - FT.com

January 8, 2016

Britain: Cameron's Annus Horribilis - by Denis MacShane

Will 2016 be the annus mirablis or the annus horriblis for David Cameron? Rarely has a British prime minister confronted his destiny quite so directly as Cameron, who celebrates his 50th birthday in 2016.

 In January 2013, he announced that Britain would hold a referendum on staying in or leaving the European Union. In the three years since, he has won a second term of office and also announced that he would stand down as prime minister before the next election in 2020.

Unlike Margaret Thatcher, who celebrated her tenth anniversary as British prime minister in 1989 by saying that she intended “to go on and on and on” (and found herself ousted a year later), Mr. Cameron is not insisting he must stay in power as Britain’s leader forever.

In 2005, Cameron and I discussed his bid to be leader of the Conservatives. I said to him if he did become leader, he stood a good chance of being Prime Minister. But I also urged him to reduce the temperature of the obsessive euroscepticism that had completely infected his Tory Party.

He smiled and said “I am much more eurosceptic than you imagine, Denis.”He was telling the truth. Cameron is a member of a generation that entered political life in the 1990s, as their goddess, Margaret Thatcher, turned against Europe. She denounced Jacques Delors and European integration in the House of Commons.

After her dismissal as prime minister in 1990, Mrs. Thatcher became the patron of political euroscepticism which quickly infected the entire right-wing landscape in Britain.

Read more: Cameron's Annus Horribilis - The Globalist

November 3, 2015

Britain-EU: 12 reasons why Cameron will lose on Brexit – by Denis MacShane

Commentators on British affairs spend much of their time dwelling on Brexit these days; and while acknowledging the passion and verve of the Out camp, their consensus appears to be that the British are too pragmatic a people to tear down the European status quo. Here’s why the pundits are wrong, and why Britain will vote to leave the European Union in the forthcoming referendum called by Prime Minister David Cameron.

1. British history is different

Britain has not been invaded or occupied, or lost sovereignty to any foreign power, in centuries. When people like Alexander Stubb, Finland’s finance minister, tell the BBC that the EU has brought “peace, prosperity and security and there’s no price tag on that,” such soaring rhetoric may play well in countries that once were taken over by the Nazis or Soviets, but it sounds much too far-fetched and continental for the average Brit.

2. No-growth eurozone

Britain was pro-European from the 1950s to the 1980s when continental Europe had growth rates double or triple those of the U.K. Since the launch of the euro, however, the EU has been the slow coach of the global economy, comfortable but out-performed by North America and the BRICs, with all the exciting economic energy coming from Silicon Valley, Singapore, Apple, Samsung, and anything made-in-China. U.S. universities add economic value. European universities give us cause for philosophical introspection.

3. Britain’s off-shore media owners

Britain is unique in allowing its major newspapers to be owned by men who pay no tax in Britain and who dislike the EU. That’s their right, but as a result, the news coverage of Europe over 25 years has been skewed to crude misreporting and propaganda. Even the Guardian regularly runs pro-Brexit columns from its stars like Simon Jenkins or Owen Jones, the rising young-left writer. The BBC has turned Nigel Farage into a national hero by giving him unimpeded access to all major political discussion programs.

4. Tony Blair

The former Labour prime minister was pro-European, but he dodged all difficult European decisions. He offered a referendum on joining the euro, which meant the pound would never fold into the single currency. He offered a referendum on the EU constitutional treaty, which forced Jacques Chirac to do the same, and thus, with the help of a divided French Socialist Party, brought European integration to a full stop in 2005. Cameron has copied Blair by offering a referendum on Brexit. At least Blair was smarter. He bought time with referendum pledges but never actually held one.

