Now that Britain has voted to leave, proof that economics matters less than you might think is the sad sight of some Remainers willing us to fail. Every piece of economic data is picked through for signs of impending doom – like a Roman fortune teller dissecting entrails. But if there are cracks in consumer confidence, isn’t it because Project Fear spent several months predicting that there would be?
Brexit hasn't defunded Britain. So why is Project Fear willing us to fail?
Tim Stanley
13 August 2016
The Telegraph
This particular British Bulldog is actually German, but you get the point (dog and cat exhibition, Dortmund, Germany, May 6, 2016.) Credit: Ina Fassbender
One more Remain camp scare story disproved. During the referendum, ministers said that Brexit would threaten subsidies to science, universities, infrastructure and farms – putting us one step closer to economic oblivion and the rise of the anti-Christ. Now Philip Hammond, the new chancellor, says that all organisations that currently receive EU funds will continue to receive the equivalent cash value.
This is unsurprising. The EU money that goes to British groups is drawn from the pool that is fed by Britain's annual subsidy. Once we stop paying that subsidy, we take control over our money again, and - hey presto - we can choose to give it to whoever we want. Philip Hammond might be a Remainer, but he’s also not an idiot. So of course he’ll keep the money flowing into our vital institutions. Anyone who ever thought said cash was at risk was a hysterical fantasist.
But why were so-called conservatives in favour of this kind of subsidy in the first place? The referendum turned political orthodoxy upside down. Remain’s free market conservatives found themselves defending subsidies to farmers, the EU’s protective union and even made dark warnings about Brexit harming state benefits. Don’t get me wrong: the referendum turned Leave’s libertarian Tories into socialists, too, as evidenced by their sudden love of the NHS and hatred for TTIP.
However, the transformation of socialists into libertarian Tories on the Remain side was all the more galling because they are normally so very high and mighty about their economics. Pro-Europe Labour activists suddenly decided that Osborne, the IMF and the City were economic oracles. That the banks must be kept in Britain at all costs (Jesus was wrong: the money changers must stay in the temple!) Overnight, lefties who had long argued for exports now thought that Britain needed a hard currency and that the pound should be pegged to the value of Kryptonite. All of this was proof that for many, the EU debate was not about practicalities but about cultural identity. The EU = success because it’s European. Liberal. Tolerant. Speaks multiple languages.
And now that Britain has voted to leave, proof that economics matters less than you might think is the sad sight of some Remainers willing us to fail. Every piece of economic data is picked through for signs of impending doom – like a Roman fortune teller dissecting entrails. But if there are cracks in consumer confidence, isn’t it because Project Fear spent several months predicting that there would be? Having every international institution, the major political parties and Madam EU herself running around screaming that the world was about to end was bound to send jitters through the market. A market already weakened by over-reliance on high house prices and cheap money. Some of us are still praying for house prices to collapse, by the way. Labour Europhiles may have been converted to the view that Kensington Gardens is a worthy motor of the country’s economy, but the rest of us would like to be able to afford to buy a home some day.
There will be pain. Britain has taken a bold, radical step – so there will be pain. But not as much pain as the EU fanatics suggest. There would certainly be a lot less if the establishment accepted the reality of Brexit and made it work.
Although we must come to terms with our new state of ironies. Apparently the plunging pound has created a tourist boom: visitors are up 18 per cent in one month. What a paradox. Brexit has brought us more foreigners, not fewer.
Brexit hasn't defunded Britain. So why is Project Fear willing us to fail?
Brexit hasn't defunded Britain. So why is Project Fear willing us to fail?
Tim Stanley
13 August 2016
The Telegraph
This particular British Bulldog is actually German, but you get the point (dog and cat exhibition, Dortmund, Germany, May 6, 2016.) Credit: Ina Fassbender
One more Remain camp scare story disproved. During the referendum, ministers said that Brexit would threaten subsidies to science, universities, infrastructure and farms – putting us one step closer to economic oblivion and the rise of the anti-Christ. Now Philip Hammond, the new chancellor, says that all organisations that currently receive EU funds will continue to receive the equivalent cash value.
This is unsurprising. The EU money that goes to British groups is drawn from the pool that is fed by Britain's annual subsidy. Once we stop paying that subsidy, we take control over our money again, and - hey presto - we can choose to give it to whoever we want. Philip Hammond might be a Remainer, but he’s also not an idiot. So of course he’ll keep the money flowing into our vital institutions. Anyone who ever thought said cash was at risk was a hysterical fantasist.
But why were so-called conservatives in favour of this kind of subsidy in the first place? The referendum turned political orthodoxy upside down. Remain’s free market conservatives found themselves defending subsidies to farmers, the EU’s protective union and even made dark warnings about Brexit harming state benefits. Don’t get me wrong: the referendum turned Leave’s libertarian Tories into socialists, too, as evidenced by their sudden love of the NHS and hatred for TTIP.
However, the transformation of socialists into libertarian Tories on the Remain side was all the more galling because they are normally so very high and mighty about their economics. Pro-Europe Labour activists suddenly decided that Osborne, the IMF and the City were economic oracles. That the banks must be kept in Britain at all costs (Jesus was wrong: the money changers must stay in the temple!) Overnight, lefties who had long argued for exports now thought that Britain needed a hard currency and that the pound should be pegged to the value of Kryptonite. All of this was proof that for many, the EU debate was not about practicalities but about cultural identity. The EU = success because it’s European. Liberal. Tolerant. Speaks multiple languages.
And now that Britain has voted to leave, proof that economics matters less than you might think is the sad sight of some Remainers willing us to fail. Every piece of economic data is picked through for signs of impending doom – like a Roman fortune teller dissecting entrails. But if there are cracks in consumer confidence, isn’t it because Project Fear spent several months predicting that there would be? Having every international institution, the major political parties and Madam EU herself running around screaming that the world was about to end was bound to send jitters through the market. A market already weakened by over-reliance on high house prices and cheap money. Some of us are still praying for house prices to collapse, by the way. Labour Europhiles may have been converted to the view that Kensington Gardens is a worthy motor of the country’s economy, but the rest of us would like to be able to afford to buy a home some day.
There will be pain. Britain has taken a bold, radical step – so there will be pain. But not as much pain as the EU fanatics suggest. There would certainly be a lot less if the establishment accepted the reality of Brexit and made it work.
Although we must come to terms with our new state of ironies. Apparently the plunging pound has created a tourist boom: visitors are up 18 per cent in one month. What a paradox. Brexit has brought us more foreigners, not fewer.
Brexit hasn't defunded Britain. So why is Project Fear willing us to fail?
