Britain outside the EU would stand tall as a free and prosperous nation

Blackleaf

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By leaving the EU, Britain would become once again a self-governing democracy, with a genuinely global rather than a little European perspective, argues former Chancellor Nigel Lawson...

Britain outside the EU would stand tall as a free and prosperous nation


The Prime Minister has clearly failed to achieve his objectives, and the time has come for us to leave


By leaving the EU, we would become once again a self-governing democracy, with a genuinely global rather than a little European perspective Photo: © 2016 Bloomberg Finance LP


By Nigel Lawson, Chancellor of the Exchequer in the Thatcher administration
17 Feb 2016
2280 Comments

In four months’ time the British people are likely to be asked to take the most important decision for the future of our country in their lifetimes.

It is not about Europe as such. It is about whether we should remain within a deeply misguided and troubled institution known as the European Union. No one could have been clearer about the problem than David Cameron, in his Bloomberg speech three years ago, when he committed himself to securing a “fundamental, far-reaching reform” of the EU. He has conspicuously failed to do so.

He committed himself to ending the notorious ratchet, and ensuring that “power would flow back to the member states, not just away from them”. He has conspicuously failed on this front, too: not a single power is to be returned to the United Kingdom; and the doctrine of the so-called acquis communautaire, which holds that powers once transferred to the European Union cannot be taken away, remains firmly in place.

He also promised that whatever he did achieve in his negotiations would involve “proper, full-on, Treaty change”, without which they could not be legally binding. No Treaty change has been secured.

The Prime Minister cannot be blamed for the abject failure to achieve his objectives. The European Union is adamant against any change other than further integration. What is unacceptable is presenting the so-called concessions he does appear to have secured, which range from the wholly inadequate to the completely meaningless, as constituting success.


Nigel Lawson was the Chancellor of the Exchequer between 1983 and 1989 and is the father of TV cook Nigella Lawson


Let us have a look at them. He claims that he has secured a “red card” system to prevent new EU legislation that is damaging to the UK. Some red card! The draft agreement states that this will only come into play if and when more than 55 per cent of the EU wants it to – a highly unlikely state of affairs in the first place – and, even if it does, all that follows is that the presidency will put it on the agenda for “a comprehensive discussion”.

He claims to have addressed the serious problem of uncontrolled and uncontrollable levels of immigration by securing what he likes to call “an emergency brake”. Some brake! All that is provisionally agreed is an offer by the EU to allow us to bring in a temporary reduction in the level of some benefits (which no one who has studied immigration into the UK believes would make any significant difference, anyway). This is an offer which the EU would be free to withdraw at any future date – such as after a vote by the UK to remain within the EU.

And as for the City of London, and our ability to flourish outside the dysfunctional eurozone, we are sternly told that we must “refrain from measures which [in their opinion] could jeopardise the attainment of the objectives of the economic and monetary union” and that “the existing powers of the Union institutions to take action that [in their opinion] is necessary to respond to threats of financial stability” remains untrammelled. We have been warned.

So what was presented as a drive for fundamental reform has turned into an exercise in damage limitation: how to limit the damage that EU membership inflicts on us. And even that has scarcely been achieved. The only way to end the damage is to leave.

As Chancellor, I became increasingly aware that, in economic terms, membership of the EU did us more harm than good. And that was before the arrival of European monetary union, which occurred after I had left office, and which has had such a disastrous economic effect on the EU.

But it is unsurprising that it brings no economic benefit, for the European Union has never been an economic project. It is has always been a political project, with a political objective which we in the UK do not share. That is the fundamental reason, above all others, why we must vote to leave.

That objective is the creation of a full-blooded political union, a United States of Europe.

That is what “ever closer union” is all about. As the 1983 Solemn Declaration on European Union makes explicit, this is not simply a union of the peoples of Europe but a full-blooded political union of the member states.

That is what monetary union is all about. The father of European monetary union was Jacques Delors, the former President of the European Commission. I knew him very well, since before he became President of the Commission he was France’s finance minister and my opposite number. He fully understood that you cannot have a workable monetary union without a fiscal union, and you cannot have a fiscal union without a political union. That was the object of the whole exercise.

