Threats from mammoth banks and Brussels fuel May’s poll rates

UK Prime Minister Theresa May met with President Jean-Claude Juncker of the European Commission at 10 Downing Street, (26 April 2017, UK Government photo)..

The Theresa May brexiteer government has started feeling the heat about their choice to fight an electoral battle on a clear and loud plea, that a vote for Tories on 8 June is a vote for a hard Brexit. And mind you the closer we get to the polling date the more heated the controversy becomes. According to a Reuters report, “Estimates for possible finance-related job losses from Brexit are on a broad range from 4,000 to 232,000, according to separate reports by Oliver Wyman and Ernst & Young”.

Of course the final account of the financial jobs to be lost in London’s City depends on the kind of Brexit the next UK government is to pursue. The harder the Brexit the more jobs to be lost. Politics, though, sometimes works in mysterious ways. It seems that the threats from the City’s mammoth banks and the Brussels bureaucracy are fueling May’s poll rates. It’s as if the June 2016 scenario repeats itself. At that time, the whole world ‘advised’ and pressed the Brits to vote ‘remain’, yet on the 23rd of the month they voted ‘leave’. Let’s take one thing at a time.

What do the banks want?

Putting two and two together, it becomes apparent that May has set course for a wild Brexit, paying no attention to the damage this may bring to the London City’s complex and unbelievable wealthy financial markets. This is especially true for the few mega-banks, which have being producing for at least two decades now one in every ten GB pounds of the country’s GDP, out of that golden square mile of London’s soil. Already, the bosses of those mammoth financial groups like UBS, JP Morgan, Morgan Stanley, Goldman Sachs, Barclays, Citi, Deutsche Bank and HSBC are on rooftops, airing threats that thousands or even hundreds of thousands of jobs will be moving to Frankfurt, Dublin, Paris and elsewhere in the Continent.

Yet, all those threats seem to deepen the divide between the London financial aristocracy and the rest of English population, of hard working people, the unemployed and the small or very small businesses. The financial sharks are affirming that they want an amicable Brexit without saying so explicitly. In reality, they are craving for their business to continue as usual, but this isn’t possible anymore. Less than a month ahead from the Election Day on 8 June and the interferences from the banks and Brussels in British politics are to intensify.

May has the advantage

It’s interesting though, that May’s government exploit to their political benefit the threats voiced by the London City, in the same way as they are dealing with the hardened language of the Continental governments about the Brexit’s conditions and costs. May repels all those threats and warnings with an… imperial grandeur and a chauvinist conviction, in direct contradiction with the rest of our globalised world. Only Trump’s America is happy with May. She tells the Brits they can brazen out all the 27 mainland EU countries and the mammoth banks banking on the dangerous but sure ‘patriotic’ element. It’s quite obvious then, why all those more or less ‘foreign’ interventions, seem to be feeding the polling ratings of the Tories. Chauvinism pays good dividends on the first days to those ‘selling’ it, but the blood and tears for sure follow for everybody.

It’s a pity that, at the presently crucial times for Britain, the Labour Party and the Liberals are under so weak leaderships. The major and the minor opposition parties of Parliament cannot articulate a convincing alternative narrative. They let May’s populists to fully and exclusively exploit all the ‘patriotic’ and ‘populist’ tales. It is as if May is Prime Minister of just the English countryside, at the striking exception of London. Not to say anything about the revolting Scotland and Northern Ireland, two nations which are eager to rather leave the UK than exit from the EU.

The specter of June 2016

It’s exactly the same as on the 23 June 2016 Brexit vote. The more the whole world was ‘advising’ even threatening the Brits not to vote ‘leave’, the more their will for Brexit was toughened. The same scenario is actually repeated now. The more threats come from Berlin, Brussels and the mammoth global banks, the more May’s narrative convinces the left behind Brits in the countryside, who live in a completely different world, than the Londoners.

Regarding the relations between the Brexiteer government and the London City, many think that even the wildest Brexit doesn’t really threaten the heart of this famous and centuries old financial hub. London may continue its career as a globally renowned money washing machine, catering for the grey and large banking accounts. The Brexit may facilitate this characteristic of the London City, by freeing Britain from EU’s financial rules, at times very tight. Yet again, the definite breakup of the London Stock Exchange long planned but ill-fated merger with the Deutsche Börse in Frankfort is a negative sign. Before the Brexit, this marriage was supposed to create such a huge market to dwarf New York; not anymore. Surely the Brexit played a decisive role here.

More losses to come

However, London and in many respects the entire British economy, is to undergo difficult to estimate costs from the May’s government firm decision, to effectively block the other Europeans from living and working in the UK. Britain’s huge tourist industry, the manufacturing and construction sectors and the retailing business already report having problems. According to Reuters “on Tuesday (2nd May), the Recruitment and Employment Confederation (REC) said employers saw the sharpest fall in the availability of workers to fill their vacancies in 16 months. Recruitment companies reported a drop in the number of European Union nationals available to work in sectors such as food manufacturing and healthcare, REC said”. Undoubtedly, those tendencies are going to worsen, if PM May is to have her way. Most probably though, she will.