5. The Tory party

From Churchill’s United States of Europe speech in 1946 through Edward Heath’s joining Europe in 1973 to Margaret Thatcher adopting majority voting and thus sharing sovereignty in the European Single Act of 1985 — initiatives all opposed by Labour — the Conservatives were the European party in Britain. Today, all top Tories proclaim themselves Euroskeptic. It has been impossible to be selected to be a Tory MP without swearing an oath of Euroskepticism to party militants.

6. Pro-EU campaign muddles

A dismissive Napoleon said England was a nation of shopkeepers, so the U.K. has found one: Stuart Rose. He began selling underwear in Marks and Spencer and rose to become Britain’s Number One shopkeeper and thus was seen as a natural choice to head the anti-Brexit campaign. But a few months before he featured as a star in the pro-Brexit “Business for Britain” organization, so the double-messaging is confusing.

7. Money

The Vote Leave campaign is drowning in cash, with £20 million raised already. Rich City types, Mayfair hedgies, online betting billionaires, and others sitting on cash piles who like access to top political personalities have funded endless Euroskeptic campaigns since the 1990s, ranging from Sir James Goldsmith’s Referendum Party to Lord Rodney Leach’s Open Europe think tank. By contrast the Remain or In campaigners are badly underfunded. Under the law on political donations, FTSE 100 firms that oppose Brexit cannot give money to political campaigns without a special shareholders’ meeting which CEOs do not want to call for fear of infiltration by UKIP and other anti-EU fanatics.

8. Brussels and Strasbourg

It’s not their fault, but the bigwigs of Brussels and orators of Strasbourg cut no ice in Britain. They are seen as over-bossy, over-greedy, and over there. Nigel Farage boasted on TV in 2009 that he had collected £2 million in expenses as an MEP, and ever since, MEPs have been seen as being on a rolling gravy train. At every meeting on Brexit someone asks why the U.K. should belong to an organization that cannot even audit its books properly. Most top EU leaders speak fluent “EU-nglish.” It is perfectly understandable. But in a nation that is taught by Shakespeare to mock foreign accents, being told to love Europe by non-natives doesn’t work.

9. Brits can have two votes

The most seductive line from the Out campaigners is that nothing much will change. The ambitious mayor of London, Boris Johnson, constantly tells anyone who will listen that the U.K. will “flourish” outside the EU. Others say that a Brexit vote will have a catalytic impact on a sclerotic EU that will finally accept British demands for reforms which return Europe to its earlier condition of sovereign nation-states. And then when Britain is offered a Europe it likes, a second referendum can take it back in.

10. Business

Employer outfits like the Confederation of British Industry, the British Chambers of Commerce, or the Institute of Directors have produced report after report in recent years criticizing the EU for red tape and supporting dialogue with trade unions. Business has told the prime minister he must get concessions from Brussels to weaken social Europe or special protectionist measures for the City. The sound of the CBI, BCC or IOD on Europe this century has been one long moan. Now they are panicking as they realize that their non-stop complaints about what Cameron calls the “bossy and bureaucratic” EU have been absorbed by their members, who may decide to vote down an outfit that British business has been so hostile to.

11. The liberal Left

It’s not just classic little Englander xenophobes who find fault with Europe. The Labour Party in Scotland last weekend voted to oppose TTIP, and for many of the leftish intelligentsia Europe is a wicked conspiracy to promote globalized capitalism with all power flowing to multinationals at the expense of workers. The Guardian recently gave a page to a leading TV economics reporter, Paul Mason, to denounce the treatment of Greece by Europe. Another totemic veteran of British leftism, Tariq Ali, gravely informed his readers that he would vote Out in Cameron’s plebiscite to show solidarity with the Greeks and their Syriza government. He did not seem to know that in the July referendum and September election, the Greeks voted Yes to Europe and then Yes to staying in the euro — so for British lefties to vote the U.K. out of Europe is solipsistic self-indulgence even by British leftie standards.