Hence the proposal, in the European Commission’s so-called “Five Presidents’ Report” of June last year, for a single eurozone Finance Ministry and a single eurozone Finance Minister by 2025.

This is clearly not right for us, and we must leave. Otherwise, although we have a notional “opt-out” from the political union, we will still be obliged to accept EU laws framed with this object in mind.

I have been asked “what, then, is your alternative to being in the European Union?” A more foolish question is hard to imagine. The alternative to being in the European Union is not being in the European Union. Most of the world is not in the European Union – and most of the world is doing better than the European Union.

So far as the detail is concerned, we would repeal the 1972 European Communities Act, which establishes the primacy of EU law over our own UK law. The morass of EU regulation, much of which is costly, unnecessary and undesirable, would become UK regulation, which we would then be free to accept, repeal or amend as our national interest requires. And we would continue to trade with the EU, as the rest of the world does today, almost certainly assisted by a bilateral free trade agreement, which they need far more than we do.

Above all, we would become once again a self-governing democracy, with a genuinely global rather than a little European perspective. We would prosper, we would be free, and we would stand tall. That is what this referendum is all about.


Britain outside the EU would stand tall as a free and prosperous nation - Telegraph
 

MHz

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Yes please do leave and then the world will have peace starting 30 days later when you fully implode.
 

Blackleaf

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And then what, who will you be trading with or have you suddenly became independently wealthy?

Who does Canada, which (like something in the region of 87% of the world's countries) is outside the EU, trade with? Does being outside the EU mean being unable to trade with anybody?
 

MHz

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Who does Canada, which (like something in the region of 87% of the world's countries) is outside the EU, trade with? Does being outside the EU mean being unable to trade with anybody?
You are discounting a global depression or that Russia will lift the embargo on food stuff that she used to get from the EU. The busy parts will be Syria and Iran and Iraq as they get completely rebuilt but those contracts will be going to Russia/ India/ China and the west won't be involved let alone getting rich. The US is contracting and South America doesn't need what the UK has to export. What is that exactly once the military part is cut off?
 

Blackleaf

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Oh, believe me, I'm not worried. I truly do hope it happens.


So do I.

You are discounting a global depression or that Russia will lift the embargo on food stuff that she used to get from the EU. The busy parts will be Syria and Iran and Iraq as they get completely rebuilt but those contracts will be going to Russia/ India/ China and the west won't be involved let alone getting rich. The US is contracting and South America doesn't need what the UK has to export. What is that exactly once the military part is cut off?


I'm sorry, but Britain has been a global trading power for centuries. It was trading globally, with many, many different countries all over the world, LONG before the EU came along in the 20th century. Britain doesn't need the EU to trade. Also, Britain's trade with the EU is shrinking, yet it's growing with the rest of the world.
 

Curious Cdn

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Yup. All that Britain needs to prosper again is another Empire.

Any takers?

Volunteers?

Sign up now and we'll throw in a free contingent of red-coated soldiers!



Please!







Anyone?!
 

Blackleaf

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Yup. All that Britain needs to prosper again is another Empire.

Another British Empire would, of course, be nice (we can start by making Jamaica a British colony again as most Jamaicans would like, according to a recent poll) but just leaving the EU would instantly make Britain richer.

Britain pays £20 billion per year into the EU- that's about £55 million a day. This British taxpayers' money goes into funding projects in other EU member states - such as building roads in Spain or growing olive groves in Greece (and even on projects which are completely bizarre and useless, such as £127,000 for a study on Pacific coconut development British aid cash paid to EU is spent on trapeze lessons and coconut studies | Daily Mail Online). So, just by leaving the EU, Britain would be £20 billion a year richer, British taxpayers' money which could then be spent how we wish - on building new schools, hospitals, houses, playing fields etc in Britain rather than having the EU spend it on Greek olive groves, blogging donkeys and a virtual version of Malmo on second life EU 'waste's millions on bizarre projects' - Telegraph.

Britain would be far better off to stay with the EU

Provide the figures to show how.

Over 80% of Canadian exports go to the U.S.

But Canada's trade is not affected by being outside the EU. Canada - which has a smaller population and economy than the UK - is not suffering as a result of not being in the EU.

