You want some good news? Around £1m of Tottenham’s money for Victor Wanyama will find its way to Celtic, which will offset some of the economic impact of this morning’s news. This aside, there is only bad news. If we want to buy footballers priced in euros (or anything other than GPB) they will cost more money. We will also have to pay higher wages to be competitive with European clubs.
Goods will cost more – it will start today with fuel and travel, then food, electrical goods and everything else. Wages will buy less (not just less-able footballers). Borrowing repayments will be higher. Business expenditure, wages and employment will drop, so will the tax take – and money available for welfare spend. The poor always pay the highest penalty.
If you are rich enough and without a mortgage you can indulge in flag waving all day, happy in a delusion that self-determination even remotely exists in modern economies. Or that more self-determination over here, and a little less over there, is a panacea. It’s not, it’s just another economic crisis coming your way soon.
The entire political class have failed us. Calling a flag waving referendum was a grubby attempt to hold onto power by the prime minister; this mess is his making. Whoever succeeds him will have to successfully pander to the same party membership in order to get elected.
Jeremy Corbyn’s mealie-mouthed campaigning was an embarrassment. His “7 out of 10” backing for remain did what it was supposed to do: convince people he was going through the motions for something he didn’t believe in.
Who’s ever heard of a leader winning support for an issue he is prepared to back 7 out of 10 himself? He should go, but political ego will ensure he’ll hang around to make sure Johnson wins the next general election.
It took six days for the Greek government to abandon their own disastrous EU referendum mandate. Instead of attempting a rescue, all our political ‘leaders’ will give us is more populist power grabs. It’s already underway.