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…

 

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Featured Stings

European Business Summit 2014: The role of youth entrepreneurship education in EU’s Strategy for Competitiveness

What options the new President of Ukraine has?

From Grexit to Brexit: UK industry now says the in/out referendum is good for your health

Global Citizen – Volunteer Internships

Draghi rehabs ECB into a tool to support growth and employment; a departure from Teutonic orthodoxy

The US bugged Europe: Is this news?

MasterCard at European Business Summit 2015: A focus on innovation will drive inclusive economic growth for Europe

Commission deepens criticism on German economic policies

Why lay people don’t expect anything good from G20

GREXIT final wrap-up: nobody believed Aesop’s boy who cried wolf so many times

A Sting Exclusive: “Doing ourselves a favour”, Vice President Dombrovskis underscores that this time growth has to come from within the EU

EntEx Organises 5 Summer Schools for Young Entrepreneurs across Europe in June/July 2014

“As German Chancellor I want to be able to cope with the merger of the real and digital economy”, Angela Merkel from Switzerland; the Sting reports live from World Economic Forum 2015 in Davos

Pharmaceuticals conceal drug side effects with the EU’s Court blessing

No better year for the EU’s weak chain links

Eurozone needs more than some decimals of growth

Trump to run America to the tune of his business affairs

G20 LIVE: “International communities and leaders have great expectations for 2016 G20 summit in Hangzhou China”, Mr Wang Xiaolong, the Chinese Foreign Ministry’s special envoy stresses live from G20 in Antalya Turkey

Ukraine undecided over a strategic partnership with the EU

China-EU Special Report: Chinese Premier Li Keqiang endorses China’s big investment on Juncker’s plan at 10th China-EU Business Summit

EU to negotiate an FTA with Japan

A critical European young voice on Net Neutrality: the distance between Brussels and Washington

TTIP’s 11th round starts in Miami but EU-US businesses see no sunny side

The ECB again takes care of the bankers not the people

Commission’s feeble response to financial benchmarks fraud

Fair completion rules and the law of gravity don’t apply to banks

Towards the Rise of the United States of the Atlantic?

High-technology manufacturing saves the EU industry

Syria: Why did the US-Russia brokered ceasefire collapse? What does the duo care for?

The EU Commission lets money market funds continue the unholy game of banks

EU security and defence industry prepares positions for ‘producers’ and ‘customers’

Greece’s last Eurogroup or the beginning of a new solid European Union?

Financial Transaction Tax: More money for future bank bailouts?

How much more political is the new EU leadership? Does this include personal bend?

COP21 Breaking News_07 December: “Remove Roadblocks to Climate Action”

Eurozone: Inflation plunge to 0.4% in July may trigger cataclysmic developments

“C’est la vie”? French recession and unemployment to linger in Eurozone

China Unlimited Special Report: The trip to China

May a parody constitute a copyright infringement? European Court of Justice to give the answer

WEF Davos 2016 LIVE: “It is the implementation, Stupid!”, German Finance Minister Wolfgang Schaueble points the finger to Greece from Davos

A Sting Exclusive: “Climate Change needs to be demystified”, Anneli Jättenmäki Vice President of European Parliament underscores from Brussels

MWC 2016 LIVE: Getty chief says one in four new images from phones

The EU pretends not knowing what happens in the Western Balkans

Austerity lovers and ‘relaxationists’ fight over the EU budget

Although Greece is struggling to pay salaries and pensions Varoufakis is “optimistic”; the Sting reports live from EBS 2015

Why the merchant ships can pollute the atmosphere with CO2 quite freely

Do the EU policies on agro-food smell?

An EU Summit without purpose

EU seeks foreign support on 5G from Mobile World Congress 2015 as the “digital gold rush” begins

On Human Rights Day European Youth Forum calls for end to discrimination of young people

Greece may offer to China a European gateway

Court of Auditors: EU spending infested with errors well above the materiality threshold of 2%

Migration has set EU’s political clock ticking; the stagnating economy cannot help it and Turkey doesn’t cooperate

Brussels wins game and match in Ukraine no matter the electoral results

Summer JADE Meeting 2015: We came curious, we left inspired

The Parliament sets the way for the European Banking Union

ECB is about to lend trillions to banks

A Sting Exclusive: why the environment is important to your health, by UNEP’s Head for Europe

German stock market is not affected by the Greek debt revolution while Athens is running out of time

“If they think they can slave an entire nation, then they will just have the opposite results!”, Alexis Tsipras cries out from the Greek parliament

More Stings?

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 )

Twitter picture

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

Facebook photo

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

Google+ photo

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

Connecting to %s