Since South Sudan became independent in 2011, there are 195 sovereign states in the world. Of those 195, a mere 28 are in the EU. That means that just 14% of all the world's countries are in the EU. 86% of all the world's countries are NOT in the EU and, as far as I know, not one of those countries is suffering as a result of not being in the EU. They are still able to trade and prosper - things which countries have done for thousands of years.

David Cameron is about to announce the date of the EU in/out referendum any minute now.

And there is only one way the British public should vote in that referendum - OUT!

EU summit: Cameron's deal is weak, weak, weak. The only real alternative is Brexit


Reform of the EU is impossible: what Britain needs and the Europeans need are irreconcilable. Better just to leave


David Cameron arrives at the Council of the European Union in Brussels Photo: GETTY


By Tim Stanley
20 Feb 2016
The Telegraph
628 Comments

David Cameron's deal with Europe is weak, weak, weak. It could never be anything but. Why? Partly because the Prime Minister is an inveterate Europhile.

He approached these negotiations from the stance of someone who ultimately wanted to stay in - and how could he negotiate from strength when everyone around the table knew that he was bluffing? More importantly, the idea that Britain can build for itself a "special status" within Europe is pure fantasy.

The EU cannot be decentralised; the UK cannot prosper on its fringes. The only real choice is between the status quo and Brexit.

The problem is that while Britain wants an EU that is a loose confederation of countries bound together by a single market, the rest of Europe is building a unitary state. That’s not a conspiracy theory: it’s reality. Francois Hollande said on Thursday: “I want the European Union to go forward, become stronger.

No one, not a head of government or state may hinder that. Let’s allow Great Britain to remain in the European Union but based on the fundamental principles.”

The Europeans made it clear from the outset that there would be no rewriting of the fundemantal principles. Rightly so: one country cannot determine the direction of travel for the entire continent. And if one country gets to pick and choose its own rate of integration into the new super state – why, everyone else will want to do the same.

So Cameron could never have been given substantial reforms because just putting them on the table would have jeopardised the grand European project. We have reached a point in the history of the EU when what Britain needs and what Europe wants are no longer compatible. The only logical thing left to do is to leave.

Proof? The flimsiness of this deal. Consider the issue of immigration. The Prime Minister is overly excited about the fact that he has won the promise of a break on the ability of migrants to collect some benefits. Who cares? The real issue when it comes to migration isn't welfare, it's numbers.

It’s tabloid laziness to assume that voters live in fear of sponging foreigners having a thousand babies on the NHS. No, what really worries people is the real world pressure on services and jobs, which they assume will only increase if Turkey is allowed access to the labour market.

Therefore, any deal which does not let Britain reduce the number of migrants is absolutely worthless. But a deal restricting freedom of movement is impossible because freedom of movement is essential to the EU as a single labour market - it can't even be considered.

Hence, Cameron was forced to limit his negotiations to such fringe issues as the value of child benefits. It just goes to show how the Tories have consistently used the migration issue without really understanding what it's about.

Nevermind. Now we move into the campaign proper and momentum ought to be on the side of Brexit. To take full advantage of their good fortune, Brexiters have to be positive and build a case for a sunny future outside of this sclerotic, authoritarian enterprise.

They need to hear how independence will help us fulfil the UK's economic and social ambitions, and we need to be reminded of Britain's unique, historic role as a global power. George Galloway needs to be kept as far away from this effort as possible. Many of us think he declared independence from reality years ago.

At his own limp and tired press conference, Mr Cameron led on the themes of security and terrorism to argue why the UK needs to stay in the EU.

I sincerely hope the Brexiters will reject the politics of fear for the politics of hope. Let this be a happy campaign by democrats and patriots who dream of a Britain free to choose its own destiny in a world full of exciting possibilities.


EU summit: Cameron's deal is weak, weak, weak. The only real alternative is Brexit - Telegraph
 

Curious Cdn

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Another British Empire would, of course, be nice (we can start by making Jamaica a British colony again as most Jamaicans would like, according to a recent poll) but just leaving the EU would instantly make Britain richer.


Try taking India back (and Pakistan, Bangladesh ... GOOD OH!)

Go ahead. I double dog dare ya.
 

Blackleaf

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Try taking India back (and Pakistan, Bangladesh ... GOOD OH!)

Go ahead. I double dog dare ya.