As things turn out, the 8 June vote will finish the job the Brexiteers started one year ago. The result will be a Britain sailing out on the uncharted and troubled waters of the treacherous high seas of our brave and dangerous world. The Brexiteer narrative being itself a popular but dangerous myth deprived of any certainties, has at the same time created powerful enemies. The anti-EU, alias anti-Globalization populist rhetoric of the Brexiteers may prove lethal, not because it doesn’t contain hard realities and truths that it does, but because it is ‘used’ in meta political, even meta-democratic ways, with an analogy only to Trump’s America. It’s the new ways of the few to manipulate the many. The result may be a monster…

 

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Terrorism ‘spreading and destabilizing’ entire regions, Guterres warns States, at key Kenya conference

Here’s how we get businesses to harmonize on climate change

Drones are saving lives in Tanzania’s remote communities

Dignified health for all who live here

Austria, Italy, Portugal, Spain receive €279m after natural disasters in 2019

China, forever new adventures

A day that Berlin and Brussels would remember for a long time

I cycled over 6,000km across the United States to document climate change. Here’s what I learned

Climate action ‘both a priority and a driver of the decade’: Guterres

Antitrust: Commission consults stakeholders on guidance for national courts when handling disclosure information

No more lead in PVC to protect public health, say MEPs

Commission reviews relations with China, proposes 10 actions

Available mental health services: is it only about professionals or institutions?

UN rights experts ‘gravely’ concerned at spike in civilian casualties in north-west Myanmar following internet shutdown

COVID-19: Single market must emerge stronger from the crisis, say MEPs

Europe and the tragicomic ‘black sovranismo’

Humanitarian migration falls while labour and family migration rises

Facebook has built an AI-based tool that fixes the social network when it crashes

Africa’s future is innovation rather than industrialization

UN rights expert calls for civilian protection as fighting escalates between military and armed group

East Africa locusts threaten food insecurity across subregion, alerts UN agriculture agency

Migration crisis update: What are the chances of a fair deal at this EU Summit?

2021 EU budget must focus on supporting a sustainable recovery from the pandemic

David McAllister underlines the need for rapid progress in EU-UK negotiations

Prisons are failing. It’s time to find an alternative

This tool shows you which cities will flood as ice sheets melt

How to build a digital infrastructure that benefits emerging economies

A rapid deterioration of the humanitarian situation in the war-torn Yemen

Banking Union: ECOFIN and Parliament ready to compromise

4 ways family businesses can lead the pandemic recovery

Could electric vehicles pose a threat to our power systems?

GSMA Announces Final Event Lineup for Highly Anticipated 2019 “MWC Los Angeles, in Partnership with CTIA”

Summer 2018 Interim Economic Forecast: Resilient Growth amid increased uncertainty

“The winner is who can accelerate the transition to a new digital era”. The Sting reports live from EBS 2015: a Digital Europe 4.0

EU mobilises €21 million to support Palestine refugees via the UN Relief and Works Agency

EU: Divided they stand on immigration and Trump hurricanes

Under-fives’ daily screen time should be kept to 60 minutes only, warns WHO

Preventing the Pandemic of Mental Illness

COVID-19: Emerging technologies are now critical infrastructure – what that means for governance

Mario Draghi quizzed for last time by Economic and Monetary Affairs Committee

MEPs and European Youth Forum call on EU to Invest in Youth

EU to host international donors’ conference for Albania to help with reconstruction after earthquake

Manufacturing is finally entering a new era

Business could learn plenty about cybersecurity from the secret state

In Bali, UN chief Guterres outlines importance of international financial cooperation for sustainable development

Detecting online child sexual abuse requires strong safeguards

The ‘yellow vests’ undermined Macron in France and the EU

UN conference agrees better ways for Global South countries to work together on sustainable development

How India is solving its cooling challenge

Meet Alice, the battery-powered plane that could herald the age of electric air travel

Kids who live in the countryside have better motor skills, a study in Finland has found

Cohesion Policy after 2020: preparing the future of EU investments in health

MEPs demand an end to migrant deaths across the Mediterranean Sea

Search Engine neutrality in Europe in danger: Are 160.000 Google filtering requests good enough?

Our children’s career aspirations have nothing in common with the jobs of the future

World Editors Forum President: Credible media vital in the fight against COVID-19 and fake news epidemic

Coronavirus: here’s what you need to know about face masks

Donor countries set international standard for preventing sexual exploitation, abuse, and harassment in development sector

Can medical students be prepared for Global Health ethical issues?

Merkel refuses to consider the North-South schism of Eurozone

More Stings?

Advertising

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s