Tory Good for The UK? Bank of England: Britain’s Economy would be “Booming” if Not for Brexit

Yes, of course, the vote to leave the EU by the British people, was influenced and manipulated by many things such as all sorts of “Fake News” from all sorts of people, including suppression of study and research on the negative effect of a leave vote by UK politicians.

But the thing that gets me, is that leaving the EU is a major issue and the “Vote Was Very Close” meaning, usually, on major issues, a simple majority is not enough, like you need a significant majority to make a major move like Brexit. And here, I think we are talking like to be legitimate, the leave vote, that prompted a leave EU activities, should be more than 70% leave.

From the Wikipedia:

Tory (/tɔːri/) holds a political philosophy (Toryism) based on a British version of traditionalism and conservatism, which upholds the supremacy of social order as it has evolved throughout history. The Tory ethos has been summed up with the phrase “God, King, and Country”.[1] Tories generally advocate monarchism, are usually of a high church Anglican religious heritage[2][3] and are opposed to the liberalism of the Whig faction. In Britain, the Tory political faction originated with the Cavaliers during the English Civil War. It also had exponents in other parts of the former British Empire, such as the Loyalists of British America who opposed American secession during the American War of Independence. Following the American War of Independence, the Loyalists that fled to the Canadas referred to members of the colonies’ political elites as Tories. This political philosophy remains prominent in the politics of the United Kingdom and also appears in parts of the Commonwealth realms, particularly in Canada.

The following is from Telegraph

(source)

Britain ‘would be booming’ if it wasn’t for Brexit, Mark Carney says

Mark Carney said businesses were waiting for the outcome of Theresa May’s negotiations with the EU before making investment decisions, which was slowing down economic growth.

He said the bank’s predictions for foreign investment in Britain was now 20 per cent lower than they estimated in the month before the referendum.

Speaking to Peston on Sunday, he said: “Since the referendum, what we’re seeing is that business investment has picked up, but it hasn’t picked up to any of the extent that one would have expected given how strong the world is, how easy financial conditions are, how high profitability is and how little spare capacity they have.

Mark Carney appeared on Peston on Sunday where he said Britain’s economy is growing rather than booming CREDIT:  KEN MCKAY/ITV/REX/SHUTTERSTOCK

Despite acknowledging the strength of economy, Mr Carney warned: “It should really be booming, but it’s just growing.

“I think we know why that’s the case, because they’re waiting to see the nature of the deal with the European Union.

“It’s the most important investment destination and [businesses] need to know transition and end state, everybody knows this, the government knows it and is working on it, UK businesses know it and the Europeans know it.”

Asked if the economy would take a hit if the UK left the EU without a Brexit deal, he said: “In the short term, without question, if we have materially less access (to the EU’s single market) than we have now, this economy is going to need to reorient and during that period of time it will weigh on growth.”

He added that in the event of a bad Brexit deal, the bank would not be able to cut future interest rates because of that inflationary pressure.

Mr Carney said: “The scenario you paint is not the most likely, by any stretch of the imagination, but it is a possibility.”

Damien Moore, the Conservative MP for, responded: “Carney and others were saying the economy would suffer until the Brexit vote and quite the contrary has happened.

“The economy is strong, exports and jobs are up. We were told the banks would leave and now they are staying.”

Mr Carney’s intervention comes just days after the Bank of England raised interest rates for the first time in a decade to head off rising inflation putting the squeeze on UK households.

He said that the decision had been taken in a bid to slow down growth, which was growing “faster than its speed limit”.

But growth, which was 2.5 per cent before the 2008 crash, remains at 1.5 per cent.

“People are in work, but their real wages are not going up. It’s not because they can’t find work, but it’s because that work is not becoming more productive,” he said.

“The crash caused a lot of problems for about five years.Then we went through a period where the economy is healing, people were finding work.

“But businesses weren’t investing like they used to – in part because there was a lot of uncertainty.”

 

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