We should try and take those back eventually (although, at the time of the Empire, what is now Pakistan and Bangladesh were parts of India). Why shouldn't we?

But the first priority is Jamaica. The Jamaicans wish to be back under British rule. Why shouldn't their wish be granted? I don't know why the British government isn't looking into this.
 

Curious Cdn

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We should try and take those back eventually (although, at the time of the Empire, what is now Pakistan and Bangladesh were parts of India). Why shouldn't we?

So, you are actually going to use your nukes, after all. You had better be prepared to launch a devastating surprise attack.

"The Empire Strikies Back"
 

Blackleaf

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So, you are actually going to use your nukes, after all. You had better be prepared to launch a devastating surprise attack.

"The Empire Strikies Back"

But why just Jamaica or the Indian Subcontinent. Canada wouldn't be here today were it not for the British Empire and Britain would be well within its rights to get back Canada.

But, as I say, Jamaica should be the first priority.

We can thrive outside Europe: The Mail's City Editor ALEX BRUMMER was always pro-EU but now explains why he has changed his mind


By Alex Brummer for the Daily Mail
20 February 2016
Daily Mail

Only yesterday, the Mail reported that the Organisation for Economic Co-operation and Development (OECD), the world’s top economic institute, believes it is Europe rather than the UK whose financial health is currently at risk. The refugee crisis, the lack of market reforms across the EU and the economic stagnation generated by the austerity policies of the eurozone are damaging Europe as a trading bloc and destroying business investment, it said. Meanwhile, the OECD forecasts that Britain’s financial growth, with the rock-solid foundation of the City behind it, will, at 2.1 per cent, outstrip that of France, Germany and even America this year.
There can be few British institutions that have demonstrated the robust survival skills of the City of London.

Over the centuries it has faced the greatest of challenges: from the Great Fire of London in 1666 to the South Sea Bubble of the early 18th century which caused the mother of all market crashes; from the moment in 1931 when the gold standard pegging the pound to gold was abandoned and our currency collapsed, to the World War II campaign of destruction by the Luftwaffe.

In more modern times it has shrugged off the IRA bombings of the 1970s, Ted Heath’s three-day week and the sterling crises of the late 20th century — and, of course, the great financial crash and recession of 2007-2009.

The City’s story is an extraordinary one of survival and, yes, prosperous growth in the face of continual threats to its physical and commercial existence. Whatever has been thrown at it, the City has simply become more and more important to our national wealth.

Yet this week, a growing number of City bigwigs — in a campaign orchestrated by No 10 — have issued apocalyptic warnings about the dire consequences of Britain leaving the EU.


Britain's Prime Minister David Cameron leaves a European Union leaders summit in Brussels, Belgium

As a financial journalist who has chronicled the ups and downs of the Square Mile for more than 40 years, I admit that I have broadly been a supporter of the European project — largely because it has kept the peace after the horror of the two world wars, and because sensible trade co-operation ought to benefit us all.

But increasingly I have come to despair at the economic and financial folly of trying to knit 27 diverse economies and political systems together. Indeed, the more I witness the stifling economics of the EU, the financial incompetence of the eurozone, the fetid state of the European banking system and its sloppy and ill-conceived decision-making, the more convinced I have become that Brexit — leaving the EU — is the right thing for the nation and the City.

Because of the global status of the City of London, I believe we would not only survive financially outside Europe, but thrive.

Despite the concerted Government campaign to convince everyone that leaving the EU would be a disaster, the chairmen and chief executives I have spoken to — from some of the largest businesses in the UK — suggest we would be no worse off.

They are not alone. Only yesterday, the Mail reported that the Organisation for Economic Co-operation and Development (OECD), the world’s top economic institute, believes it is Europe rather than the UK whose financial health is currently at risk. The refugee crisis, the lack of market reforms across the EU and the economic stagnation generated by the austerity policies of the eurozone are damaging Europe as a trading bloc and destroying business investment, it said. Meanwhile, the OECD forecasts that Britain’s financial growth, with the rock-solid foundation of the City behind it, will, at 2.1 per cent, outstrip that of France, Germany and even America this year.

The truth is that in times of strife and turmoil such as the current eurozone crisis, the City, with the superior financial services it provides, has always become even more vital to Britain’s and the world’s economic health.