12. Europeans

The Brits, over the years, have been shaped by foreigners arriving from persecution or poverty — Protestants from France, Jews from Tsarist Russia and Nazi Germany, Poles and Hungarians from Communist tyranny, peasant laborers from Ireland and black, Muslim and Hindu citizens from the Commonwealth. But the enlargement of the EU to poor east and south-east European nations has seen a massive influx of 3 million new inhabitants in little more than a decade. They work hard, pay taxes, pay rent and fill churches. But for the average Brit, too many have arrived too fast, and so the cry to “regain control of our frontiers” resonates.

Denis MacShane is a former minister of Europe in Tony Blair’s Labour Government. He is the author of “Brexit: How Britain Will Leave Europe” (IB Tauris, 2015) and works as an adviser on European politics and policy in London and Brussels.

Read more: 12 reasons why Cameron will lose on Brexit – POLITICO

August 1, 2015

Refugees: Britain calls emergency meeting on Calais migrants

British Prime Minister David Cameron is due to chair an emergency meeting on the situation in Calais, where thousands of people have tried to stowaway to the UK. Cameron has come under fire for calling them a "swarm."

The meeting of the UK government's COBRA emergency committee was due to be held Friday, following another night in which hundreds of people attempted to reach the Channel Tunnel which links the French port of Calais - and mainland Europe - with Britain.

Prime Minister David Cameron's office posted on its official Twitter channel that the meeting would be about how the government would "tackle" the problem.

Note EU-Digest: It's amazing to see with what incompetence this problem is handled by the EU, France and Britain.

Read more: Britain calls emergency meeting on Calais migrants | News | DW.COM | 31.07.2015

May 23, 2015

Britain: Explained Cameron and the EU: what does a Brexit mean?

The Conservative Party, led by British Prime Minister David Cameron, beat all expectations to win a parliamentary majority in the UK’s general election on May 7.

It raises the prospect of Britons getting the chance to vote in an in/out referendum on EU membership before the end of 2017.

Cameron will be hoping that this gamble will pacify the Eurosceptic wing of his party and finally see off the threat of Nigel Farage’s UK Independence Party (Ukip).

Tory infighting over Europe saw the last two Conservative premiers, John Major and Margaret Thatcher, pushed out of office by rebel ministers and backbench MPs.

Cameron says he will only offer the British public the chance to vote on severing all ties with Brussels once he has secured a series of reforms from the 28-member bloc.

Note EU-Digest: Wishful thinking by Mr. Cameron who seems to forget that the only reason he won the election was because he was the best candidate among all the terrible candidates put together. 

Read more: Explained Cameron and the EU: what does a Brexit mean? | euronews, world news

May 18, 2015

Britain's EU referendum could lead to Brexit in 2016 - by Lianna Brinded

Bye Bye Britain
Britain could leave the European Union as early as next year as Prime Minister David Cameron is said to be already putting plans in motion to bring forward an in/out referendum by a year.

If Britons vote to leave the EU, this means the country could technically start severing its ties by the end of 2016.

The Conservatives won Thursday's General Election with a 12-seat majority. The Tories will have to deliver a referendum by 2017 over whether Britain will stay part of the EU, as it was a linchpin pledge during the campaign.

According to The Guardian, which cited unnamed government sources, Cameron is keen to move the referendum forward to capitalise on Tory support and to avoid being caught up in the French and German elections in 2017.

"The mood now is definitely to accelerate the process and give us the option of holding the referendum in 2016," one of The Guardian's sources said. "We had always said that 2017 was a deadline rather than a fixed date."

June 29, 2014

"Britain on road to disaster": Cameron’s EU ‘debacle’ proves he is a threat to British economy, says Miliband

 David Cameron poses a “real and present danger” to the economy because his doomed bid to block Jean-Claude Juncker leads Britain towards an exit from the European Union that could put up to three million jobs and thousands of businesses at risk, Ed Miliband said today.

Note EU-Digest:  When will Britain understand that the "power" of the British Empire has come to an end and that their only chance to remain a valuable player on the world's political and economic scene is in participation with the other 27 members of the EU.

