The Nikkei, the newspaper with the financial world’s largest circulation, had a headline yesterday on the unstoppable decline of the British financial sector, which, they consider, is driven by Brexit.
This shows the share of international trade represented by £ Sterling – vanishing fast:
And, indeed what else would drive it? While Britain has one of the worst Covid death rates in the world – Covid is world-wide, not yet over and everyone has it.
Unsurprisingly the ‘small island’ Telegraph thinks it’s a plot and doesn’t agree. Its ideas are really still at the level of ‘Fog in Channel, Continent cut off’, so we get this ludicrous headline:
There’s no EU plot, only Brexit commercial reality.
It is not helped by the population reduction of 2020:
Not by much, it is true, but for ‘commercial markets’ looking for growth, any decline whether as a result of Covid mishandled or Brexit similarly, is not a reassuring development.
Perhaps equally worryingly, a Bank of America economist, writing in the FT that the Pound is becoming an emerging market currency seems to suggest that, unlike the currencies of most OECD members, Sterling is highly volatile and insecure – again the perceived cause is Brexit.
Now I am not someone who normally worries too much about ‘international markets’, except that, as I regularly have to suggest, the fact that we import half our food means that we need, as Johnson would say, our foreign friends, in a very basic sense – in order to survive. We are literally dependent on the kindness of strangers, who, if they choose not to accept our promises in return for their agricultural produce, starvation is likely to be the near next option.
It is worrying that our current UK government is so stupidly ideological and Brexit obsessed that such standing as ‘we’ had – and that probably more than deserved – is pointlessly being trashed.
Although it is far from this government’s purview the UK needs the kindness of strangers much more than this government knows – and UK government is therefore, I fear, an actual hazard to all UK residents.