For many groups of international traders, its free markets offer an escape from the stifling tax and regulatory systems that exist in so many other countries, not least in Europe.

Indeed, by remaining in the EU we risk anti-business measures being imposed on the City by Europe, which has long been inordinately jealous of London’s financial success.

The City is already suffering from damaging EU-imposed red tape such as financial directives and regulations on bonuses, all of which it would escape if we left.

Frankfurt and Paris are desperate to see additional EU regulations and taxes imposed on the City, which would slow commerce and, by doing so, make their own financial centres more attractive business propositions.


European Commission President Jean-Claude Juncker gestures during a news conference after the second day of a European Union leaders' summit addressing talks about the so-called Brexit

The City’s overwhelming global influence is shown not only in the myriad foreign financiers who work here but also in its geographical expansion.

W hereas it was once confined to the Square Mile — technically still the definition of the ‘City of London’ — its financial services have moved not just east to London’s Docklands and the sprouting towers at Canary Wharf, Stratford and beyond.

To the west they also occupy offices in Mayfair and the West End, which has become the home of hedge funds, private equity and venture capital firms.

The City is the biggest generator of income for the Exchequer and the leading exporter of financial services to the world, worth some £95 billion a year.

The great three pillars of the Square Mile — the London Stock Exchange, Lloyds of London and the Bank of England — remain as dominant in global financial affairs today as when they first emerged out of the coffee houses and early banks of the 17th century.

The City today remains the world’s primary financial centre, a role it cemented through the 19th century when the British Empire was at its height.

Its ability to reinvent itself in every generation is a huge tribute to the ingenuity and entrepreneurship of a merchant workforce attracted to its trading floors from every corner of the earth.


Indeed, by remaining in the EU we risk anti-business measures being imposed on the City by Europe, which has long been inordinately jealous of London’s financial success

Over the years there has been a litany of dire warnings about our global financial pre-eminence each time Britain has refused to go along with the EU’s march towards a superstate.

When we declined to join the single currency in 1999, we were warned of the enormous damage that would be done to London as a financial centre.

Bankers would flee to Frankfurt and Paris or follow the money to booming Asian financial centres in Hong Kong, Singapore and Shanghai, we were told. But while there has been some exit of talent to the East, almost no major financial institution has felt bold enough to make the shift away from London.

In fact, many global banks, including the mighty New York investment bank Goldman Sachs, have chosen instead to locate themselves in London, building ever larger and more lavish global headquarters.

Even the much-criticised internet giants such as Google have decided that Britain, with its range of consultancy, legal and financial services, is the place to be in Europe.

The truth is that this scaremongering by financial institutions over failing to sign up wholesale to the European project has very little basis. Instead of the City’s significance being diminished each time we refuse, the reverse has happened.

After Britain’s chaotic expulsion from the euro’s predecessor, the European Monetary System, in 1992, for example, the economy soared.

When the then Labour Chancellor Gordon Brown chose to exclude us from the single currency project in June 2003, the UK economy was saved from the abyss.

We must remember, too, that Britain truly is an international centre, not just an outpost of Europe. Despite having only two runways at Heathrow, we remain a geographically favoured offshore financial centre, well placed to deal with the needs of Asia and America.

This explains why the City has attracted 250 foreign banks to these shores. And why it dominates the foreign exchange markets, and sets interest rates and key commodity prices for the rest of the world.

It also has Europe’s most vibrant stock and derivatives markets and, with its tradition of innovation, is becoming one of the world’s most important centres for so-called FinTech, the digital financial revolution, for the next generation.

The euro enthusiasts and some of the banks and financial institutions claim that if Britain leaves the EU, tens of thousands of banking and financial jobs will decamp to Paris and Frankfurt, giving them the opportunity to usurp London’s hegemony. I profoundly disagree.

Some jobs will certainly go. Although Britain’s biggest bank, HSBC, has decided to remain headquartered in London, having conducted a £40 million study of the pros and cons of leaving for Hong Kong, it estimates that it may have to move 10,000 jobs to Paris.

Goldman Sachs, which, along with the New York’s J.P. Morgan, is supporting the stay-in campaign, says up to a third of the 6,000 or so staff at its London HQ will have to shift to Frankfurt.