Read more: Cameron’s EU ‘debacle’ proves he is a threat to British economy, says Miliband | The Times

June 11, 2014

Immigration: Cameron gets backing for action on EU immigration 'abuse'

British Prime Minister David Cameron announced Tuesday that he had reached an agreement with his German, Dutch and Swedish counterparts to tackle "abuse of free movement" in the European Union.

"We've agreed that we should work together to address the abuse of free movement," he said at a mini-summit on the European economy near Stockholm with Chancellor Angela Merkel and Prime Ministers Fredrik Reinfeldt and Mark Rutte.

"It is a right that people should be able to move across Europe to work but they should not be able to free ride on the back of welfare systems," he added

Read More: Cameron gets backing for action on EU immigration 'abuse' - Yahoo News

April 11, 2014

Britain: Exit EU, Scrapping Regulations and Business Ethics to benefit Britain, says winner prize for "best UK exit plan" from EU

Corporate control, no rules and regulations,  no business ethics, manipulation of food through bio-engineering,  wile Government and people are left to the mercy of  powerful lobby groups. This is what Britain would look like, say some International Economists, if they would follow Ian Mansfield plan for quitting the EU.

But Britain's free market Institute of Economic Affairs thought differently applauded this plan recently by awarding a 100,000-euro prize to Iain Mansfield, a British diplomat based in the Philippines, who it decided had come up with the best blueprint for a 'Brexit,' a British departure from the EU.

Reuters reports that amid widespread public disenchantment in Britain about the EU's perceived over-bearing role in everyday life Conservative Prime Minister David Cameron has promised to give Britons a referendum on leaving the EU in 2017 if he is re-elected next year.

Many British opinion polls suggest a slim majority would vote to leave the 28-nation bloc and that the anti-EU UK Independence Party (UKIP) is on course to come first or second in elections to the European Parliament next month.

Mansfield said Britain could join the European Free Trade Association (EFTA) to avoid bureaucratic burdens on business linked to Britain's membership of the EU, saying it could position itself as somewhere between Switzerland and Turkey, neither of which are EU member states.

What Mr Mansfield, Eurosceptics and PM Cameron don't seem to understand is that" you can't have your cake and eat it too ! "

EU-Digest

January 15, 2014

EU Immigration Policies: EU official accuses UK of spreading ‘myths’ and telling tales about immigration

In a scathing attack on the UK’s immigration policy, a UN official has slammed London for peddling “myths” about an “invasion of foreigners”. Viviane Reding, vice president of the EU Commission, said the scare tactics are part of a strategy to win votes.

Speaking on a webchat on EU citizenship, Reding said British politicians were putting the future of the UK in jeopardy for the sake of their political ambitions. She warned that the political rhetoric about the impending arrival of a wave of migrants, who will take jobs and leech off the welfare system, was a “myth”
 
“Most of the things which are told to the people in Great Britain are myths, [and] have nothing to do with reality.", said Reding.

Reding argues that in fact the arrival of EU migrants, in fact, stimulated the UK economy, causing GDP to grow by “3-4 percent”.
 
“I am mostly frustrated about the political leaders because what is leadership if you just try with populistic movements and populistic speech to gain votes?” said Reding.

She appealed to all of the “reasonable forces” in Britain to dispel the distorted version of events that the UK government has created and explain to people what the European Union really is.

"You are destroying the future of your people, actually,” said Reding, condemning Prime Minister David Cameron’s policy of “populism” and “Euroscepticism”.
 
Reding’s come off the back of a flurry of rhetoric from EU leaders condemning new immigration policies that have been implemented by the UK government. Prime Minister David Cameron has moved to cut immigration to the UK.

Furthermore, the government is also taking measures to restrict migrants’ access to the British welfare system.

Recently David Cameron said he would like to change treaties with the EU that would allow him to cut child benefit for workers from other EU countries.


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