This is understandable — being based in an EU country provides financial institutions with a so-called ‘passport’ which allows them to trade currencies, bonds and shares across European borders more easily.

So yes, there may be a short-term price to pay as some of the biggest investment banks send some employees to the Continent. But these would, in all likelihood, be replaced by countless workers from India, China, South America and elsewhere in the world as we focus on the global market.


European leaders, including Angela Merkel, sealed a deal with the UK after hours of haggling at a marathon summit

In any case, the number of jobs we are talking about is a fraction of the total employed by the big investment banks and will have a negligible effect on the power of the City to lure investment and workers to Britain.

In recent years, for instance, tens of thousands of French citizens and Greeks — often with the advanced numerical skills required to thrive on trading floors — have migrated to Britain in search of bigger salaries and better lifestyles.

Parts of London have become ‘suburbs’ of Paris, with many bankers doing weekly commutes. At times certain continental banks have employed more people in the Square Mile than they do in their own countries.

Would all this survive Brexit? My frequent conversations and meetings with leading figures in banking, at the Bank of England and in the insurance industry, certainly suggest it would.

The Bank of England has noted that the uncertainty engendered by the Brexit debate may have caused turbulence for the pound. Yet our currency remains firm against the euro, because of Britain’s more robust economy, if a little weaker against the dollar.

One senior Bank of England official told me recently that he would not be concerned if some jobs moved overseas to Europe, because the City is so good at embracing the next cutting-edge development in financial trading.

He noted that the City and the UK are already pioneers of the latest financial technology, with the creation of internet banks offering highly personalised services only on the web, and companies such as Worldpay, which arranges secure internet payment systems and recently floated on the London stock market with a value of £6 billion.

Financial innovation naturally gravitates towards the City because it offers favourable conditions for business and has always done so.

Back in the 1960s and 1970s, U.S. and continental investment banks transferred operations to London after successive American governments imposed taxes which made it expensive for foreign corporations and governments to raise loans and issue bonds on Wall Street.

Within a few short years the entire business of raising loans and credits in foreign currencies had jumped across the Atlantic to the City and what became known as the Eurodollar, Eurobond and syndicated loans markets firmly established themselves here.

It was these new markets which, in turn, attracted the major American investment banks to the City. And after Mrs Thatcher’s epoch-making ‘Big Bang’ reforms of the 1980s, which relaxed regulations to make financial dealing easier, the City of London became still more international.

It’s true there have been downsides to this story of vibrant financial development. In the run-up to the recent banking crisis, many of the complicated financial products known as derivatives, which were traded around the world and later imploded in value, were invented in the UK’s dealing rooms.

It may not have been the finest moment in the illustrious history of the City, but it does demonstrate the continuous ability of traders based in London to adapt and re-invent themselves as the needs of global finance change.

For all their bravado, none of Europe’s would-be financial capitals, such as Frankfurt, Paris and Amsterdam, has the same deep traditions of global banking, commodity and share trading as London.

That is why in recent decades, as growth exploded from Brazil to China, so many natural resources firms chose the London Stock Exchange to float and trade their shares.

In the City they encounter not just free, open and well-regulated markets but all the skills they need for fundraising, mergers and acquisitions and other corporate dealings.

The big law and accounting firms in the City are part of a professional infrastructure that would be almost impossible to replicate on the Continent.

Equally, the uniquely can-do approach to capitalism and free markets in London would be anathema to Paris and Frankfurt.

Europe’s habit of stifling enterprise and slowing markets is antithetical to everything the City of London does. Its compulsion to regulate, to tax and to boss individuals and institutions around is fatal to commercial success.

The idea that right-thinking banks and markets from around the world would abandon the City for the calcified environment of the European Union is fanciful.

This island nation can do very well on its own, thanks to a City of London that has seen off innumerable threats to its existence over many centuries, and will continue to do so.
 
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Curious Cdn

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Feb 22, 2015
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Canada wouldn't be here today were it not for the British Empire and Britain would be well within its rights to get back Canada.


Britain didn't give two hoots about Canada then or now. Most Britons know less about Canada than the average American and that ain't much.


India was the jewel in the crown and the vast riches of Canada were pretty much unknown back in the days of Empire.